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RESOLUTION NO. 85-134 <br /> <br /> A RESOLUTION OF THE CITY COUNCIL OF SANTA ANA <br />ASSIGNING A PORTION OF THE 1985 PRIVATE ACTIVITY BOND LIMIT <br />TRANSFERRED TO TME CITY OF SANTA ANA TO TME VARIABLE RATE DEMAND <br />DEVELOPMENT REVENUE BONDS SERIES 1985 (MERCURY SAVINGS AND LOAN <br />ASSOCIATION/SPURGEON VENTURE, LTD. PROJECT) <br /> <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA (the "City") AS FOLLOWS: <br /> <br /> WHEREAS, pursuant to Section 103(n) of the Internal <br />Revenue Code of 1954, as amended, there are authorized to be <br />issued within the State of California in any calendar year an <br />amount of Private Activity Bonds (as defined in said <br />Section 103(n)) not exceeding in aggregate principal amount the <br />statewide limit determined as set forth in said Section 103(n); <br /> <br /> WHEREAS, the Governor of the State of California, on <br />August 30, 1985, issued an Amended Proclamation (the <br />"Proclamation") implementing the provisions of said Section <br />103(n), pursuant to which a portion of said statewide limit is <br />allocated to each city and county based on the estimated <br />population of such city or county; <br /> <br /> WHEREAS, the Board of Supervisors of Orange County, by <br />resolution adopted November __, 1985, transferred $5,500,000 of <br />the statewide limit allocated to Orange County for the current <br />calendar year to the City for the City's Variable Rats Demand <br />Industrial Development Revenue Bonds Series 1985 (Mercury <br />Savings and Loan Association/Spurgeon Venture, Ltd. Project) <br />(the "Bonds); <br /> <br /> WHEREAS, the City on the date hereof has adopted a <br />resolution which, among other things, authorizes the execution <br />and delivery of documents relating to the Bonds; <br /> <br /> WHEREAS, the City desires to assign $5,500,000 of the <br />Private Activity Bond limit transferred to the City by Orange <br />County to the Bonds; and <br /> <br /> W~EREAS, it is in the public interest and for the <br />public benefit that said assignment be made. <br /> <br /> NOW, THEREFORE, it is hereby ordered and determined as <br />follows: <br /> <br /> 1. The amount of $5,500,000 of the 1985 Private <br />Activity Bond limit transferred to the City by Orange County is <br />hereby assigned to the Bonds. Such transfer shall be <br />irrevocable upon issuance and delivery of the Bonds. <br /> <br /> <br />