HomeMy WebLinkAbout1985-012
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JHHW:JLN:ceg 02/05/85 1897N
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RESOLUTION NO. 85-12
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF
SANTA ANA TRANSFERRING 1985 PRIVATE ACTIVITY BOND LIMIT
TO THE CITY OF SANTA ANA
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RESOLVED, by the Board of Directors of the IndustrIal Development
Authority of the City of Santa Ana, California, as follows:
WHEREAS, pursuant to SectIon 103(n) of the Internal Revenue Code of
1954, as amended, there are authorIzed to be Issued wlthln the State of
California in any calendar year an amount of Private, Activity Bonds (as
defIned ln saId Section 103(n)) not exceeding In aggregate princIpal amount
the statewide lImit determIned as set forth in said SectIon 103(n);
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WHEREAS, the City of Santa Ana has, by Its Reso1utlon No. 85-11, adopted
on March 20, 1985, transferred to the Industrial Development Authority of the
City of Santa Ana a portion of the City's 1985 Private Activity Bond L1mlt, In
the amount of $2,096,000, for the purpose of permltt I ng th I s Author Ity to
issue Its Industrial development bonds for the fInancing of the Kimstock, Inc.
Project;
WHEREAS, thIs Board has determIned that saId financIng will not be
completed In the near future, If at all, and that the City of Santa Intends to
accomplish other flnanclngs for' whIch It will require saId allocated Private
ActIvIty Bond Limit.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
IndustrIal Development Authority of the City of Santa Ana, as follows:
Section 1. Transfer of PrIvate ActivIty Bond L1mlt. The amount of
$2,096,000, representIng that portion of the CIty of Santa Ana's 1985 PrIvate
Activity Bond LImit heretofore transfered to thIs AuthorIty, Is hereby
transferred back to the City of Santa Ana. Such transfer shall be Irrevocable
Ilnon the adoption of this resolutIon.
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SectIon 2. OffIcIal Action. The Secretary of this Board Is hereby
authorized and dIrected to notify the Callfornla Debt Limit AllocatIon
Committee of the transfer made pursuant to Section 1 wIthIn fIfteen (15) days
of the adoptIon of thIs resolutIon. '~
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ADOPTED, th Is 17th day of September, 1985
ATTEST:
fA ja~l-ce
Dl rectors:
Gri set
,Johnson
Acosta
Hart
Luxembourger
McGuigan
Young
DanIel E. Grlset, Chairman
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C. Guy, cr y
Aye
Aye
Aye
Aye
Aye
Aye
Aye
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Approved as to Form
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