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0334Z ~HHN:BDQ:rmb 1/28/85 RESOLUTION NO. 85- 34 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA TRANSFERRING 1985 PRIVATE ACTIVITY BONO LIMIT TO THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SANTA ANA RESOLVED, by the City Council of the Ctty of Santa Ana, California, as follows: WHEREAS, pursuant to Section 103(n) of the Internal Revenue Code of lg54, as amended, there are authorized to be issued within 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 said Section 103(n); . WHEREAS, the Governor of the State of California on July lg, 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; WHEREAS, by its Resolution No. 84-1, adopted October 17, 1984, the California Debt Limit Allocation Committee transferred a portion of the State's share of said Statewtde limit to each city and county within the State; WHEREAS. the City has determined that the portion of said statewide limit allocated to the Ctty for the current calendar year, together with the portion of the State's share of satd statement llmlt assigned to the City for the current calendar year, is $ ll,Sg6,000 (the "lg85 Private Activity Bond Limit"); and WHEREAS, the Proclamation permits the City to transfer to another local agency all or a portion Of its lg85 Private Activity Bond Ltmtt by resolution adopted by the City Council, and the Industrial Development Authority of the Ctty of Santa Aha has requested the City to transfer to it the amount of $3,000,000; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of the City of Santa Ana, as follows: Sectton 1. Transfer of Private Actlvlty Bond Limit. The amount of $3,000,000, representing a potion of the City's lg85 Private Activity Bond LImlt, ls hereby transferred to the Industrial Development Authority of the City of Santa Aha. Such transfer shall be irrevocable upon the adoption of this resolution.