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ATTY/ORD.0008/CC ORD BUSINESS LICENSE TAX REV: 07-23-24 EI Page 12 of 13 Sec. 32.156. - AUTOMATIC ADJUSTMENT: Commencing July 1, 2027 and on each subsequent July 1, each rate set forth in this Division (including the maximum rate set forth in Section 32.155) shall automatically adjust by a percentage equal to according to the following formula: Where the "CPI" for a year is the Consumer Price Index (CPI) for All Urban Consumers for the San Francisco-Oakland-San Jose Hayward Areas published by the United States Department of Labor, Bureau of Labor Statistics, for February of that year. For purposes of this automatic adjustment, iIn no event shall any rate be reduced below the rate in effect immediately prior to the applicable adjustment. In the event the CPI is no longer published, the City Manager shall select a price index most nearly conforming to the CPI. Section 4. The City Council may amend this Ordinance without voter approval consistent with its purposes provided that such amendments do not impose, extend, or increase a tax. Section 5. This Ordinance amending Divisions 1, 4, and 6 of Article V of Chapter 32 of the Redwood City Municipal Code shall become effective (10) days after the date on which the City Council has approved the canvass of votes and declared that the voters of Redwood City have approved said Ordinance by a vote of no less than a majority of the votes cast by the electors voting on the tax measure set forth in this Ordinance at the general municipal election to be held on Tuesday, November 5, 2024. The operative date of the Ordinance shall be July 1, 2025. Section 6. The City Clerk shall publish this Ordinance in accordance with the provisions of the City Charter. Section 7. The provisions of this Ordinance are severable. If any provision of this Ordinance or its application is held invalid, that invalidity shall not affect other provisions or applications that can be given effect without the invalid provision or application. Section 8. The Ordinance has been reviewed with respect to applicability of the California Environmental Quality Act (“CEQA”) and the CEQA Guidelines. The Ordinance is not a project under CEQA Guidelines Section 15378(b)(4) because the Ordinance does not have the potential for resulting in either a direct physical change in the environment, or a [Current CPI] [New Rate] = [July 1, 2014] * ——- [2014 CPI]