HomeMy WebLinkAbout85-134RESOLUTION NO. 85-134
A RESOLUTION OF THE CITY COUNCIL OF SANTA ANA
ASSIGNING A PORTION OF THE 1985 PRIVATE ACTIVITY BOND LIMIT
TRANSFERRED TO TME CITY OF SANTA ANA TO TME VARIABLE RATE DEMAND
DEVELOPMENT REVENUE BONDS SERIES 1985 (MERCURY SAVINGS AND LOAN
ASSOCIATION/SPURGEON VENTURE, LTD. PROJECT)
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SANTA ANA (the "City") AS FOLLOWS:
WHEREAS, pursuant to Section 103(n) of the Internal
Revenue Code of 1954, 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
statewide limit determined as set forth in said Section 103(n);
WHEREAS, the Governor of the State of California, on
August 30, 1985, issued an Amended 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 and county based on the estimated
population of such city or county;
WHEREAS, the Board of Supervisors of Orange County, by
resolution adopted November __, 1985, transferred $5,500,000 of
the statewide limit allocated to Orange County for the current
calendar year to the City for the City's Variable Rats Demand
Industrial Development Revenue Bonds Series 1985 (Mercury
Savings and Loan Association/Spurgeon Venture, Ltd. Project)
(the "Bonds);
WHEREAS, the City on the date hereof has adopted a
resolution which, among other things, authorizes the execution
and delivery of documents relating to the Bonds;
WHEREAS, the City desires to assign $5,500,000 of the
Private Activity Bond limit transferred to the City by Orange
County to the Bonds; and
W~EREAS, it is in the public interest and for the
public benefit that said assignment be made.
NOW, THEREFORE, it is hereby ordered and determined as
follows:
1. The amount of $5,500,000 of the 1985 Private
Activity Bond limit transferred to the City by Orange County is
hereby assigned to the Bonds. Such transfer shall be
irrevocable upon issuance and delivery of the Bonds.
2. The City Clerk is hereby authorized and directed
to notify the California Debt Limit A~location Committee
established by the Proclamation of the assignment made pursuant
to this Resolution within fifteen (15) days of the issuance and
delivery of the Bonds.
3. This Resolution shall take effect from and after
its adoption.
ADOPTED, this
18th day of November, 1985.
Daniel E. Griset, Mayor
ATTEST:
Janice C. Guy, Clerk of the Council
COUNCILMEMBERS:
Griset Aye
Johnson Aye
Acosta Aye
Hart Aye
Luxembourger Aye
McGuigan Ay~
Young A¥~
Approved as to form:
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