HomeMy WebLinkAbout84-318 - ResolutionsRESOLUTION NO. 84-318
A RESOLUTION OF THE CITY COUNCIL OF TIlE CITY OF RANCH0
CUCAHONGA, CALIFORNIA, TRANSFERRING 1984 PRIVATE ACTIVITY
BOND LIMIT TO THE REDEVELOPMENTAGENCy OF THE CITY OF WEST
COVINA
WHEREAS, pursuant to Section 103(n) of the Internal Revenue Code of
1984, 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); and
WHEREAS, the Governor of the State of California on July 19, 1984,
issued a Proclamation (the '~roclamation") 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 the portion of said statewide
limit allocated to the City for the current calendar year is $3,203,000 (the
"1984 Private Activity Bond Limit"); and
WHEREAS, the Proclamation permits the City to assign to another local
aSency all or a portion of its 1984 Private Activity Bond Limit by resolution
adopted by the City Council, and the Redevelopment Agency of the City of West
Coyins has requested the City to assign to it the amount of $3,203,000.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Rancho Cucamonga, as follows:
SECTION 1: Transfer of Private Activity Bond Limit. The amount of
$3,203,000, representing all of the City's 1984 Private Activity Bond Limit, is
hereby transferred to the Redevelopmerit Agency of the City of West Covina.
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.
SECTION 3: The City Clerk shall certify to the adoption of this
Resolution.
PASSED, APPROVED, and ADOPTED this 19th day of December, 1984.
AYES: Wright, Dahl, KinS
NOES: None
ASSENT: Buquet, MikeIs
ATTEST:
Authelet, City Clerk