HomeMy WebLinkAboutResolution 043-85 1 , 010-46/0438:;/"nis
t' 4/10/85
RESOLUTION NO. 43-85
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
AT SCADERO CALIFORNIA, TRANSFERRING TO THE
CITY OF SAN BERNARDINO, CALIFORNIA A PORTION OF
THE CALENDAR YEAR 1985 PRIVATE ACTIVITY BOND
LIMIT OF THE CITY OF ATASCADERO
WHEREAS, the Tax Reform Act of 1984 , as adopted by the
Congress of the United States on July 18, 1984 (the "Act" ) , provides
that each state shall provide either by a proclamation of' the
governor of each state or by legislation duly adopted by each state
legislature a procedure for the allocation of the aggregate
principal amount of Private Activity Bonds that may be issued by
state and local issuers in accordance with Section 103(b) of the
Internal Revenue Code of 1954, as amended (the "Code" ) ; and
WHEREAS, a proclamation was duly signed by the Governor -of
the State . of ..California.- on---July 19., : '1984 (the "Proclamation" ) , for
the purpose of implementing certain provisions of the Act; and
WHEREAS.$ =.the....Proclamation_ �.provides:-that. :in _-each' calendar
-' year all or - a portion—of-'the :Private— Activity•' Bond Limit of each
Local Agency within the State, including the calendar year 1985
Private Activity Bond Limit of the City of Atascadero
California, (the "City" ) , may be transferred by such Local Agency to
another Local Agency in the State or to the State; and
WHEREAS, the City of San Bernardino, California, has
requested that an amount equal to $ of the calendar
year 1985 Private Activity Bond Limit of the City be transferred
from the City to the City of San Bernardino for use by the City of
San Bernardino in furtherance of the intent and purposes of the
Proclamation; and
WHEREAS, the City Council hereby deems it appropriate to
take action on _ said ..request of the City of San. Bernardino and to
transfer a portion of the calendar year 1985 Private Activity Bond
Limit of the City to the City of San Bernardino upon the terms and
conditions as hereinafter set forth.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED, by
the City Council of the City of Atascadero California, as
follows :
Section 1 . The City Council hereby acknowledges receipt
of the written request as submitted to the City by the City of
San Bernardino, datedMny , 1985, and the City Council
hereby orders and directs the transfer of an amount equal to
$ 946,000 of the calendar year 1985 Private Activity Bond Limit
of the City to the City of San Bernardino in furtherance of the
industrial development bond financing to be undertaken by the City
of San Bernardino as more fully described in said request .
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Section 2 . The City -Council her_eb,5 , acknowledges that
the portion of the calendar year 1985 Private Activity Bond Limit of
the City as transferred hereby to the City of San Bernardino may be
transferred by the City in the manner as provided in the
Proclamation.
Section 3 . The City Council hereby acknowledges that
such portion of the calendar year 1985 Private Activity Bond Limit
of the City as transferred to the City of San Bernardino pursuant to
this Resolution shall be irrevocable upon the issuance of bonds
pursuant to the procedures to be taken hereafter by the City of
San Bernardino, at least to the extent of the principal amount of
such bonds so issued by the City of San Bernardino and as further
provided in the Proclamation. The transfer as herein authorized
shall be considered a general transfer to the City of San Bernardino
and shall expire as of January 1 , 1986 .
Section 4 . The City of San Bernardino shall have the
sole obligation and responsibility to comply with all reporting
requirements as necessary to the California Debt Limit Allocation
Committee as established pursuant to the Proclamation and all other
. requirements. therein-and the .Code::to : the extent '.the +same shall--be
applicable to -the . issuance by the City of. San .Bernardino of Private
Activity Bonds for which the transfer of . the calendar year 1985
Private Activity_,.Bond :-Limit . .-of . ,the ::City, . .as.. . authorized in this
- Resolution, has .,been-.appliedby the %..City.'of :-San•'Bernard'ino.- _
Section 5. In receipt of City of Atascadero Industrial
Development Bond Allocation for Calendar Year 1985, in the amount
of $946,0009 City of San Bernardino agrees to compensate the City
in the amount of $2,365 within 45 days of adoption of this resolution.
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Section 6. This resolution shall, take effect upon adoption.
APPROVED AND ADOPTED this 10th day of June, 1985.
i.
AYES : Councilmembers Molina, Mackey, Handshy, Norris,
and Mayor Nelson
NOES: None
ABSENT: None
CITY OF ATASCADERO, California
ROLFE NELSON, Mayo-r---v
ATTEST:
ROBERT M. JONES , City Clerk
APPROVED AS TO FORM:
RO J. LYON, " ity ttorney
APPROVED AS TO CONTENT:
MICHAEL SHELTON, City Manager
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