O2021
F :finance\treas\share\libra ry8. wpd
City Council Meeting 9-11-01
Santa Monica, California
ORDINANCE NUMBER 2D2.L (CCS)
(City Council Series)
AN ORDINANCE OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA SETTING THE 2001-02
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
WHEREAS, on May 26, 1998, the City Council adopted Resolution Number 9273
authorizing 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 ofthe 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,
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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 2001-02 ad valorem Tax
Rate for the Main Library I mprovements Project General Obligation Bonds Series 1990 and
General Obligation Refunding Bonds, Series 1998 at $.003666 per $100.00 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
inconsistencies 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 affectthe validity 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 Ordinance
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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newspaperwithin 15 days after its adoption. This Ordinance shall take effect upon adoption
pursuant to Santa Monica Charter Section 619(c).
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Adopted and approved this 11th day of September, 2001.
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Mayor
State of California )
County of Los Angeles) ss.
City of Santa Monica )
I, Maria M. Stewart, City Clerk of the City of Santa Monica, do hereby certify that the
foregoing Ordinance No. 2021 (CCS) had it's introduction and adoption at the Santa
Monica City Council meeting held on September 11, 2001 by the following vote:
Ayes:
Council members:
O'Connor, McKeown, Genser, Katz,
Mayor Pro Tern Bloom, Mayor Feinstein
Noes: Council members:
Abstain: Council members:
Absent: Council members:
Holbrook
ATTEST:
'L. ".~ .~~
Maria M. Stewart, City lerk