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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 --_._--~._---- APPROVED: ~Cb,