CC Resolution No. 3536
(C-4)
RESOLUTION NO. 3536
RESOLUTION APPROVING TAX RATE STATEMENT
IN CONNECTION WITH SPECIAL MUNICIPAL
BOND ELECTION TO BE HELD ON OCTOBER 9,
1973, IN THE CITY OF CUPERTINO
WHEREAS, the City Council of the City of Cupertino (the
"City"), in Santa Clara County, State of California, has, by Ordinance
heretofore duly adopted, ordered and called a special bond election
to be held in the City on October 9, 1973; and
WHEREAS, pursuant to Section 5301 of the Elections Code of
the State of California, a statement is to be mailed to the voters
with a sample ballot for said election, which statement is to include
the tax rate data specified in said Section; and
WHEREAS, the City Clerk of the City in conjunction with
other City officials and financing consultants has prepared and
submitted to the Council a proposed tax rate statement in the form
attached hereto and marked "Exhibit A";
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Cupertino, as follows:
The City Council hereby approves said tax rate statement and
directs that the same be mailed in accordance with said Section.
PASSED AND ADOPTED this 20th day of August, 1973, by the
following vote:
AYES: Councilmen - Frolich, Jackson, Meyers, Sparks, Irwin
NOES: Councilmen - None
ABSENT: Councilmen - None
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Mayor of the City
ATTEST:
CLERK'S CERTIFICATE
I, WIn. E. Rvder , City Clerk of the City of
Cupertino, California, do hereby certify that the foregoing is
a full, true and correct copy of a resolution duly adopted at a
regular meeting of the Council of said City duly and regularly
and legally held at the regular meeting place thereof on the
20th day of August, 1973, of which meeting all of the members of
said Council had due notice and at which a majority thereof was
present and acted; that at said meeting said resolution was
introduced by Councilman Irwin and read in full,
and was thereupon, upon motion of Councilman Mevers ,
seconded by Councilman Jackson , adopted by the fol-
lowing vote:
AYES: Councilmen: Frolich, Jackson, Meyers, Sparks, Irwin
NOES: None
ABSENT: None
That I have carefully compared the same with the
original minutes of said meeting on file and of record in my
office and that said resolution is duly entered of record in
the minutes, and said resolution is a full, true and correct
copy of the original resolution adopted at said meeting and
entered in said minutes; that said resolution has not been
amended, modified or rescinded since the date of its adoption
and the same is now in full force and effect.
WITNESS my hand and the seal of the City of Cupertino
this 21st day of August, 1973.
of the City
[SEAL]
CLERK'S CERTIFICATE
I, WIn. E. Rvder , City Clerk of the City of
Cupertino, California, do hereby certify that the foregoing is
a full, true and correct copy of a resolution duly adopted at a
regular meeting of the Council of said City duly and regularly
and legally held at the regular meeting place thereof on the
20th day of August, 1973, of which meeting all of the members of
said Council had due notice and at which a majority thereof was
present and acted; that at said meeting said resolution was
introduced by Councilman Irwin and read in full,
and was thereupon, upon motion of Councilman Mevers ,
seconded by Councilman Jackson , adopted by the fol-
lowing vote:
AYES: Councilmen: Frolich, Jackson, Meyers, Sparks, Irwin
NOES: None
ABSENT: None
That I have carefully compared the same with the
original minutes of said meeting on file and of record in my
office and that said resolution is duly entered of record in
the minutes, and said resolution is a full, true and correct
copy of the original resolution adopted at said meeting and
entered in said minutes; that said resolution has not been
amended, modified or rescinded since the date of its adoption
and the same is now in full force and effect.
WITNESS my hand and the seal of the City of Cupertino
this 21st day of August, 1973.
AøQ
EXHIBIT "A"
Res. No. 3536
TAX RATE STilTr.MENT
RELI\TIVE TO THE BOND f.LECTI0I:J OF OCT013ER 9. 1973
IN THE CITY or CUPLRTJNO
This statement contains estimates of the first year tax rate and the maximum tax
rate as sociated with the proposed City of Cupertino Park and Recreation Improve-
ments Bond Issue to be submitted for electoral approval on October 9, 1973.
Bonds in the aggr2gate amount ó1 $2,700,000 me to be issued to finance acqui-
sition of open space and development of park sites. Payment of debt servic~ will
be secured by the levying of ùd valorem tòxes on all taxable property within the
City.
,
The following information regarding tax riltes is given to comply with Sections
5300 to 5304 of the Cùlifornia Elections Code. Such information is based upon
the best estimates and projections presently available from official sources and
upon experience within said City.
In calculating tax rates, it is assumed thôt the bonds will mature over a 25 year
period, that the net interest rate will be 5.50 percent, that approximë1tely equal
annual debt service will be provided, and that annual tax collection delinquencies
will approximate 3 percent. Ml calculations are bGsed on an ¡¡nnual increase of
10 percent in the City's assessed valuation.
The present projection is that all authorized bònds will be sold on or about
March 1,1974. Bonds will mature beginning March 1, 1975 and all bonds will
be retired by March 1, 1999.
If no other sources of unp1edged revenues were. available, the estimated tax rùte
necessary to fund bond service in fiscal year 1974/,75 (the first fiscal year fol-
lowing the sale of bonds) would be $0.2149 per $100 assessed valuation, based
on a projected 1974/75 assessed valuation of $97,524,000.
If no other sources of unpledged revenues were avail Rble, the estimated .maximum
tax to fund bond service over the term of the bonds would also occur in 1974/75
and be as shown above.
By order of the Mayor and City Council of the City of Cupertino.
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CITY CLER
CITY OF PERTINO, CALIFORNIA