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ORDINANCE NO. 132 AN ORDINANCE OF THE CITY COUNCIL OF THE TOWN OF LOS ALTOS HILLS IMPOSING A DOCUMENTARY STAMP TAX ON THE SALE OF REAL PROPERTY. THE CITY COUNCIL OF THE TOWN OF LOS ALTOS HILLS DOES ORDAIN AS FOLLOWS: SECTION 1. This ordinance shall be known as the "Real Property Transfer Tax Ordinance of the Town of Los Altos Hills". 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 2. There is hereby imposed on each deed, instrument or writing by which any lands, tenements, or other realty sold within the Town of Los Altos Hills 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 con- sideration or value of the interest or property conveyed (exclusive of the value of any lien or encumbrances remain- ing thereon at the time of sale) exceeds one hundred dollars ($100), a tax at the rate of twenty-seven and one-half cents dollars ($0.275) for each five hundred ($5007 or fractional part thereof. SECTION 3. Any tax imposed pursuant to Section 2 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 4. Any tax imposed pursuant to this ordiance shall not apply to any instrument in writing given to secure a debt. SECTION 5. The United States or any agency or instru- L MDRI0 6 iA19ANT -1- ` 9AB 9i00L1