HomeMy WebLinkAbout85-0340334Z ~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.
Section 2. Official Action. The City Clerk is hereby authorized and
directed to notify the California Debt Limit Allocation Con~nittee of the
transfer made pursuant to Section 1 within fifteen (15) days of the
adoption of this resolution.
Section 3. This Resolution shall take effect inm~ediately upon its
passage and adoption.
ADOPTED, this 19th day of February , 1985.
Daniel E. Griset, Mayor
ATTEST:
COUNCILMEMBERS:
Griset Aye
Johnson Aye
Acosta Aye
Hart Aye
Luxembourger Aye
McGuigan Aye
Young Aye
Approved as to form:
[dward J~/(Cooper~ City Attorney