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IN THE CITY COUNCIL OF THE CITY OF PLEASANTON <br /> <br /> ALAMEDA COUNTY, CALIFORNIA <br /> <br /> ORDINANCE NO. 504 <br /> <br /> IMPOSING A DOCUMENTARY STAMP TAX ON THE SALE OF REAL PROPERTY <br /> <br /> THE CITY COUNCIL OF THE CITY OF PLEASANTON DOES ORDAIN <br />AS FOLLOWS: <br /> <br /> SECTION 1. This ordinance shall be known as the "Real <br />Property Transfer Tax Ordinance of the City of Pleasanton". It <br />is adopted pursuant to the authority contained in Part 6.7 (com- <br />mencing with Section 11901) of Division 2 of the Revenue and <br />Taxation Code of the State of California <br /> <br /> SECTION 2. There is hereby imposed on each deed, instrument <br />or writing by which any lands, tenements, or other realty sold <br />within the City of Pleasanton shall be granted, assigned, trans- <br />ferred or otherwise conveyed to, or vested in, the purchaser <br />or purchasers, or any other person or persons, by his or their <br />direction, when the consideration or value of the interest or <br />property conveyed (exclusive of the value of any lien or <br />encumbrances remaining thereon at the time of sale) exceeds <br />one hundred dollars ($100), a tax at the rate of twenty-seven <br />and one-half cents ($0.275) for each five hundred dollars ($500) <br />or fractional part thereof. <br /> <br /> SECTION 3. Any tax imposed pursuant to Section 2 hereof <br />shall be paid by any person who makes, signs or issues any <br />document or instrument subject to the tax, or for whose use or <br />benefit the same is made, signed or issued. <br /> <br /> SECTION 4. Any tax imposed pursuant to this ordinance shall <br />not apply to any instrument in writing given to secure a debt. <br /> <br /> SECTION 5. The United States or any agency or instrumental- <br />ity thereof, any state or territory, or political subdivision <br />thereof, or the District of Columbia shall not be liable for any <br />tax imposed pursuant to this ordinance with respect to any deed, <br />instrument, or writing to which it is a party, but the tax may be <br />collected by assessment from any other party liable therefor. <br /> <br /> SECTION 6. Any tax imposed pursuant to this ordinance shall <br />not apply to the making, delivering or filing of conveyances to <br />make effective any plan of reorganization or adjustment-- <br /> <br /> (a) Confirmed under the Federal Bankruptcy Act, as <br />amended; <br /> <br /> (b) Approved in an equity receivership proceeding in <br />a court involving a railroad corporation, as defined in subdivi- <br />sion (m) of Section 205 of Title 11 of the United States Code, <br />as amended; <br /> <br /> - 1 - <br /> <br /> <br />