O1769
atty\muni\laws\mtt\library
City council Meeting 9-13-94
Santa Monica, California
ORDINANCE NUMBER
1769
(City council series)
AN ORDINANCE OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA
SETTING THE 1994-95 TAX RATE FOR THE MAIN LIBRARY
IMPROVEMENTS PROJECT GENERAL OBLIGATION BONDS
WHEREAS, at the November 8, 1988 general election, by a
favorable vote of more than two thirds of all the voters voting
on the proposition, the issuance of General obligation Bonds (the
"Bonds") in the principal amount of $4.5 million was authorized
for the purposes of financing acquisition and improvement of real
property for meeting parking and future expansion needs of the
Main Library; and
WHEREAS, on February 13, 1990, the City Council adopted
Resolution Number 7976 (CCS) ("The Bond Resolution"), authorizing
the issuance of such Bonds and such issuance and sale of the
Bonds occurred on April 10, 1990; and
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WHEREAS, the City Council of the City of Santa Monica is
empowered and obligated to levy ad valorem taxes for, the payment
of said Bonds and the interest thereon, upon all property within
the city subject to taxation by the city; and
WHEREAS, in accordance with the Bond Resolution, the City
council is required to fix, levy and collect annually until all
of the Bonds are paid or until there is a sum in the City
treasury set apart for that purpose sufficient to meet all sums
coming due for principal and interest on said Bonds, a tax
sufficient to pay the annual interest on the Bonds and such part
of principal as the same shall become due; and
WHEREAS, the taxes required to be levied and collected by
the Bond Resolution shall be in addition to all other taxes
levied for City purposes, shall be collected at the time and in
the manner as other City ad valorem taxes are collected, and
shall be used for no purpose other than payment of the Bonds and
accrued interest thereon,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES ORDAIN AS FOLLOWS:
SECTION 1. The city Council hereby sets the Fiscal Year
1994-95 ad valorem Tax Rate for the Main Library Improvements
Project General Obligation Bonds Series 1990 at $.004338 per
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$100.00 of assessed value for property located within the City of
Santa Monica.
SECTION 2. This Ordinance shall take effect upon adoption
pursuant to Santa Monica Charter section 619(c).
SECTION 3. The Mayor shall sign and the city Clerk shall
attest to the passage of this Ordinance. The City Clerk shall
cause the same to be published once in the official newspaper
within 15 days after its adoption.
APPROVED AS TO FORM:
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Adopted and approved this 13th of September, 1994.
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Mayor
I hereby certify that the foregoing Ordinance No. 1769 (CCS) was duly adopted at a
meeting of the City Council held on the 13th of September, 1994 by the following vote:
Ayes: Councilmembers:
Abdo, Genser, Greenberg, Holbrook, Olsen, Rosenstein,
Vazquez
Noes: Councilmembers:
None
Abstain: Councilmembers:
None
Absent: Councilmembers:
None
ATTEST:
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~ City Clerk