O2488City Council Meeting 7 -14 -15
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Santa Monica, California
ORDINANCE NUMBER2,*0h'(CCS)
(City Council Series)
AN ORDINANCE OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA SETTING THE 2015/16
TAX RATE FOR THE LIBRARY GENERAL OBLIGATION BONDS
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 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 of the City of Santa Monica (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, on May 8, 2012, the City Council adopted Resolution Number
10674 (CCS) (the "2012 Bond Resolution ") authorizing issuance of City of Santa Monica
General Obligation Refunding Bonds, Series 2012 (Library Improvements Project) (the
2012 Bonds ") to refund the 2002 bonds in full; and
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WHEREAS, the City Council is empowered and obligated to levy ad valorem
taxes for the payment of the 2012 Bonds and the interest thereon, upon all property
within the City subject to taxation by the City; and
WHEREAS, in accordance with the 2012 Bond Resolution, the City Council is
required to fix, levy and collect annually until all of the 2012 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 2012 Bonds and such part of principal as the same shall become due;
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WHEREAS, the taxes required to be levied and collected by the 2012 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 2012 Bonds and accrued interest
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 2015/16 ad
valorem Tax Rate for the City of Santa Monica General Obligation Refunding Bonds,
Series 2012 (Library Improvements Project) at $.004699 per $100.00 of assessed value
for property located within the City of Santa Monica.
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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 affect the validity of the 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 newspaper within 15 days after its adoption. This Ordinance shall take effect
upon adoption pursuant to Santa Monica Charter Section 619(c).
APPROVED AS TO FORM:
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Approved and adopted this 14th day of July, 2015.
Kevin McKeown, Mayor
State of California )
County of Los Angeles) ss.
City of Santa Monica )
I, Sarah Gorman, City Clerk of the City of Santa Monica, do hereby certify that the
foregoing Ordinance No. 2488 (CCS) had its introduction and adoption at the Santa
Monica City Council meeting held on July 14, 2015, by the following vote:
AYES: Councilmembers:
NOES: Councilmember:
ABSENT: Councilmember:
Davis, Himmelrich, Winterer, O'Connor, O'Day
Mayor McKeown, Mayor Pro Tern Vazquez
None
►We"I-
ATTEST:
L =
Sarah Gorman, City Clerk
A summary of Ordinance No. 2467 (CCS) was duly published pursuant to California
Government Code Section 40806.