HomeMy Public PortalAboutOrd. 0707-~ u ~~
ORDINANCE N0, 7p7
AN ORDINANCE PROVIDING FOR ALLOCATION OF FUNDS
AND USE TAX REVENUES UNDER THE BRADLEY-BURNS
UNIFORM SALES TAX LAW, AND REPEALING ORDINANCE
No, 672.
The City Council of the City of Lynwood does ordain as
follows:
SECTION I. That a11 revenues received by the City of
Lynwood as a result of the adoption of the Bradley-Burns Uniform
Local Sales and Use Tax shall be allocated as follows:
(a) TO CAPITAL IMPROVEMENT FUND, 50/ of total revenues
but not to exceed $160,000 per annum. Funds accruing to this
account to be placed in a separate account and used only for
capital improvements, new equipment and retirement of general
obligation bonds.
(b) TO GENERAL FUND, 50% of total revenues plus
overages, if any, from allocations made under above, to be used
for general government purposes.
SECTION 2. All funds remaining in the Park Improve-
ment Fund shall be transferred into the Capital Improvement Fund.
SECTION 3. That Ordinance No. 672 of the City of
Lynwood is hereby repealed,
SECTION 4, It appears that this ordinance affects the
health, safety, and general welfare of the citizens of Lynwood
and that an urgency exists which requires that this ordinance
shall become e£fective on July 1, 1g60 on the ground that said
date is the beginning of the lg6o-61 fiscal year and any changes
in allocations of funds should be effective for the entire
fiscal year.
SECTION 5. The City Clerk shall certify to the
passage of this ordinance and the same shall take effect and be
in force July l, 1960. The said City Clerk shall cause said
ordinance to be publiahed once in the Lynwood Press, a newspaper
of general circulation, printed, published and circulated within
said City of Lynwood and which newspaper is hereby designated
for that purpose,
APPROVED and ADOPTED this 21st day of June, lg6o by
the following vote.
AYES: Councilmen Duncan, English, Finch, and Rowe.
NOES: None.
ABSENT: Councilman Pend.er.
MAY~~`1r~IE~~~T 0 ~
ATT ~ T: ~
CIT CLERK, C'Y OF LYNWOOD
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES: ss.
CITY OF LYNWOOD )
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 Np. 7~7
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 22nd day of June , 19 60.
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