REPORT TO COUNCIL
SUBJECT
Title
Resolution Authorizing an Ad Valorem Tax Levy Based on a Debt Service Estimate to be Provided to Santa Clara County Respecting Unsold General Obligation Bonds for Fiscal Year 2025/26 (Continued from June 10, 2025)
Report
BOARD PILLAR
Manage Strategically Our Workforce Capacity and Resources
DISCUSSION
At the June 10, 2025 City Council (the Council) Meeting, the Council took action to continue the following item to June 24, 2025 due to the lack of public attendance.
Staff has included the original Report to Council (RTC 25-401), public presentation, the draft resolution, Bond Expenditure Plan, and responses to questions and comments from the May 27, 2025 City Council Study Session as attachments.
ENVIRONMENTAL REVIEW
The action being considered does not constitute a "project" within the meaning of a California Environmental Quality Act ("CEQA") pursuant to the CEQA Guidelines section 15378(a) as it has no potential for resulting in either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment. Furthermore, the action being considered does not constitute a "project" within the meaning of the California Environmental Quality Act ("CEQA") pursuant to CEQA Guidelines section 15378(b)(5) in that it is a governmental organizational or administrative activity that will not result in direct or indirect changes in the environment.
FISCAL IMPACT
The per-parcel property tax levy of $28.70 per $100,000 (0.0287%) of assessed value in Fiscal Year 2025/26 will generate approximately $16.80 million and support the estimated first debt service payment due in Fiscal Year 2026/27. Due to the timing of property tax payments, the levy is needed in FY 2025/26 to generate the funds for the debt service payment in FY 2026/27.
COORDINATION
This report has been coordinated with the City Attorney's Office.
PUBLIC CONTACT
Public contact was made by posting the Council agenda on the City's...
Click here for full text