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JHHW:JLN:cp 02/0§/85 1431N RESOLUTION NO. 85-35 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA AHA TRANSFERRING 1985 PRIVATE ACTIVITY BOND LIMIT TO THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SANTA ANA RESOLVED, by the City Council of the City of Santa Ana, California, as follows: NHEREAS, pursuant to Section 103(n) of the Internal Revenue Code of 1954, as amended, there are authorlzed 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 statewide limit determined as set forth in satd Section 103(n); WHEREAS, the Governor of the State of California on July 19, 1984, issued a Proclamation (the "Proclamation") implementing the provisions of said Section 103(n), pursuant to which a portion of said statewlde 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 statewlde limit to each city and county within the State; WHEREAS, the City has determined that the portion of said statewtde limit allocated to the City for the current calendar year, together with the portion of the State's share of said statewide limit transferred to the City for the current calendar year, is $11,596,000 (the "lgB5 Private Activity Bond Limtt"); and WHEREAS, the Proclamation permits the City to transfer to another local agency all or a portion of its lg85 Private Acttvlty Bond Limit by resolution adopted by the City Council, and the Industrial Development Authority of the City of Santa Ana has requested the City to transfer to it the amount of $2,096,000; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Santa Aha, as follows: Section 1. Transfer of Private Actlvtt¥ Bond Limit. The amount of $2,096,000, representing a portion of the City's 1985 Private Activity Bond Limit, is hereby transferred to the Industrial Development Authority of the City of Santa Ana. Such transfer shall be irrevocable upon the adoption of this resolution.