Ordinance No. 418ORDINANCE NO. 418
AN ORDINANCE OF THE CTTY COUNCIL OF THE CITY OF CYPRESS AMENDING ORDI-
NANCE NO. 359 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 con-
veyed (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. Any deed, instrument or writing to which the United States
or any agency or instrumentality thereof, any state or territory, or political
subdivision thereof, is a party shall be exempt from the tax imposed pursuant
to this Article when the exempt agency is acquiring title.
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 recievership 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.
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 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 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. Upon its adoption the City Clerk shall file two copies of
this ordinance with the County Recorder of Orange County.
Section 13. This ordinance,
the usual and current expenses of
PASSED AND ADOPTED this 14th
ATTEST:
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CITY CLERK OF TH
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inasmuch as it provides for a tax levy for
the city, shall take effect immediately.
day of October, 1969.
CITY OF CYPRESS
MAYOR OF THE CITY OF CYPRESS
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
I, DARRELL ESSEX, City Clerk of the City
that the foregoing Ordinance was adopted at a
City Council held on the 14th day of October,
call vote:
AYES: 5 COUNCILMEN: Bowen, Harvey,
NOES: 0 COUNCILMEN: None
ABSENT: 0 COUNCILMEN: None
of Cypress, HEREBY DO CERTIFY
regular meeting of the said
1969, by the following roll
Kanel, Noe and Kanode
L
CITY CLERK OF THEY CITY OF CYPRESS