CC Resolution No. 3548
RESOLUTIOt'; 1\"0. 3548
A RESOLlJTlm; OF THE CITY C()¡;~;C:IL OF TilE CITY OF CUPERTINO
DECLAlZEG ITS 11\IT;;nm; TO Al'PLY C,'RTATii RE\TNUES fO DEBT
SERVICE REQUIRE?1E~;TS RESCLTÜ;C FIzO:,I A SUCCESSFUL nOND
ISSUE ELECTION OCTOßER 9, 1~73
WHEREAS, the. citi;;.:ens of the City of Cupertino \vill be voting Octo her 9,
1973, on whether to authorize the issuance of bonds for implementing a portion
of ti1e City I s Five Year Capital Improvem2nt Program; and
~THEREAS, it is estimated th~;.t the cost of debt service requirelne.nts or
such a bond issue to be paid from prope.rty tay levies 2ither could be reduced
considerably or eventually eliminated by the applicat~on of future revenues
no", anticipated but not yet realized; and
"~EREAS. it is deemed to be in the best interest of the City to allocate
priorities of such unrealized revenues as a part of its overall fiscal plannilLg;
NOW, THEREF01Œ, BE IT RESOLVED that the following statement of declaration
of intent be adopted as policy by this City Council:
It is hereby declared to be the intention of the Cupertino City
Council to apply all revenues received under Chapter 3.12 of the
Cupertino Municipal Code, Transient Occupancy Tax, to pay bond
interest and redemption requirements for bonds sold arising out
of the authorization to be voted on October 9, 1973. Before
application of said revenues, there shall be deducted therefrom
any reasonable costs of collection 't;vhen such are identifiable.
It is further the intention of the City Council to apply sales tax
revenues receive.d in future fiscal years as may be necessary to
eliminate any property tax levy to service said bonds prior to the
use of such revenues for any new programs or capital improve~ents;
provide.d 1 hm..¡evcr, th3 such revenues shall first be used to the
extent that they are needed to fund norTi~al operating and maintenance
requirements.
PASSED AND ADOPTED at a regular meeting of the City Council of the City
of Capertino on the 17th day of September. 1973, by the follo\Úng vote:
AYES:
Councilmen - Frolic~, Jackson, Sparks, Irwin
NOES:
Councilmen - None
ABSENT: Councilmen
Meyers
ATTEST:
~'IC
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APPROVED:
~Cb,