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A-2003-148 <br /> 'INSUR,~NC[ t~OT REQUII~I:O ~, <br /> WORK MAY PROCEED <br /> CLERK OF. ,COUNCIl <br /> DATE~ ~-~3-a-~ AGREEMENT BETWEEN THE COUNTY OF ORANGE AND THE CITY OF <br /> SANTA ANA FOR THE ANNEXATION <br />~:/~ OF UNINCORPORATED COUNTY TERRITORY <br /> <br /> July 22, 2003 <br /> <br /> WHEREAS, the CITY is contemplating the annexation of one unincorporated <br />island within the CITY's sphere of influence, which island is referred to herein as the <br />"County Territory;" and <br /> <br /> WHEREAS, Revenue and Taxation Code section 99 provides that prior to the <br />effective date of any jurisdictional change, the affected agencies of such change shall <br />negotiate the amount of property tax revenues to be exchanged; and <br /> <br /> WHEREAS, the CITY and COUNTY have met and negotiated both a property <br />tax exchange and other consideration all of which consideration is conditional upon the <br />CITY's annexation of the County Territory becoming final and effective; <br /> <br />NOW THEREFORE, BE IT RESOLVED that the parties agree as follows: <br /> <br />1. City's Annexation Application. <br /> <br /> The CITY will file an application for and diligently pursue annexation of the <br /> <br />County Territory. <br /> <br />2. Property Tax Exchange. <br /> <br /> Upon annexation of the unincorporated territories, the COUNTY and CITY agree <br /> <br />to the exchange of property taxes as follows: <br /> <br /> (a) The CITY will receive one hundred percent (100%) of the <br /> Structural Fire Fund and Library Fund generated from the County Territory. <br /> <br /> (b) The property taxes generated from the County Territory will be <br /> exchanged in the same proportions as set out in that Master Tax Agreement 80- <br /> <br /> <br />