O1955 (2)
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City Council Meeting 9-14-99
Santa MOnica, California
ORDINANCE NUMBER 1955
(City Council Series)
AN ORDINANCE OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA SETTING THE 1999-00
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 $45 million was authOrized for
the purposes of finanCing acqu iSltlon 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) (liThe Bond Resolution"), authOriZing the Issuance of such Bonds and such
Issuance and sale of the Bonds occurred on Apnl10, 1990, and
WHEREAS, on May 26, 1998, the City Council adopted Resolution Number 9273
authonzlng the refunding of a portion of the 1990 General Obligation Bonds for the Main
Library Improvements ProJect and such refunding occurred on June 25, 1998, and
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 pnnclpal
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,
1
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES ORDAI N AS FOLLOWS
SECTION 1 The CIty Council hereby sets the Fiscal Year 1999-00 ad valorem Tax
Rate for the Main Library Improvements Project General Obligation Bonds Series 1990 and
General Obligation Refunding Bonds, Series 1998 at $ 004170 per $1 00 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
Monrca Cha rter Sectlo n 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
~ 11 r1 J.. I,,'
, nj~1~J~~
M R-SHA@;0NES-MOUTRIE
City Attorney
2
Adopted and approved thiS 14th day of September, 1999
\
'Th1t1 ~.a?41i-- -
(pam O'Connor, Mayor
State of Cahforma )
County of Los Angeles ) ss
City of Santa MOnIca )
I, Mana M. Stewart, CIty Clerk of the CIty of Santa MOnIca, do hereby certify that the
foregomg Ordmance No 1955 (CCS) had ItS mtroductlon and adoptIOn on
September 14, 1999, by the followmg vote
Ayes
CouncIl members Holbrook, Rosenstem,
McKeown, Femstem, Bloom, Mayor Pro Tern
GenseL Mayor O'Connor
Noes.
CouncIl members None
Abstam
CouncIl members None
Absent
CouncIl members None
-----ATTEST ~
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Mana M Stewart. CIty Ci;k