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JHHW:JLN: 11/15/85 1060N RESOLUTION NO. 84-147 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA TRANSFERRING 1984 PRIVATE ACTIVITY BOND LIMIT TO THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SANTA ANA (U.S.D. CORP PROJECT) WHEREAS, pursuant to Sectton 103(n) of the Internal Revenue Code of 1954, as amended, there are authorized to be issued withln the State of California in any calendar year an amount of Private Activity Bonds (as defined in said Section 103(n)) not exceeding in aggregate principal amount the statewtde limit determined as set forth in sald Section 103(n); and WHEREAS, the Governor of the State of California on June 19, 1984, issued a Proclamation (the "Proclamation") implementing the provisions of said Section 103(n), pursuant to which a portion of said statewide limit is allocated to each city based on the estimated population of such city; and WHEREAS, the City has determined that limit allocated to the City for the current (the "1984 Private Activity Bond Limit"); and the portion of said statewide calendar year is $)1,596~000.00 WHEREAS, the Proclamation permits the City to assign to another local agency all or a portion of its 1984 Private Activity Bond Limit by resolution adopted by the City Council, and the Industrial Redevelopment Authority of the City of Santa Ana (the "Authority") has requested the City to assign to it the amount of $3,000,000 for the issuance of the Authority's Industrial Development Revenue Bonds in regard to the U.S.D. Corp Pro~ect; and WHEREAS, this Council has heretofore, on November 5, 1984, adopted its Resolution No. 84-129 approving the issuance by the Authority of its bonus for such purpose; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Santa Ana, as follows: Section l. Transfer of Private Activity Bond Limit. The amount of $3,000,000, representing a portion of the City's 1984 Private Activity Bond Limit, is hereby transferred to the Industrial Development Authority of the City of Santa Aha for issuance of its bonds for the U.S.D. Corp Pro~ect. Such transfer shall be irrevocable upon the adoption of this Resolution. Section 2. Official Action. The City Clerk is hereby authorized and directed to notify the California Debt Limit Allocation Committee (the "Committee") established by the Proclamation of the assignment made pursuant to Section 1 within fifteen (15) days of the adoption of this Resolution.