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HomeMy WebLinkAboutOrdinances - No. 856t ORDINANCE NO. 856 AN ORDINANCE: OF THE CITY OF LODI IMPOSING A DOCUMENTARY STAMP TAX OMTHE;SALEOFREALPROPERTY The City Council of the City of Lodi does ordain as follows: Section 1. This ordinance shall be known as the “Real Property Transfer Tax Drdinaace of the City of Lodi. ‘I 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 impnsed on each deed, instrument or writing by which any lands, tenements, or other realty sold within the City of Lodi shalt be granted, assigned, transferred or otherwise conveyed to, or vested in, the parchaser or purchasers, or my other person or persons, by hie or their diraction, when the consideration ar 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 twanty- 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 isauos any document or instrument subjet& to the tax, or for whose usb OP benefit the same is made, signed or issued. Section 4. Any tax imposed pursuant to this ordinance shell not apply to any instrument in writing given to secure a debt. Section 5, The United States or any agsnoy or instrumentality thereof, any state or territory, or political subdivision thereof, or the District of Columbia ahall not be liable for any tax imposed pursuant to this ordinance with respect to any dad. instrument, or writing to which it is a party, but the tax may be coliscted by aaaeearnant from any other psrty liable therefor. Section 6- Any tax imposed pursuant to this ardinance shall not apply to the matcing, delivering ar filing of conveyances to make effective any plan of reorganisation or adjustment-- (a) CQnfirmed under the Federal Bankruptcy Act, ai 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 reaeivershig pruceeding in a court involving a corporation, 88 defined in subdivision (3) of Section 596 of Title 11 of the United States Code, as amended; or (d) Whereby a mere change in identity, form or place of organiza- tian 15 effected. Subdivisions (a) to (a), inclusive, of this secttan shall only apply if the makimg, delivery or filing of instruments of transfer or conveyances occurs within five years from the date of such confirmation, approval or change. Sectian 7. Any tax imposed pursuant to this nrdinanaa; shall not apply to the making or delivery oE conveyance5 to make effective any order of the Securities and Exchange Gornmission, as defined in subdivision (a) of Section 1083 of %he Internal Revenue Code of 1954; but only if-- (a) The order of the Securities and Exchange Cornmisalon in obedience: ta which auch conveyance is made recites that such conveyance is necessary or appropriate to effectuate the pravisians of Section 79k of Titla 15 of the United States Code, relating to the Public Utility Holding Company Act of 193%; (b) Such order specifies the property which is ordered to be CQ?lVety@d, (c) Such conveyance is made In obedience t~ such order. 2. Section 8. (a) ln the case of my realty held by a partnership, no levy shall be imposed pursuant to this ordinance by reason of any transfer Of an Interest in a partnwahip or otherwise, if-- (1) Such partnership (or another partnership) is considered a continuing partnership within the meaning af Section 708 of the kt@FRaI Pi\cVenut? Coda of 1954; and (2) Such continuing partnerahip 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 thia ordinance, such partnership shall be treated as having executed an instrument whereby there wa8 conveyed, for fair markst value (exclueive of the value oE any lien or encumbrance remaining thereon), all realty held by such partnership at the time of such termination. (c) Not mote than oae tax $hall be imposed pursuant to this opdinance by ~eaer~n of termination described in subdivision (b), and any transfer pursuant thereto. with respect to the realty held by such partnership aat the time caf euch termination. Section 9. The County Recorder shall administer this ordinance in canformity with the provisions of Part 6.7 of Division 2 of the Revenue and Taxation Cade and the provisions of any county ordinance adopted pursuant thereto. Section 10. Claims for refund af taxes imposed pursuant to this ordinance shall be governed by the provisions of Chapter 5 (commeneing with Section 5096) of Part 9 of Division L of the Revenue and Ta.-tion 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 San Joaguin, pursuant to Part 3. V. I jcommencing 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 San Joaquin 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. This ordinance shall be published one time in the “Lodi News Sentinel. ‘I a daily newspaper of general circulation printed and published in the City of Lodi. prior to the expiration of fifteen days from the passage thereof. Adopted and approved this 6th day of December. 1967. JERALD KIRSTEMI, Mayor Attest: BEATRICE: GARIBRLDI, City Clerk State of California, County of San Joaguin, IS. I, Beatrice Garibaldi, City Clerk of the City of Lodi, do hereby certify that Ordinance No. 856 was introduced at a regular meeting of the City Council of the City of Lodi held November 15, 1967, and was thereafter passad, adopted and ordered to print at a regular meeting held December 6, 1967, by the follow- ing vote: Ayes: Noes: None Absent: None Councilmen Brown, Culbertson, Hunnell, Walton and Kirsten Beatrice Garibaldi, City Clerk 4.