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REG.ek ll/6/67 ORD1.NANCE N O. I~I' AN ORDINANCE ADDING ARTICLE III (COMMENCING WITH SECTION 32.40) TO CHAPTER 32 OF THE CODE OF THE CITY OF REDWOOD CITY RELATING TO THE IMPOSITION OF A DOCUMENTARY STAMP TAX ON THE SALE OF REAL PROPERTY THE COUNCIL OF REDWOOD CITY DOES ORDAIN AS FOLLOWS: SECTION 1. Article III is hereby added to Chapter 32 of the Code of the City of Redwood City, to read as follows: "ARTICLE III. DOCUMENTARY STAMP TAX. "SECTION 32.40. This ordinance shall be known as the 'Real Property Transfer Tax Ordinance of the City of Redwood City.' It is adopted pursuant to the authority contained in Part 6.7 (commencing with Section 1l90l) of Division 2 of the Revenue and Taxation Code of the State of California. II SECTION 32.41. There is hereby imposed on each deed, instrument or writing by which any lands, tenements, or other realty sold within the City of Redwood City 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 ($lOO), 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 32.42. Any tax imposed pursuant to Section 32.41 hereof shall be paid by any person who makes, signs or issues any document or instrument sub- ject to the tax, or for whose use or benefit the same is made, signed or issued.