Laserfiche WebLink
<br />I <br />~ <br />\". <br /> <br />l <br /> <br />JHHW:JLN:ceg 02/05/85 1897N <br /> <br />\..- <br /> <br />RESOLUTION NO. 85-12 <br /> <br />RESOLUTION OF THE BOARD OF DIRECTORS OF THE <br />INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF <br />SANTA ANA TRANSFERRING 1985 PRIVATE ACTIVITY BOND LIMIT <br />TO THE CITY OF SANTA ANA <br /> <br />. <br /> <br />RESOLVED, by the Board of Directors of the IndustrIal Development <br />Authority of the City of Santa Ana, California, as follows: <br /> <br />WHEREAS, pursuant to SectIon 103(n) of the Internal Revenue Code of <br />1954, as amended, there are authorIzed to be Issued wlthln the State of <br />California in any calendar year an amount of Private, Activity Bonds (as <br />defIned ln saId Section 103(n)) not exceeding In aggregate princIpal amount <br />the statewide lImit determIned as set forth in said SectIon 103(n); <br /> <br />\,.. <br /> <br />WHEREAS, the City of Santa Ana has, by Its Reso1utlon No. 85-11, adopted <br />on March 20, 1985, transferred to the Industrial Development Authority of the <br />City of Santa Ana a portion of the City's 1985 Private Activity Bond L1mlt, In <br />the amount of $2,096,000, for the purpose of permltt I ng th I s Author Ity to <br />issue Its Industrial development bonds for the fInancing of the Kimstock, Inc. <br />Project; <br /> <br />WHEREAS, thIs Board has determIned that saId financIng will not be <br />completed In the near future, If at all, and that the City of Santa Intends to <br />accomplish other flnanclngs for' whIch It will require saId allocated Private <br />ActIvIty Bond Limit. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the <br />IndustrIal Development Authority of the City of Santa Ana, as follows: <br /> <br />Section 1. Transfer of PrIvate ActivIty Bond L1mlt. The amount of <br />$2,096,000, representIng that portion of the CIty of Santa Ana's 1985 PrIvate <br />Activity Bond LImit heretofore transfered to thIs AuthorIty, Is hereby <br />transferred back to the City of Santa Ana. Such transfer shall be Irrevocable <br />Ilnon the adoption of this resolutIon. <br /> <br />\.r <br />