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ORDINANCE NS-901 AMENDING THE SANTA ANA MUNICIPAL CODE BY ADDING PA~T 4 TO CHAPTER 4, ARTICLE II THEREOF TO PROVIDE FOR IMPOSING A DOCUMENTARY STAMP TAX ON THE SAT,F. OF REAL PROPERTY WHEREAS, the Federal Government has discontinued the collec - tion of the tax upon transfers of interest in real property; and WHEREAS, this avenue of taxation is available to the City of Santa Ana in the event the County of Orange institutes a correlative tax upon such transfers of real property; and WHEREAS, it is the desire of the City of Santa Aha that additional tax revenues be gained; NOW, THEP~EFORE, THE CITY COUNCIL OF THE CITY OF SANTA ANA DOES ORDAIN AS FOLLOWS: SECTION 1: That the Santa Ana Municipal Code is hereby amended by adding to Chapter 4, Article II thereof a new Part 4 to read in words and figures as follows: Part 4 -- Documentary Stamp Tax Section 2440. Authority. This Part shall be known as the "Real Property Transfer Tax Ordinance of the City of Santa Aha". It is adopted pursuant to the authority contained in Part 6.7.(commencing with Section 11901) of Division 2 of the Revenue and Taxation Code of the State of California. Section 2441. Imposition and Rate of Tax. There is hereby imposed on each deed, instrument, or writing by which any lands, tenements, or other realty sold within the City of Santa Ana 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 ($100), 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 2442. Persons Subject to Tax. Any tax imposed pursuant to Section 2441. hereof shall be paid by any person who makes, signs, or issues any document or instrument subject to the tax, or for whose use or benefit the same is made, signed, or issued. Section 2443. Security Instruments Excluded. Any tax imposed pursuant to this Part shall not apply to any instrument in writing given to secure a debt. Section 2444. Governmental Agencies Exempt. The United States or any agency or instrumentality thereof, any state or territory, or political subdivision thereof, or the District of Columbia, shall not be liable for any tax imposed pursuant to this Part with respect to any deed, instrument, or writing to which it is a party, but the tax may be collected by assessment from any other party liable therefor. -1-