(a) This chapter shall be known as the "Real Property Transfer Tax Ordinance of the City of Palo Alto." 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. It is also enacted pursuant to the authority of Article II of the Charter of the city of Palo Alto and other authority held as a chartered city.
(b) The tax imposed under this chapter is solely for the purpose of raising revenues for the general governmental purposes of the city. All of the proceeds from the tax imposed by this chapter shall be placed in the city's general fund. This chapter is not enacted for regulatory purposes.
(Ord. 4073 § 2, 1992: Ord. 2398 § 1 (part), 1967)