O1882
atty\muni\laws\mtt\library.4
City Council Meeting 9-9-97
Santa Monica, California
ORDINANCE NUMBER 1882 (CCS)
(City Council Series)
AN ORDINANCE OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA SETTING THE 1997-98
TAX RATE FOR THE MAIN LIBRARY IMPROVEMENTS
PROJECT GENERAL OBLIGATION BONDS
WHEREAS, at the November 8, 1988 general election, by a
favorable vote of mOFe 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
WHEREAS, the City Council of the <:i ty 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:
1
SECTION 1. The City council hereby sets the Fiscal Year 1997-
98 ad valorem Tax Rate for the Main Library Improvements Project
General Obligation Bonds Series 1990 at $.004705 per $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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MARSHA JO~ES MOUTRIE
City Attorney
2
State of California )
County of Los Angeles) ss.
City of Santa Monica )
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O'Corlnor, Mayor
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I, Maria M. Stewart, City Clerk of the City of Santa Monica, do hereby certify that the foregoing
. Ordinance No. 1882 (CCS) had its first reading and was adopted on September 9. 1997, by the
following vote:
Ayes:
Council members: Ebner, Feinstein, Genser, Rosenste:i,n,
Holbrook, Mayor O'Connor,.
Noes:
Council members: None
Abstain:
Council members: None
Absent:
Council members: Greenberg.
ATTEST:
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,
Maria M. Stewart, City Clerk