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City Council Meetmg 9-12-00
Santa MOnica, California
ORDINANCE NUMBER ~985 (CCS)
(City Council Senes)
AN ORDINANCE OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA SETTING THE 2000-01
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") m the prmclpal amount of $45 million was authorized for the p,urposes
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"), authorlzmg the Issuance of such Bonds and such
Issuance and sale of the Bonds occurred on Apnl1 0, 1990, and
WHEREAS, on May 26, 1998, the City Council adopted Resolution Number 9273
authonzmg 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
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WHEREAS, the City Council of the City of Santa Monrca IS empowered and obligated
to levy ad valorem taxes for the payment of said Bonds and the mterest 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 prmclpal and
Interest on said Bonds, a tax suffiCient to pay the annual mterest on the Bonds and such
part of pnnclpal 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,
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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 2000-01 ad valorem Tax
Rate forthe Main library Improvements Project General Obligation Bonds Senes 1990 and
General Obligation Refunding Bonds, Senes 1998 at $ 003940 per $10000 of assessed
value for property located within the City of Santa MOnica
SECTION 2 Any provIsion of the Santa Monica Municipal Code or appendices
thereto Inconsistent with the provISions of thiS Ordinance, to the extent of such
mconslstencles and no further, IS hereby repealed or modIfied to that extent necessary to
effect the provISions of thiS Ordinance
SECTION 3 If any section, subsection, sentence, clause, or phrase of thiS
Ordinance IS for any reason held to be invalid or unconstitutional by a deCISion of any court
of competent JUrisdiction, such deCISIon shall not affect the valid Ity ofthe remaining portions
of thiS Ordinance The City Council hereby declares that It would have passed thiS
Ordinance and each and every section, subsectIon, sentence, clause, or phrase not
declared Invalid or unconstitutional Without regard to whether any portion of the Ordmance
would be subsequently declared invalId or unconstItutIonal
SECTION 4 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
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newspaper within 15 days after Its adoption This Ordmance shall take effect upon adoption
pursuant to Santa MOnica Charter Section 619(c)
APPROVED AS TO gORM
n~,^Ll ^Il bfvt~
MARSHA JONEr~bUf~l~ L
City Attorney--
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,
Adopted and approved this 12'" day of September, 20~
~{jVfl~ ---,
Ken Genser, Ma~r
State of CalIfornia )
County of Los Angeles) 5S
City of Santa MOllica )
I, Mana M. Stewart. CIty Clerk of the CIty of Santa MOlliCa, do hereby certIfY that the foregoing
Ordinance No 1985 (CCS) was introduced and was adopted at the City Council meeting held on
September 12,2000, by the following vote:
Ayes: Council members:
Rosenstein, McKeown, Felnstein,Bloom,
Mayor Pro Tern O'Connor, Mayor Genser
Noes. Council members'
Kone
Abstam Council members
None
Absent: CouncIl members:
Holbrook
ATTEST:
'----~~ ~" ~n~~
Maria M. Stew~--:Ci;;'-Clerk -