O2204 (2)
City Council Meeting 9-12-06
Santa Monica, California
ORDINANCE NUMBER 2204 (CCS)
(City Council Series)
AN ORDINANCE OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA SETTING THE 2006/07
TAX RATE FOR THE LIBRARY 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 "1990 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) ("1990 Bond Resolution"), authorizing the issuance of such Bonds and such issuance
and sale of the 1990 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
WHEREAS, at the November 3, 1998 general election, by a favorable vote of more
than two thirds of all the voters voting on the proposition, the issuance of General Obligation
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Bonds (the "2002 Bonds") in the principal amount of $25 million was authorized for the
purposes of construction, improvement, and remodeling of the Main Library and branch
libraries; and
WHEREAS, on July 23, 2002, the City Council adopted Resolution Number 9785
(CCS) ("The 2002 Bond Resolution"), authorizing the issuance of such Bonds and such
issuance and sale of the 2002 Bonds occurred in August 2002; 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 1990 and 2002 Bond Resolutions, the City
Council is required to fix, levy and collect annually until all of the 1990 and 2002 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 1990 and 2002 Bonds and such part of principal as the same shall
become due; and
WHEREAS, the taxes required to be levied and collected by the 1990 and 2002
Bond Resolutions 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
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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 2006/07 ad valorem Tax
Rate for the refunded 1990 bonds (City of Santa Monica General Obligation Refunding
Bonds Series 1998 - Main Library Improvement Project) at $.004164 per $100.00 of
assessed value for property located within the City of Santa Monica.
SECTION 2. The City Council hereby sets the Fiscal Year 2006/07 ad valorem Tax
Rate for the city of Santa Monica General Obligation Bonds, Series 2002 (Library
Improvements Project) at $.010615 per $100.00 of assessed value for property located
within the City of Santa Monica.
SECTION 3. 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 4. 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 validity of the remaining portions
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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 5. 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. This Ordinance shall take effect upon adoption
pursuant to Santa Monica Charter Section 619(c).
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Approved and adopted this 12th day of September, 2006.
~~ / ;d~,,-
Robert 1. Holbrook, Mayor
State of California )
County of Los Angeles) ss.
City of Santa Monica )
I, Maria M. ~tewart, City Clerk of the City of Santa Monica, do hereby certify that the
foregoing Ordinance No. 2204 (CCS) had its introduction and adoption at the Santa
Monica City Council meeting held on September 12, 2006, by the following vote:
Ayes:
Council members:
Bloom, Genser, Katz, McKeown, O'Connor
Mayor Holbrook
Noes:
Council members:
Abstain: Council members:
Absent: Council members:
Mayor Pro Tern Shriver
ATTEST:
~~ ~<vJ:-
Maria M. Stewart~City Clerk
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