HomeMy WebLinkAboutCity Council - 4519 RESOLUTION NO. 4519
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH SETTING ASIDE THREE CENTS OF
THE PROPERTY TAX RATE TO ESTABLISH A CONTINGENCY
RESERVE ACCOUNT
WHEREAS, the city is engaged in litigation regarding the
real estate transfer tax in which an unfavorable decision would
subject the city to liability for a certain sum of money; and
The City desires to establish an account within the general
fund from which such liability could be paid in the event of an
unfavorable decision,
NOW, THEREFORE, the City Council of the City of Huntington
Beach does resolve that the Finance Director of the City of
Huntington Beach is hereby authorized and directed to retain and
deposit in a special "Real Estate Transfer Tax Contingency Re-
serve Account," three cents ($.03) of the 1977-1978 property tax
rate levied upon all taxable property within the city of
Huntington Beach. The proceeds of said account shall be used
to pay any award of damages resulting from an unfavorable final
decision in the pending suit regarding the now repealed real
estate transfer tax of the city.
BE IT FURTHER RESOLVED that should the city prevail in the
real estate transfer tax lawsuit , the proceeds of such account
and any subsequent amount set aside for a like purpose, shall be
used for property tax reduction in subsequent years .
PASSED AND ADOPTED by the City Council of the City of
Huntington Beach at a regular meeting thereof held on the 6th
day of September, 1977.
ATTEST:
Mayor
WSA:ahb City Clerk
1.
i
III
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF T CITY OF
HU TINGTON BEACH SETTING ASIDE THREE ENTS OF
THE PROPERTY TAX RATE TO ESTABLISH LIABILITY
FUND
WHEREAS, t city is engaged in tigation regarding the
real estate trans er tax in which a unfavorable decision would
subject the city to liability for certain sum of money; and
The city desire to establi a fund from which such
liability could be pal in the vent of an unfavorable decision,
NOW, THEREFORE, th City ouncil of the City of Huntington
Beach does resolve that e inance Director of the City of
Huntington Beach is hereby uthorized and directed to retain and
deposit in a special "Rea tate Transfer Tax Liability Fund,"
three cents ($. 03) of th 197 -1978 property tax rate levied
upon all taxable proper y withi the city of Huntington Beach.
Such fund shall be use to pay a y award of damages resulting
from an unfavorable f nal decisio in the pending suit re-
garding the now repe led real estat transfer tax of the city.
BE IT FURTHER ESOLVED that sho ld the city prevail in the
real estate transf r tax lawsuit , the roceeds of such fund and
any subsequent f d set aside for a li purpose, shall be used
for property to reduction . in subsequen years .
PASSED AN ADOPTED by the City Counc 1 of the City of
Huntington Be ch at a regular meeting ther f held on the 6th
day of Sept ber, 1977.
ATTEST:
May r
City Clerk
WSA:ahb
1.
APPROVED AS TO FORM:
Assis t ity orney
INITIATED AND APPROVED:
City Administrator
2.
PASSED AND ADOPTED by the City Council of the City of
Huntington Beach at a regular meeting thereof held on the 15th
day of August, 1977.
•
MAYOR
ATTEST:
/00
Cit�yC 1 e�r
APPROVED AS TO CONTENT APPROVED AS TO FORM
City dministrator ssls I ney
Res. No. 4519
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
I, ALICIA M. WENTWORTH, the duly elected, qualified City
Clerk of the City of Huntington Beach, and ex-officio Clerk of the
City Council of said City, do hereby certify that the whole number of
members of the City Council of the City of Huntington Beach is seven;
that the foregoing resolution was passed and adopted by the affirmative
vote of more than a majority of all the members of said City Council
at a regular meeting thereof held on the 6th day
of September 19 77 by the following vote:
AYES: Councilmen:
Bartlett, Wieder, Coen, Gibbs, Siebert, Pattinson
NOES: Councilmen:
None
ABSENT: Councilmen:
Shenkman
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California