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HomeMy WebLinkAboutORD 381 (1967) ORDINANCE NO. 381 AN ORDINANCE OF THE CITY OF TUSTIN, CALIFORNIA, IMPOSING A REAL PROPERTY TRANSFER TAX, REVENUES TO BE USED FOR CITY BEAUTIFICATION The City Council of the City of Tustin does ordain- as follows~ Section 1. ThUs Ordinance shall be known as the "Real Property Transfer Tax Ordinance.of the City of Tustin". It is adopted pursuant to the authority contained in Part 6.7 (commencing with Section 11901~) of Division 2 of the Revenue and Taxation Code of the State of California. Section 2. There is hereby imposed on.each deed, instrument or writing by which any lands, tenements, or other realty sold within the City of Tustin shall be granted, assigned, transferred or otherwise conveyed to, or vested in, the pur- chaser' or purchasers, or any other person or persons, by his or their direction, when the consideration or value of the interest or property conveyed (exclusive of the value of any lien or encumbrances remaining thereon at the time of sale) exceeds one hnndred dollars ($100), a tax at the rate of twenty-seven and one-half cents ($0-.275) for each five hundred dollars ($500) or fractional part thereof. Section 3. Any tax'imposed pursuant to Section 2 hereof shall be paid by any person who makes, signs or issues any document or instrument subject to the tax,or for whose use or benefit the same is made, signed or issued'. Section 4. Any tax imposed pursuant to this Ordinance shall not apply to any instrument in writing given to secure a debt. Section 5. The United States or any agency or instrumentality thereof, any state or territory, or political subdivision thereof, or .the District of Columbia, shall not be liable for any tax imposed pursuant to this ordinance= with' respect to any deed, instrument, or writing to which it is a party, 'but the tax may be collected by assessment from any other party liable therefor· Section 6. 'Any tax imposed pursuant to this Ordinance shall not applylto the making, delivering or filing of convey- ances to make effective any plan of reorganization or adjust- ment'-- a) Confirmed under the Federal Bankruptcy Act,, as amended~ ' b) ApproVed in an equity receivership proceedings in a Cou~t involving a railroad corporation, as defined in subdivision (m) of Section 205 of Title 11 of the United States Code, as amendedX- C) Approved in an equity receivership proceeding in a court involving a corporation, as defined in subdivision (3) of Section 506 of Title 11 of the United States Code, as amended; or d)Whereby a mere change in identity, form or place of organization is effected. Subdivisions {a~ to (d), inclusive, of this section shall only apply if the making, delivery or filing of instruments of transfer or conveyances occurs within five years from the date of such confirmation, approval or change. Section 7. Any tax imposed pursuant to this · Ordinance shall not apply to-the making or delivery of convey- ances to make effective any order of the Securities and Exchange Commission, as defined in subdivision (a) of Section 1083 of the Internal Revenue'Code of 1954; but only if -- a) The order of the Securities and Exchange Commission in obedience to which such convey- ance is ma~e~ recites that such conveyance is necessary or appropriate to effectuate the provisions of Section79k of Title 15 of the United States Code, relating to the Public Utility HoldingCompany Act of 1935; b)Such order specifies the property which is ordered to be conveyed; c)Such conveyance is made in obedience to such order. Section 8. (a) In the case of any realty held by a partnership, no levy shall be imposed pursuant to this Ordinance by reason of any transfer of an interest in a partner- ship or otherwise, if -- 1) Such partnership (or another partnership) is considered a continuing partnership within the meaning of Section 708 of the Internall Revenue Code of 1954~ and 2)Such continuing partnership continues to ~ hold the realty concerned. (b) If there is a termination of any partnership within the meaning of Section 708 o'f the Internal RevenuesCode of 1954, for purposes of this Ordinance, such partnership shall be treated as having executed an instrument whereby there was conveyed, for fair market value (exclusive of the value of any lien or encumbrance remaining thereon), all realty held by such partnership at the time of such termination.. (c) Not more than one tax shall be imposed pursuant to this Ordinance by reason of a termination described in sub- division (b), and any transfer pursuant thereto, with respect to the realty held by such partnership at the time of such termination. - 2 - Section 9. The County Recorder shall administer this Ordinance in conformity with the Provisions of Part 6.7 of Division 2 of the Revenue and Taxation Code and the pro- visions of any county ordinance adopted Pursuant thereto. Section 10. Claims for. refund of taxes imposed pursuant to this Ordinance shall be governed by the provisions of Chapter 5 (commencing with Section 5096)of Part 9 of Division 1 of. the Revenue and Taxation Code of the State of California. Section. 11o This Ordinance shall become operative on January 1, 1968, the operative date of an Ordinance adopted by the County of Orange, pursuant to Part 6.7 (commencing with Section 11901) of Division 2 of the Revenue and Taxation Code of the State Of California. Section 12. Upon its adoption, the City Clerk shall file two copies of this Ordinance with the County Recorder of the County of Orange. Section 13. The City Council hereby finds and determines that the enactment of this Ordinance as an emergency, urgency measure is required for the Preservation of public health and welfare, and 'this Ordinance shall go into effect immediately upon adoption. Section 14. Revenues to be made a part of a Special Fund to be used only for the purpose of City Beautification. PASSED AND ADOPTED at a regular meeting of the City Council held on the 18th day of December, 1967. MAYOR ATTEST: - 3 - STATE OF CALIFORNIA ) COUNTY OF ORANGE ) SS CITY OF TUSTIN RUTH C. POEt, City Clerk and ex-officio Clerk of the C~ty Council gf the City of Tustin, California, does hereby certify that the whole number ' of the members of the City Council of the City of Tustin is five; that the above and foregoing Ordinance No. 581 Was duly and regularly introduced and received first and second reading at a regular. meeting of the City Council held on the ath day of December, 1967, and was duly passed and adopted at a' regular meeting held on the 18th day of December, 1967., by the following vote: AYES: COUNCILMEN: MACK KLINGELHOFER' COCO MILLER RING NOES: COUNCILMEN: NONE ABSENT: COUNCILMEN: NON_ _.~ty of Tustin, California