Ordinance No. 359ORDINANCE NO 359
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF CYPRESS
IMPOSING A DOCUMENTARY STAMP TAX ON THE SALE OF REAL PROPERTY
THE CITY COUNCIL OF THE CITY OF CYPRESS DOES ORDAIN AS FOLLOWS:
Section 1 This Ordinance shall be known as the "Real Property
Transfer Tax Ordinance of the City of Cypress" 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 Cypress
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 property
conveyed (exclusive of the value of any lien or encumbrances remaining
thereon at the time of sale) exceeds one hundred dollars ($100 00), a tax
at the rate of twenty-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 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 District
of Columbia shall not be liable for any tax imposed pursuant to this ordin-
ance 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 proceedings 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 such 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
Ordinance No 359
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Section 8.
(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 qn 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 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 9. 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 (commencing with
Section 5096) of Part 9 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 Orange, 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 Uponits adoption the City Clerk shall file two copies of
this ordinance with the County Recorder of Orange 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
PAYSED AND ADOPTED this 27th day of November 1967
MAYOR OF THE CITY OF
ATTEST
C1iY CLERK OF THE CITY OF CYPRESS
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
SS
I, DARRELL ESSEX, City Clerk of the City of Cypress HEREBY DO CERTIFY
that the foregoing Ordinance was adopted at a regular meeting of the said
City Council held on the 27th day of November 1967 by the following vote
AYES • 5 COUNCILMEN: Bowen, Kanel, McCarney, Noe, and Harvey
NOES 0 COUNCILMEN None
ABSENT: 0 COUNCILMEN. None
Ordinance No 359
CITY CLERK OF THE CITY OF CYPRESS