HomeMy WebLinkAbout84-147JHHW:JLN: 11/15/85 1060N
RESOLUTION NO. 84-147
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SANTA ANA TRANSFERRING 1984 PRIVATE ACTIVITY
BOND LIMIT TO THE INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE CITY OF SANTA ANA
(U.S.D. CORP PROJECT)
WHEREAS, pursuant to Sectton 103(n) of the Internal Revenue Code of
1954, as amended, there are authorized to be issued withln 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 sald Section 103(n); and
WHEREAS, the Governor of the State of California on June 19, 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; and
WHEREAS, the City has determined that
limit allocated to the City for the current
(the "1984 Private Activity Bond Limit"); and
the portion of said statewide
calendar year is $)1,596~000.00
WHEREAS, the Proclamation permits the City to assign to another local
agency all or a portion of its 1984 Private Activity Bond Limit by resolution
adopted by the City Council, and the Industrial Redevelopment Authority of the
City of Santa Ana (the "Authority") has requested the City to assign to it the
amount of $3,000,000 for the issuance of the Authority's Industrial
Development Revenue Bonds in regard to the U.S.D. Corp Pro~ect; and
WHEREAS, this Council has heretofore, on November 5, 1984, adopted its
Resolution No. 84-129 approving the issuance by the Authority of its bonus for
such purpose;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Santa
Ana, as follows:
Section l. Transfer of Private Activity Bond Limit. The amount of
$3,000,000, representing a portion of the City's 1984 Private Activity Bond
Limit, is hereby transferred to the Industrial Development Authority of the
City of Santa Aha for issuance of its bonds for the U.S.D. Corp Pro~ect. 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 Committee (the
"Committee") established by the Proclamation of the assignment made pursuant
to Section 1 within fifteen (15) days of the adoption of this Resolution.
take
ATTEST:
Section 3. Effective Date. This Resolution shall
effect ~mmediately upon its passage and adoption.
ADOPTED, this _10%h day of~r , 1984.
Daniel E. G~iset,
Mayor
~F~]eni'ce C. Guy ~' rk of the Council
DIRECTORS .'
Luxembourger Aye
Grlset -~-ye
Acosta ~
Hart __~
Johnson 6ye
McGuigan A~e
Young __~
o~) e r