HomeMy Public PortalAboutOrdinance 67-2531
ORDINANCE NO. 67 -253
AN ORDINANCE OF THE CITY OF TEMPLE
CITY IMPOSING A DOCUMENTARY STAMP
TAX ON THE SALE,OF REAL PROPERTY
THE CITY COUNCIL OF THE CITY OF TEMPLE CITY DOES ORDAIN:
SECTION 1. This Ordinance shall be known as the "Real
Property Transfer Tax Ordinance of the City of Temple City ".
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, instru-
ment or writing by which any lands, tenements, or other realty
sold within the City of Temple City shall be granted, assigned,
transferred or otherwise conveyed to, or vested in, the
purchaser 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 hundred dollars ($100), a tax at the rate of
twenty -seven and one -half cents ($0.275) for each five hun-
dred dollars ($500) or fractional part thereof.
SECTION 3. Any tax imposed pursuant to Section 2 here-
of 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 instru-
mentally thereof, any state or territory, or political sub-
division 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 apply to the making, delivering or filing of con-
veyances to make effective any plan of reorganization or
adjustment- -
(a) Confirmed under the Federal Bankruptcy Act,
as amended;
(b) Approved in an equity receivership proceeding
in a court involving a railroad corporation, as defined
in subdivision (m) of Section 205 of Title 11 of the
United States Code, as amended;
(c) Approved in an equity receivership proceeding
in a court involving a corporation, as defined in sub -
division (3) of Section 506 of Title 11 of the United
States Code, as amended; or
Ordinance No. 67 -253
(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 conveyances 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 conveyance is
made recites that such conveyance is necessary or
appropriate to effectuate the provisions of Section
79k of Title 15 of the United States Code, relating
to the Public Utility Holding Company 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 partnership or otherwise, if --
(1) Such partnership (or another part-
nership) is considered a continuing
partnership within the meaning of
Section 708 of the Internal Revenue
Code of 1954; and
(2) Such continuing partnership continues
to hold the realty concerned.
(b) If there is a termination of any part-
nership within the meaning of Section 708 of the Internal
Revenue Code bf 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 subdivision (b), and any transfer pursuant
thereto, with respect to the realty held by such part-
nership at the time of such termination.
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 provisions
of any county ordinance adopted pursuant thereto.
Ordinance No.
67 -253
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 11. This Ordinance shall become operative upon
the operative date of any ordinance adopted by the County of
Los Angeles, pursuant to Part 6.7 (commencing with Section
11901) of Division 2 of the Revenue and Taxation Code of the
State of California, or upon the effective date of this
Ordinance, whichever is the later.
SECTION 12. Upon its adoption the City Clerk shall file
two copies of this Ordinance with the. County Recorder of
Los Angeles County.
SECTION 13. This Ordinance, inasmuch as it provides
for a tax levy for the usual and current expenses of the
City, shall take effect immediately.
SECTION 14. CODIFICATION. This Ordinance shall be
codified as Chapter 7 of Article VI and shall be designated
with appropriate section numbers.
SECTION 15. The City Clerk of the City of Temple City
shall certify to the passage and adoption of this Ordinance
and to its approval by the Mayor and shall cause the same to .
be published in the Temple City Times, a newspaper of general
circulation, printed, published and circulated in the City of
Temple City.
PASSED, APPROVED and ADOPTED this 5th day of December
1967.
ATTEST:
City Clerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss:
CITY OF TEMPLE CITY )
I, KARL L. KOSKI, City Clerk of the City of Temple City,
do hereby certify that the foregoing Ordinance, being. Ordinance.
No. :67 -253 , was introduced at a regular meeting of the City
Council of the City of Temple City, held on the 21st day of
November , 1967, and was duly passed, approved and adopted
by said Council, approved and signed by the Mayor and attested .
by the City Clerk at a regular meeting of the City Council held
on the 5thday of December , 1967, by the following vote:
AYES: COUNCILMEN: Harker, Merritt, Tyrell, Bri
'NOES: COUNCILMEN: None �� /%
ABSENT: COUNCILMEN: Beckley et,(_.�C
City Clerk o the City of
Temple City, California
Gt,
Mayor of the City of
Temple City, Califor