HomeMy WebLinkAbout85-035JHHW:JLN:cp 02/0§/85 1431N
RESOLUTION NO. 85-35
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA AHA
TRANSFERRING 1985 PRIVATE ACTIVITY BOND LIMIT TO
THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE
CITY OF SANTA ANA
RESOLVED, by the City Council of the City of Santa Ana, California, as
follows:
NHEREAS, pursuant to Section 103(n) of the Internal Revenue Code of
1954, as amended, there are authorlzed 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 satd Section 103(n);
WHEREAS, the Governor of the State of California on July 19, 1984,
issued a Proclamation (the "Proclamation") implementing the provisions of said
Section 103(n), pursuant to which a portion of said statewlde 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 statewlde limit to each city and county within the State;
WHEREAS, the City has determined that the portion of said statewtde
limit allocated to the City for the current calendar year, together with the
portion of the State's share of said statewide limit transferred to the City
for the current calendar year, is $11,596,000 (the "lgB5 Private Activity Bond
Limtt"); and
WHEREAS, the Proclamation permits the City to transfer to another local
agency all or a portion of its lg85 Private Acttvlty Bond Limit by resolution
adopted by the City Council, and the Industrial Development Authority of the
City of Santa Ana has requested the City to transfer to it the amount of
$2,096,000;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Santa
Aha, as follows:
Section 1. Transfer of Private Actlvtt¥ Bond Limit. The amount of
$2,096,000, representing a portion of the City's 1985 Private Activity Bond
Limit, is hereby transferred to the Industrial Development Authority of the
City of Santa Ana. 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 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 immediately upon its
passage and adoption.
ADOPTED, this 19th day of February , 1985.
Daniel E. Griset, Mayor
ATTEST:
~erk o~the~Cil
COUNCILMEMBERS:
Griset
Johnson
Acosta Aye
Hart
Luxembourger
McGuigan Aye
Young Aye
Approved as to form:
City Attorney