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DES:yc:7/20/76 ORIGINAL 0 R DIN AN C E N O. 1679 flUG 2 1976 --------- ORDINANCE AMENDING ARTICLE III (COMMENCING WITH THE ARTICLE HEADING) OF CHAPTER 32 OF THE CODE OF THE CITY OF REDWOOD CITY ESTABLISHING A REAL PROPERTY CONVEYANCE TAX; AND SUSPENDING THE PROVISIONS OF ORDINANCE NO. 1336 THE COUNCIL OF REDWOOD CITY DOES ORDAIN AS FOLLOWS: SECTION 1. Article III of Chapter 32 of the Code of the City of Redwood City is hereby amended to read as follows: "ARTICLE III. "Real Property Conveyance Tax. "Section 32.40. This article shall be known as the 'Real Property Conveyance Tax Ordinance of the City of Redwood Ci ty. ' This article is enacted solely to raise revenues for municipal purposes, and is not enacted for regulatory purposes. A tax is hereby imposed on each transfer, "Section 32.41. by deed, instrument or writing, by which any lands, tenements, or other real property located in the City of Redwood City are or is sold, granted, assigned, transferred or otherwise conveyed to, or vested in, a purchaser or purchasers thereof, or any other person or persons at or by the direction of said purchaser or purchasers, when the value of the consideration exceeds One Hundred Dollars ($100.00), said tax to be at the rate of One Dollar and Sixty-five Cents ($1.65) for each Five Hundred Dollars ($500.00), or fractional part of Five Hundred Dollars ($500.00), of the value of the consideration. "As used herein, 'value of the consideration' means the total consideration, valued in money of the United States, paid or delivered or contracted to be paid or delivered in return for the transfer of real property, including the amount of any indebtedness, existing immediately prior to the transfer which is secured by a lien, deed of trust or other encumbrance on the property conveyed and which continues to be secured by 1 679