O2320City Council P+~eeting $-10-10
ORDINANCE N11~11BER .z32o;CCS}
{City Council Series}
Santa Monica, California
AtN ORDINANCE OF THE CITY COUNCIL OF THE
CITY OF SANTA IViONICA SETTING THE 2010111
TAX RATE FOR l`HE LIBRARY GENERAL OBLIGATION BONDS
WHEREAS, at the (November 3, 199$ general eiectic~n, by a favorable vote of
more than two thirds of all the voters vot€ng on the proposition; the issuance of General
Obligation Sonds {the "2002 Sonds"} in the principal amount of $25 million was authorized
for the purposes of construction, improvement, and remodeling of the iv~ain 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 Sonds and such
issuance and sale of the 2002 Sonds occurred in August 2002; and.
WHEREAS, the City Council of the City of Santa 11~onioa 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 aocordance with the 2002 Bond Resolution, the City Council is
required to fix, levy and collect annually until all of the 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
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for principal and interest on said Bands, a tax sufficient to pay the annua9 interest oh the
2002 Bonds and such part of principal as the same shat[ become due; and
WHEREAS, the taxes required to be levied and collected by the 2002 Bond
Resolutions shall be in addition to all othertaxes levied for City purposes, shall be collected
at the time and in the manner as other City ad valorem taxes are collected; and shat[ 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 [v]ON[GA
LtOES ORC~A[N AS FOLLOWS:
SECTION 1. The City Council hereby sets the Fiscal Year 2010!11 ad valorem
Tax Rate for the City of Santa ~Vlonica General Obligation Bonds, Series 2002 {Library
Improvements Project) at $.007990 per X100.00 of assessed value for property located
within the City of Santa fVlonioa.
SECT[ON 2. Any provision of the Santa N[oniea 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inconsistencies and no further, is hereby repealed or modified fio that extent necessary to
effect the provisions of this Ordinance.
SECT[ON 3. [f any section, subsection, sentence, clause, or phrase of this
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declared invalid or unconstitutional without regard to whether any portion of the Ordinance
would be subsequently declared invalid or unconstitutional.
SECTION ~. 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 i#s adoption. This Ordinance shall take effect upon adoption
pursuant to Santa Monica Charter Section 619{0).
APPROVED ~iS TO FORM:
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Approved and adopted this 10t" day of August, 2010.
am O'Connor, Mayor Pro Tem
State of California }
County of Los Angeles } ss.
City of Santa Monica }
1, Maria M. Stewart, City Clerk of the Ci#y of Santa Monica, do hereby certify that the
foregoing Ordinance No. 2320 {CCS) had its introduction and adoption at the Santa
Monica City Council meeting held on August 10, 2010, by the following vote:
Ayes: Council members: Bloom, Davis, Holbrook, McKeown, {?'Day
Mayor Pro Tem O'Connor
Noes: Council members: None
Absent: Council members: Mayor Shriner
ATTEST:
Maria M. Stewart, ity Clerk
A summary of Ordinance No. 2320 {CCS) was duly published pursuant to California
Government Code Section 40806.