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C. Bond Service Tax Rates - 2000 -2001 General Improvement District 1 -64; (505) Financial Services Director Ponty stated the recommendation is to approve the proposed tax rates for GID 1 -64 for the reclamation bonds and the facility bonds that are based on the assessed valuations that the Council sitting as the Board of Equalization adopted earlier tonight. The net change in the reclamation bond tax is a reduction of approximately 5 cents per $100 in assessed valuation to 0.1458 cents and the facility bonds tax rate is dropping approximately three cents from 17.6 to 14.6 cents per $100 of assessed valuation. The net effect of the increase in assessed valuation in a decreased tax rates on a typical single family home in the Redwood Shores area will be about $10.00 per year in taxes. Public Comment. John Murphy reemphasized the previous comment under the Board of Equalization item that a copy be sent to the Pilot and the Shoreline for dissemination. He requested Council take a positive approach to the neighborhood and continue the positive relationship by directing the reports be disseminated. i) M/S Hartnett/Ira to introduce an ORDINANCE FIXING THE AMOUNT OF MONEY TO BE RAISED BY TAXATION UPON THE TAXABLE PROPERTY WITHIN THE GENERAL IMPROVEMENT DISTRICT NO. 1 -64 TO PROVIDE FUNDS FOR GENERAL IMPROVEMENT DISTRICT NO. 1 -64, AND FIXING AND LEVYING THE TAX RATE THEREFOR. The motion passed by a unanimous roll call vote. 10. PUBLIC HEARING - A. Pacific Shores Center Project Bonds; Financial Services Director Ponty explained that Council is being asked to approve documents relating to the sale of bonds to finance public infrastructure for the Pacific Shores Project. He stated that one point left out of the report is the recommendation that the fiscal agent be the Bank of New York. Mayor Ruskin opened the Public Hearing. M/S Hartnett/Howard to close the public hearing. The motion passed by a unanimous voice vote. i) M/S Ira/Howard to introduce an ORDINANCE OF THE CITY OF REDWOOD CITY LEVYING A SPECIAL TAX WITHIN CITY OF REDWOOD CITY COMMUNITY FACILITIES DISTRICT NO. 2000 -1 (PACIFIC SHORES PROJECT). The motion passed by a unanimous roll call vote. (301) REGULAR COUNCIL MEETING MINUTES JULY 24, 2000 PAGE 10 MINUTES Book No.58 Page NO. 171