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The memorandum outlines a recommendation to adopt a resolution for the Fiscal Year 2025-2026 property tax levy in San José, aimed at funding the city's general obligation bonded indebtedness. The proposed tax levy will generate approximately $50.4 million in secured tax collections and $1.7 million in unsecured tax collections, which, along with prior year cash balances, will cover the debt service due on the city's general obligation bonds in March and September 2026. The document details the history of general obligation bond measures, the current outstanding bond amounts, and the necessary tax rates for the upcoming fiscal year.
Key points
Recommendation to adopt a resolution for the Fiscal Year 2025-2026 property tax levy.
The levy is intended to fund the city's general obligation bonded indebtedness.
Projected collections include approximately $50.4 million in secured taxes and $1.7 million in unsecured taxes.
The total assessed value of taxable property in the city is approximately $266.8 billion.
The city has $706.8 million in outstanding general obligation bond debt, representing 1.8% of the debt limit.
The secured tax rate for FY 2025-2026 is estimated at 0.01970 per $100 in assessed value.
Limitations
The document contains unresolved placeholders and lacks specific details in some sections.
The document does not provide specific dates for future actions beyond the fiscal year mentioned.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 16,201 chars
COUNCIL AGENDA: FILE: ITEM: TO: HONORABLE MAYOR AND CITY COUNCIL FROM: Maria Öberg SUBJECT: Fiscal Year 2025-2026 Property Tax Levy for General Obligation Bonds DATE: July 21, 2025 Approved 8/12/25 25-801 3.7 Date: 7/21/25 COUNCIL DISTRICT: Citywide RECOMMENDATION Adopt a resolution establishing the Fiscal Year 2025-2026 property tax levy on all taxable property within the City of San José for the purpose of funding the City’s general obligation bonded indebtedness and to pay the respective administration fee to the County of Santa Clara. SUMMARY AND OUTCOME Approval of the recommendation will place the property tax levy on the Fiscal Year (FY) 2025-2026 tax roll, which will generate tax revenue sufficient to pay (i) when combined with other funds, debt service due in calendar year 2026 on the following series of general obligation (GO) Bonds issued by the City of San José (City): • Series 2019 Bonds (Series 2019A-1, Series 2019B, and Series 2019C) 1, Series 2021A Bonds (the Series 2021 Bonds2) and Series 2025 Bonds (Series 2025A, Series 2025B and Series 2025C3 and, together with the Series 2019 and 2021 Bonds, the GO Bonds); 1 The Series 2019A-1 and Series 2019B Bonds were...
Official source link unavailable.
The file was imported, but the current source metadata does not include a public document URL.
Generated summaryAI-assisted
The source text indicates this attachment appears to be a draft document.
This document is a resolution from the City Council of San Jose establishing the fiscal year 2025-2026 property tax levy for the city's general obligation bond indebtedness. It outlines the history of various measures approved by voters for bond issuance, the total outstanding bonds, and the ad valorem tax rates to be levied on property within the city for debt service payment. The resolution includes specific tax rates for secured and unsecured property and authorizes the Director of Finance to adjust the tax levy as necessary.
Key points
The resolution establishes the fiscal year 2025-2026 property tax levy for general obligation bonds.
It references multiple measures approved by voters for bond issuance, including Measure O (2000), Measure P (2000), Measure O (2002), and Measure T (2018).
The total outstanding bonds amount to $668,715,000 as of September 2, 2025.
The ad valorem property tax rates are set at 0.01970 per $100 for secured and utility tax rolls and 0.01570 per $100 for unsecured tax rolls.
The total net debt service tax levy requirement for the bonds is $52,182,879, including an administrative fee.
Limitations
The document appears to be a draft, as indicated by the repeated 'DRAFT' watermark.
The resolution date and the adoption date are not filled in.
The vote details (AYES, NOES, ABSENT, DISQUALIFIED) are not provided.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 7,192 chars
NVF:RLT:KMF 07/28/2025 RESOLUTION NO. ______________ A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN JOSE ESTABLISHING THE FISCAL YEAR 2025-2026 PROPERTY TAX LEVY FOR THE CITY’S GENERAL OBLIGATION BOND INDEBTEDNESS WHEREAS, an election was duly and regularly held in the City of San José (the “City”) on November 7, 2000, at which the voters approved Measure O (2000) that authorized the issuance of bonds in the principal amount of not to exceed $211,790,000 for the purpose of acquiring property for and constructing improvements to the neighborhood library facilities throughout the City, which measure was entitled “San José Neighborhood Libraries Bond”; and WHEREAS, an election was duly and regularly held in the City on November 7, 2000, at which the voters approved Measure P (2000) that authorized the issuance of bonds in the principal amount of not to exceed $228,030,000 for the purpose of acquiring property for and constructing improvements to parks and recreation facilities, which measure was entitled “San José Safe Neighborhood Parks and Recreation Bond”; and WHEREAS, an election was duly and regularly held in the City on March 5, 2002, at which the voters approved Measure O...