R 1849
1 RESOLUT I ON NO. 1849
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ARROYO GRANDE, CALIFORNIA, TRANSFERRING TO THE
CITY OF SAN BERNARDINO, CALIFORNIA, A PORTION
OF THE CALENDAR YEAR 1985 PRIVATE ACTJVITY BOND
LIMIT OF THE CITY OF ARROYO GRANDE, CALIFORNIA.
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
\4HEREAS, the Proclamation provi,des that in each calendar year all or a portion
of the Private Activity Bond Limit of each Local Agency within the State, i ncJ ud i ng
the calendar year 1985 Private Acti:vity Bond Limit of the City of Arroyo Grande,
Cal ifornia (the "City"), may be transferred by such Local Agency to another Local
Agency in the State or to the State; and
IIHEREAS, the City of San Bernardino, California, has requested that an amount
equal to $660,000.00 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 Ci ty of Arroyo Grande, Cal ifornia,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, dated May 7, 1985, and the
City Council hereby orders and directs the transfer of an amount equal to $66D,OOO.00
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.
Section 2. The City Counc i I hereby 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 Counc i I hereby acknowledges that such portion of the
calendar year 1985 Private Activity Bond Limit of the City as transferred to the
Ci ty of San Bernardino pursuant to th'is Resolut'ion shall be I rrevoc.able 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 'a's 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 l,. The City of San Bernardino shall have the sole obligation and
responsibi I ity to comply with all reporting requirements as necessary to the
.
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RESOLUTION NO. 1849 PAGE TWO.
California Debt Limit Allocation Committee as established pursuant to the
Proclamation and all other requirements therein and in 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
applied by the City of San Bernardino.
Section 5. This Reso'ution shal' take effect upon adoption.
On motion of Council Member Gallagher, seconded by Council Member Johnson,
and on the following roll call vote, to wit:
AYES: Counci' Members Gallagher, Johnson, Moots, Porter and Mayor Smith
NOES: None
ABSENT: None
the foregoing Resolution was passed and adopted the 28th day of May 1985.
, 6'fhv,J~
MAYOR
I, Virginia L. Culp, Deputy City Clerk of the City of Arroyo Grande, County
of San Luis Obispo, State of California, do hereby certify that the foregoing
Resolution No. 1849 is a true, full and correct copy of said Resolution passed
and adopted at a regular meeting of said Council on the 28th day of May 1985.
WITNESS my hand and the Seal of the City of Arroyo Grande affixed this
30th day of May 1985.
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~ C ITV CLERK