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.