O1955F:finance\treas\share\Iitr00-2.wpd
City Council Meeting 9-14-99
Santa Monica, California
ORDINANCE NUMBER 1955
(City Council Series)
AN ORDINANCE OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA SETTING THE 1999-00
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
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 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 1999-00 ad valorem
Tax Rate for the Main Library Improvements Project General Obligation Bonds Series
1990 and General Obligation Refunding Bonds, Series 1998 at $.004170 per $100.00
of assessed value for property located within the City of Santa Monica.
SECTION 2. This Ordinance shall take effect upon adoption pursuant to Santa
Monica Charter Section 619(c).
SECTION 3. 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.
APPROVED AS TO FORM:
S/
MARSHA JONES MOUTRIE
City Attorney
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Adopted and approved this 14t" day of September, 1999.
S/
Pam O'Connor, 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. 1955 (CCS) had its introduction and adoption on September
14, 1999, by the following vote:
Ayes: Council members: Holbrook, Bloom, McKeown, Feinstein, Rosenstein,
Mayor Pro Tem Genser, Mayor
O'Connor
Noes: Council members: None
Abstain: Council members: None
Absent: Council members: None
ATTEST:
S/
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