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ORDINANCE N0. 672
AN ORDINANCE PROVIDING FOR ALLOCATION OF FUNDS
DERIVED FROM LOCAI, SALES AND USE TAX REVENUES
UNDER THE BRADLEY-BURNS UNIFORM SALES TAX LAW,
AND REPEALING ORDINANCE No. 644.
The City Council of the City of Lynwood. does ordain as
follows:
Section 1. That all 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, 30~ of total revenues
but not to exceed $100,000 per annum. Funds accruing to this account
to be used. only for capital improvements and./or new equipment.
b. To SPECIAL TAX REDUCTION FUND, 30°~ of total revenues
but not to exceed. $100,000 per annum, Funds accruing to this
account to be set aside and. used. only for general purpose tax
reduction and/or Metropolitan Water District payments.
c. To PARK CAPITAL FUND, 20/ of total revenues but not to
exceed. $60,000 per annum. Funds accruing to this account to be used.
only for construction of park and. recreation .facilities and. retire-
ment of natatorium bonds.
d. To GENERAL FUND, 20°0 of total revenues plus overages,
if any, from allocations made under a, b, and. c above.
Section 2. That Ordinance No. 644 of the City of Lynwood.
is hereby repealed. as of July 1, 1958, and. this ordinance shall
become effective as o.f July 1, 1958.
Section 3. That 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 of
general circulation, printed., published., and. circulated. in the City
of Lynwood..
on the 20th day of May, 1958, by the following vote:
Ayes: Councilmen English, Finch, Pender, Summers.
Noes: Councilmen None.
Absent:Councilmen Compton.
MA R ITY OFOF L~~~D-
A ST:
I CL RK, C TY OF LY ONE OD
STATE OF CALIFORNIA )
COUNTY GF 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 No. 672
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 21st day of May 1958
CIT C ERK, C' LYNWOOD