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Home My WebLink About1367 ORDINANCE NO. 1367 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, AMENDING CHAPTER ,6 OF ARTICLE II OF THE ARCADIA MUNICIPAL CODE BY SUSPENDING THE PROVISIONS OF PART 8 THEREOF AND BY ADDING THERETO A NEW PART.9 ENTITLED "REAL PROPERTY TRANSFER TAX ORDINANCE." S<fSfG'N'I)lrj) THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, DOES ORDAIN AS FOLLOWS: SECTION 1. That Chapter 6 of Article II of the Arcadia Municipal Code is hereby amended by adding thereto a new Part 9 entitled "Real Property Transfer Tax Ordinance," the same to read as follows: ARTICLE CHAPTER PART. 9. II. ADMINISTRATION 6. TAXES . REAL PROPERTY TRANSFER TAX ORDINANCE 2691.1. TITLE. This ordinance shall be known as the "Real Property Transfer Tax Ordinance of the City of Arcadia." It is adopted pursuant to the authority contained in Part 6.7 (com- II mencing with Section 11901) of Division 2 of the Revenue and Taxa- tion Code of the State of California. 2691.2. TAX IMPOSED. There is hereby imposed on each , deed, instrument or writing by which any lands, tenements, or other realty sold within the City of Arcadia 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 prop- erty conveyed (exclusive of the value of any lien or encumbrances remaining thereon at the time of sale) exceeds one hundred dollars -1- 1367 ($100), a tax at the rate of t~Tenty-seven and one-half cents ($0.275) for each five hundred dollars ($500) or fractional part thereof. 2691.3. TAX LIABILITY. Any tax imposed pursuant to Section 2691.2 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. 2691.4. SAME. EXEMPTION. Any tax imposed pursuant to this ordinance shall not apply to any instrument in writing given to secure a debt. 2691.5. SAME. EXEMPTION. The United States or any agency or instrumentality thereof, any state or territory, or political subdivision 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. 2691.6. SAME. EXEMPTION. 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 Sec- tion 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. -2- 1367 Subdivisions (a) to (d), inclusive, of this section shall only apply if the making, delivery or filing of instruments of trans- fer or conveyances occurs within five years from the date of such confirmation, approval or change. 2691.7. SAME. EXEMPTION. Any tax imposed pursuant to this ordinance shall not apply to the making or delivery of convey- ances 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 con- veyance 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. 2691.8. SAME. EXEMPTION. (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 partnership) 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 partnership within the meaning of Section 708 of the Internal Revenue Code of 1954, for purposes of this ordinance, such partnership shall be treated -3- 1367 as having executed an instrument whereby there was conveyed, for fair ma.rket value (exclusive of the value of any lien or encum- brance 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. 2691.9. ADMINISTRATION. The County Recorder shall ad- minister this ordinance in conformity with the provisions of Part 6.7 of Division 2 of the Revenue and Taxation Code and the provi- sions of any county ordinance adopted pursuant thereto. 2691.10. REFUNDS. 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 2. This ordinance shall take effect as provided in Section 415 of the Arcadia City Charter and 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 Calif- ornia, or upon the effective date of this ordinance, whichever is the later. SECTION 3. That concurrent with and commencing with the operative date of the "Real Property Transfer Tax Ordinance of the City of Arcadia," being Part 9 of Chapter 6 of Article II of the Arcadia Municipal Code, pa.rt 8 of said Chapter 6 of Article II of the Arcadia Municipal Code shall be suspended and be of no further force and effect, so long as said Part 9 is operative and in effect as provided by the California Revenue and Taxation Code. -4- 1367 SECTION 4. The City Clerk shall certify to the adoption of this ordinance and cause a copy hereof to be published within fifteen (15) days after the. time of adoption hereof. The City Clerk shall likewise cause to be filed with the County Recorder of Los Angeles County two (2) copies of this ordinance. I HEREBY CERTIFY that the foregoing ordinance was adopted adjourned at mjregular meeting of the City Council of the City of Arcadia held on the 29th day of November ,1967, by the affirmative vote of at least three Councilmen, to wit: AYES: Councilmen Arth, Forman, Rage and Considine NOES: None ABSENT: Councilman Butterworth ~- .~~ -L-tf(~/~ / /L-ILtU?J/?\./ City Cler of t e Clty of Arcadia SIGNED AND APPROVED this 29th day of November ,1967. )t-I~~L~ < ~__-r.,. ~,.~, -.....'......... ..11,(" ", ATTEST: ~ '::;' " '\. ~~~:;~~ City Clerk ", '4 ,"" - - ~ ~ .r. ,',^ (SEAL )~.:- , . k :/, /..... '" -'0 '; - _ ~"'- ..... " ~- -5- 1367