bFPAS^?<- y.h u
+
10 s °0
So^ °f^ 4TEO
Ordinance Fact Sheet
TO:
FROM:
SUBJECT:
CITY COUNCIL
CITY ATTORNEY
DATE: July 21, 2025
AN UNCOD1FIED ORDINANCE OF THE CITY OF PASADENA
AUTHORIZING THE SETTING OF THE FISCAL YEAR 2025-26 TAX
RATE FOR THE CITY'S GENERAL OBLIGATION BONDS (CENTRAL
LIBRARY PROJECT) APPROVED BY THE VOTERS AT THE
NOVEMBER 5, 2024 STATEWIDE GENERAL ELECTION AND
REQUESTING AND AUTHORIZING THE COUNTY OF LOS ANGELES
TO LEVY A TAX ON ALL REAL PROPERTY IN THE CITY OF
PASADENA AS A VOTER APPROVED LEVY WITH RESPECT TO SAID
BONDS
TITLE OF PROPOSED ORDINANCE
AN UNCODIFIED ORDINANCE OF THE CITY OF PASADENA AUTHORIZING THE SETTING OF THE FISCAL YEAR 2025-26 TAX RATE FOR THE CITY'S GENERAL
OBLIGATION BONDS (CENTRAL LIBRARY PROJECT) APPROVED BY THE VOTERS AT THE NOVEMBER 5, 2024 STATEWIDE GENERAL ELECTION AND
REQUESTING AND AUTHORIZING THE COUNTY OF LOS ANGELES TO LEVY A
TAX ON ALL REAL PROPERTY IN THE CITY OF PASADENA AS A VOTER
APPROVED LEVY WITH RESPECT TO SAID BONDS
PURPOSE OF ORDINANCE
The purpose of this ordinance is to authorize the setting of the tax rate for the City's voter-approved General Obligation Bonds (Central Library Project) (the "Bonds") for fiscal year 2025-26 and requesting the County of Los Angeles to levy such tax on real property within the City.
MEETING OF07/21/2025
AGENDA ITEM NO. 26
Ordinance Authorizing Setting of Fiscal Year 2025-26 Tax Rate July 21, 2025
REASONS WHY LEGISLATION IS NEEDED
At the November 5, 2024 general election, by a favorable vote of more than two-thirds of all the voters voting on the proposition, the issuance of the Bonds in the principal amount of $195 million was authorized for the purposes of financing the cost of the design, construction and improvement of the Central Library, including earthquake retrofit, repair of the building and upgrades. On April 7, 2025, the City Council adopted Resolution No. 10121 authorizing the issuance of the Bonds and such issuance and sale of the Bonds occurred on May 13, 2025. Section 905 of the City's Charter requires the City annually by ordinance on or before the first Monday in September to set the tax rate for voter-approved debt for such fiscal year to be used solely to pay the principal of and interest on the Bonds. The County requires that the City file such tax rate and supporting documentation with the County by August 22, 2025. The City should receive the City's assessed valuation from the County by August 8, 2025, allowing the Finance Director to timely file the tax rate documentation, including this Ordinance, with the County prior to the deadline.
PROGRAMS, DEPARTMENTS OR GROUPS AFFECTED
The Finance Department will administer issuance of the Bonds, the debt service payments, and the annual setting of the tax rate for the Bonds.
FISCAL IMPACT
Bonds in the principal amount of $195,000,000 payable from additional ad valorem taxes collected for the City were issued with an average debt service of approximately $12.1 million annually through September 1, 2054. The amount to be raised by such tax for fiscal year 2025-26 is $11,500,000.
Ordinance Authorizing Setting of Fiscal Year 2025-26 Tax Rate July 21, 2025
ENVIRONMENTAL DETERMINATION
CEQA excludes, from environmental review, actions that are not "projects" as defined by CEQA Guidelines Section 21065 and within the meaning of Section 15378(b). Sections 21065 and 15378(b) define a project as an action which may cause either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment. Section 15378 excludes from the definition of "project" organizational or administrative activities of governments that will not result in direct or indirect physical changes in the environment. The action proposed herein, adopting an ordinance that authorizes the setting of the tax rate for the City's voter-approved General Obligation Bonds and requesting the County of Los Angeles to levy such tax on real property within the City, is an administrative activity, and therefore is not a "project" as defined by CEQA.
Since the action is not a project subject to CEQA, no environmental document is required.
Respectfully submitted,
^^.SA^^C
MicheleBeal Bagneri^,
City Attorney
Prepared by:
Arnold F. Lee
Chief Assistant City Attorney
Concurred by:
^(^^J) f^=^
4ARQUEZ
City Manager