HomeMy Public PortalAboutOrd. 0838
ORDINANCE N0. g3g
AN ORDINANCE OF THE CITY OF LYNWOOD IMPOSING A
DOCUMENTARY STAMP TAX ON THE SALE OF REAL
PROPERTY
The City Council of the City of Lynwood does ordain as
follows:
Section 1. Tiiis ordinance shall be known as the "Real
Property Transfer Tax Ordinance of the City of Lynwood." 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 Lynwood shall be granted, assigned, transferred or other-
wise conveyed to, or vested in, the purchaser or purchasers, or.any
other person or persons, by his or their direction, when the consider-
ation 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 ($0.27.5) 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 Dist:^ict 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 conveyances
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 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 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 subh
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 partner-
ship, 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 partnership) is
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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 partnership within
the meaning of Section 708 of the Internal Revenue Code 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 subdivision (b),
and any transfer pursuant thereto, with respect to the realty held
by such partnership at the time of such termination.
Section g. 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.
Section 10
Claims for refund of taxes imposed pursuant
to this ordinance shall be governed by the provisions of Chapter 5
(commending with Section 5096) of Part g 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.
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Section 13. The City Clerk is hereby ordered and directed
to certify to the passage of this ordinance and to cause the same
to be published once in the Lynwood Press, a newspaper o.f general
circulation, printed and published in Lhe City of Lynwood.
ADOPTED and APPROVED this 5th day of December, 1867,
by the following vote:
.Ayes: Councilmen Byork; Green, Siokos; Smith; Stevens.
Noes: CouncilmenTlone
Absent: Councilmen None
A'T'~'EST: ,', ~"
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'G P-:~L RK, CITY OF NWO~
M~ R OF THE'" CITY OF LYNWOOD
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STATE OF CALIFORNIA )
ss.
COUNTY OF LOS ANGELES )
I, the undersigned, City Clerk of the City of
Lynwood, and ex-officio clerk of the Council of said
city, do hereby certify that the above is a true and
correct copy of Ordinance No. 838 adopted by the City
Council of the City of Lynwood, and that same was passed
on the date and by the vote therein stated.
Dated this 7th day of December , 1967
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,~ITY CLERK, CITY OF NWOOD