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HomeMy Public PortalAboutResolution - 15-42- 20150730 - Amend Levy Reso 2015 SMCRESOLUTION NO. 15-42 A RESOLUTION OF THE MIDPENINSULA REGIONAL OPEN SPACE DISTRICT AMENDING THE 2015-16 TAX RATE ON VOTER APPROVED GENERAL OBLIGATION BONDS WHEREAS, on July 22, 2015 the Board of Directors of the Midpeninsula Regional Open Space District (the "District") adopted Resolution No. 15-34, attached hereto and incorporated herein as Exhibit "A", establishing the tax rate necessary to pay the principal and interest on the Bonds coming due and payable on March 1, 2016 and September 1, 2016 as $0.0011 per $100 of assessed valuation in each of the County of San Mateo, the County of Santa Clara and the County of Santa Cruz (each, a "County"; collectively, the "Counties"); and WHEREAS, the District successfully completed the sale of its voter approved General Obligation Bonds on July 29, 2015. Favorable market conditions have resulted in lower than expected debt service requirements which allow the District to amend the tax levy with a lower rate; and WHEREAS, the District wishes to amend Resolution No. 15-34 to establish a tax rate of $0.0008 per $100 of assessed valuation. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Midpeninsula Regional Open Space District, as follows: SECTION 1. Levy of Tax. The Board of Directors of the District hereby amends Resolution No. 15-34 to reflect the tax rate necessary to pay the principal and interest on the Bonds coming due and payable on March 1,2016 and September 1,2016 as $0.0008 per $100 of assessed valuation. Such tax rate shall be and is hereby levied in accordance with all applicable requirements of law. SECTION 2. Collection of Tax. The Controller is hereby directed to forward a copy of this Resolution to the Auditor-Controller of the County of San Mateo, and to the Board of Supervisors of the County, and to take such actions and execute such documents as may be required to cause the tax rate set forth in Section 1 to be placed on the 2015-2016 property tax bill and collected by the County. SECTION 3. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional Open Space District on July 30,2015, at a Regular Meeting thereof, by the following vote: AYES: NOES: CYR, HANKO, HARRIS, KISHIMOTO NONE ABSTAIN: NONE ABSENT: HASSETT, RIFFLE, SIEMENS Resolutionsl2015/15-42_SMC Measure AA Levy_Amend Rate 1 ATTEST: Se sr�ary ?/ l1jfr id of DiF ctors APPROVED AS TO FORM: APPROVED: �x>J .� Z I dent ad of Directors I, the District Clerk of the Midpeninsula Regional Open Space District, hereby certify that the above is a true and correct copy of a resolution duly adopted by the Board of Directors of the Midpeninsula Regional Open Space District by the above vote at a meeting thereof duly held and called on the above day. RESOLUTION NO. 15-34 A RESOLUTION OF THE MIDPENINSULA REGIONAL OPEN SPACE DISTRICT SETTING THE 2015-16 TAX RATE ON VOTER APPROVED GENERAL OBLIGATION BONDS Exhibit A WHEREAS, the Midpeninsula Regional Open Space District (the "D istrict") is a regional open space district that includes territory in each of the County of San Mateo, the County of Santa Clara and the County of Santa Cruz (each, a "County"; collectively, the "C ounties"); and WHERE AS, the District is empowered to issue general obligation bonds that are authorized by two-thirds of the qualified electors of the District pursuant to Article 3 (commencing with Section 5500) of Chapter 3 of Division 5 of the Public Resources Code and Article 4.5, commencing with Section 53506, of Chapter 3 of Part 1 of Division 2 of Title 5 of the Govermnent Code of the State of California (collectively, the "Act"); and WHEREAS, a special bond election was duly and regularly held in the District on June 3, 2014, for the purpose of submitting a ballot measure to the qualified electors of the District (the "2014 Authorization"), and more than two-thirds of the votes cast at the election approved the issuance of up to $300 million of general obligation bonds to finance certain projects specified in the 2014 Authorization; and WHEREAS, for the purpose of financing the projects authorized by the 2014 Authorization (the "Projects"), by its Resolution No. 15-19, the District has determined to issue its General Obligation Bonds, Series 2015, in one or more series, in the aggregate principal amount of not to exceed $45,000,000 pursuant to the Act; and WHEREAS, Section 5569 of the Public Resources Code provides that, for the purpose of paying all SUlns coming due for principal and interest on all bonds of the District, there shall be levied and collected each year a tax sufficient to pay the annual interest on such bonds and, also, that part of the principal which will become due before the time for setting the next general tax levy; and WHEREAS, Section 5571 of the Public Resources Code provides that the Board of Supervisors of the County of San Mateo, at the time of making the general tax levy in each year, levy a tax upon all the real and personal property within the District and within its respective County at a rate sufficient to meet the proportion of taxes necessary to be raised in the County for the purpose of paying the principal and interest of the bonds and other indebtedness of the District; and NOW, THEREFORE, BE IT RESOLVED, by the Board of Directors of the Midpeninsula Regional Open Space District, as follows: SECTION 1. Levy of Tax. The Board of Directors of the District hereby determines that the tax rate necessary to pay the principal and interest on the Bonds coming due and payable on March 1,2016 and September 1, 2016 is $0.0011 per $100 of assessed valuation, and such tax rate shall be and is hereby levied in accordance with all applicable requiren1ents of law. Reso[ulionsl20 15115·34_ SMC Measure AA Levy 1 Exhibit A SECTION 2. Collection of Tax. The Controller is hereby directed to forward a copy of this Resolution to the Auditor-Controller of the County of San Mateo, and to the Board of Supervisors of the County, and to take such actions and execute such documents as may be required to cause the tax rate set forth in Section 1 to be placed on the 2015-2016 property tax bill and collected by each of the County. SECTION 3. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. PASSE D AN D ADOPTED by the Board of Directors of the Midpeninsula Regional Open Space District on July 22,2015, at a Regular Meeting thereof, by the following vote: AYES: CYR, HANKO, HARRIS, HASSETT, KISHIMOTO, SIEl\1ENS NOES: NONE ABSTAIN: NONE ABSENT: RIFFLE ATTEST: Qdt/n Secj4{ry ij Baar-Cl of Direcf6rs APPROVED AS TO FORl\I: fin � \! esident :Board of Directors I, the District Clerk of the Midpeninsula Regional Open Space District, hereby certify that the above is a true and correct copy of a resolution duly adopted by the Board of Directors of the Midpeninsula Regional Open Space District by the above vote at a Ineeting thereof duly held and called on the above day.