HomeMy WebLinkAboutReso - CC - 049-1990RESOLUTION N0, 49-90
RESOLUTION MAKING DETERMINATION OF PROPERTY
TAX EXCHANGE
RESOLVED, by the CITY OF BURLINGAME that,
WHEREAS, State law requires that the City of
Burlingame and the County of San Mateo agree to a property
tax exchange as a part of the proposed annexation of Lands
of O'Connor to the City of Burlingame.
WHEREAS, the City of Burlingame in making this
determination has reviewed the proposed property tax
exchange and the amount of said exchange; and
WHEREAS, it has been agreed that property tax
revenue produced by an incremental factor of .1698977454
for the affected properties will be transferred from the
County of San Mateo to the City of Burlingame.
NOW, THEREFORE, the City of Burlingame does
hereby resolve, determine, and order as follows: The
property tax incremental factor to be transferred from the
County of San Mateo (Tax Code Area 54-0004) to the City of
Burlingame is: .1698977454.
In accordance with Section 3a of Article XIIIB of
the State Constitution, the appropriation limit of the City
of Burlingame shall be increased by the amounts indicated
above, and the appropriation limits of the County of San
Mateo shall be decreased by the same amount.
The exchange of said revenues is annrnvP,9
conditioned upon the completion of the proposed annexation
0
of said lands to the City of Burlingame and is effective
immediately upon completion of theZwp ation
`
MAYOR
I, JUDITH A. MALFATTI, City Clerk of the City of
Burlingame, do hereby certify that the foregoing resolution
was introduced at a regular meeting of the City Council
held on
the 7th day
of May
1990, and was
adopted
thereafter by the
following vote:
AYES:
COUNCILMEMBERS:
BARTON, HARRISON,
LEMBI, O'MAHONY, PAGLIARO
NOES:
COUNCILMEMBERS:
NONE
ABSENT:
COUNCILMEMBERS:
NONE