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7 2/05I2071 <br /> Notwithstanding anything to the contrary contained in this Article, the <br /> annual business license tax payable for any one business shall not <br /> exceed: <br /> $ 3,535 effective July 1, 2012; <br /> $ 4,124 effective July 1, 2013; and <br /> $ 4,811 effective July 1, 2014. <br /> SECTION 32.156 -- AUTOMATIC ADJUSTMENT <br /> Commencing July 1, 2015 and on each subsequent July 1, each rate set forth in <br /> this Division (including the maximum rate set forth in Section 32.155) shall <br /> automatically adjust according to the following formula: <br /> [Current CPI] <br /> [New Rate] _ [July 1, 2014 Rate] ' ------------------- <br /> [2014 CPI] <br /> Where the "CPI" for a year is the Consumer Price Index (CPI) for All Urban <br /> Consumers for the San Francisco-Oakland-San Jose Areas published by the <br /> United States Department of Labor, Bureau of Labor Statistics, for February of <br /> that year. In no event shall any rate be reduced below the rate in effect <br /> immediately prior to the applicable adjustment. In the event the CPI is no longer <br /> published, the City Manager shall select a price index most nearly conforming to <br /> the CPI. <br /> Section 2. This Ordinance amending Division 6 of Article V of Chapter 32 of the <br /> Redwood City Municipal Code shall be in full force and effect ten (10) days after the date <br /> on which the City Council has approved the canvass of votes and declared that the <br /> voters of the City of Redwood City have approved said Ordinance by a vote of no less <br /> than a majority of the votes cast by the electors voting on the tax measure set forth in <br /> this Ordinance at the general municipal election to be held on Tuesday, November 8, <br /> 2011. The effective date for purposes of levying the increased tax shall be July 1, 2012. <br /> Section . he City Clerk shall publish this Ordinance in accordance with the <br /> provisions of t C' y Charter. ,. <br /> .� <br /> r <br /> T: ' <br /> ity <br /> APPROVED AS TO FORM <br /> � (JY\ <br /> ity Attorney <br /> ATTY/ORD/ORD.349/RC BLT ORD ATTACHMENT A ORD # 2370 <br /> REV: 71/29/71 3 FORMERLY MUFF # 307 <br />