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ORDINANCE NO. 1467 <br />AN ORDINANCE OF THE CITY OF NEWPORT BEACH <br />AMENDING SECTIONS 3.12.030 AND 3.12.040 OF <br />THE NEWPORT BEACH MUNICIPAL CODE TO PROVIDE <br />FOR AN INCREASE IN THE EXCISE TAX IMPOSED <br />UNDER CHAPTER 3.12, ENTITLED "PROPERTY <br />DEVELOPMENT TAX," AND DELETING SECTION 3.12.050 <br />The City Council of the City of Newport Beach DOES <br />ORDAIN as follows: <br />SECTION 1. Section 3.12.030 of the Newport Beach <br />Municipal Code is amended to read: <br />"3.12.030 Imposition of Excise Tax. A. TAX IMPOSED. <br />An excise tax is hereby imposed upon the construction and <br />occupancy of each residential unit, commercial unit, in- <br />dustrial unit, and mobilehome park in the City in the amount <br />of $.15 per square foot of gross floor area for all classes <br />of new construction, including any area in a building <br />designed for the parking of vehicles. <br />• B. DUE DATE. The amount of the tax due hereunder shall <br />be determined at the time a building permit is sought for <br />the construction of residential, commercial or industrial <br />units or buildings, or for the construction or reconstruction <br />of any mobilehome park, and the full amount of the tax shall <br />be due and payable concurrently with the application for such <br />permit. If such tax is not fully paid on or before the due date <br />the permit is issued, the tax or the amount thereof not paid <br />shall thereupon become delinquent. <br />C. DELINQUENCY, PENALTY, INTEREST. There shall be <br />added to the tax for any unit or so much of the tax as <br />becomes delinquent a penalty of twenty -five percent (25°A), <br />which shall thereupon become payable in the same manner as <br />the tax. The tax and penalty shall bear interest at the rate <br />of .58 of one percent per month until paid." <br />SECTION 2. Section 3.12.040 of the Newport Beach <br />Municipal Code is amended to read: <br />-1- <br />