R 1827
~ ' RESOLUTION NO. 1827
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ARROYO GRANDE TRANSFERRING A
PORTION OF THE PRIVATE ACTIVITY BOND
ALLOCATION OF THE CITY OF ARROYO GRANDE.
WHEREAS, pursuant to the Tax Reform Act of 1984 (Public Law 98-369)
and the Governor's Proclamation of July 19, 1984, implementing said Act,
the City of Arroyo Grande (the "City") has received a private activity
bond allocation in the amount of $660,000.00 for the calendar year 1984;
and
WHEREAS, it is not expected that the City will ut i 1 i ze the fu I I
amount of such allocation for the issuance of private activity bonds
,during 1984; and '
WHEREAS, the Proclamation permits the City to transfer to the State
of California or any other local agency all or any portion of its private
activity bond allocation in any calendar year; and
WHEREAS, the City wishes to cooperate with the State and other local
governments which may need allocation in 1984; and
WHEREAS, the City understands that the State acting through its Oebt
Limit Allocation Committee is willing to act as a clearinghouse to assist
in the most efficient utilization of allocations in 1984;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Arroyo Grande as follows:
1. The City of Arroyo Grande hereby transfers to the State of California
the aggregate amount of $660,000.00 of the City's unused private activity bond
allocation for 1984 under the Act and the Governor's Proclamation. Such
allocation may be transferred by the California Debt Limit Allocation Committee
to any other state agency or local agency as such ,Committee may deem appropriate,
and may be used by any such transferee for a carryforward election.
2. The City Clerk is hereby directed to immediately transmit a certified
copy of this Resolution to the California Debt Limit Allocation Committee.
3. This Resolution shall take effect immediately upon its passage.
On motion of Council Member Gallagher, seconded by Council Member Johnson,
and on the following roll call vote, to wit:
AYES: Council Members Gallagher, Johnson, Moots, Porter and Mayor Smith.
NOES: None
ABSENT: None
the foregoing Resolution was passed and adopted the 12th day of February 1985.
1fJ'~~~
MAYOR
ATTEST:
I, 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. 1827 is a true, full and correct copy of said
Resolution passed and adopted at a regular meeting of said Council on the
12th day of February 1985. Said Resolution will be entered into the Minutes.
WITNESS my hand and the Seal of the City of Arroyo Grande affixed this
14th day of February 1985.
~
4,./
, EPUTY CITYCL
... REPORT OF ACTION TAKEN WITH
. -'
RESPEC!- TO PRIVA!E ACTIVITY BONDS
CALIFORNIA DEBT LIMIT ALLOCATION COMMITTEE
P.O. Box 1919
Sacramento, California 95809
(916) 324-0310
Please complete this form within 15 days of taking of any action
described below (in Section I.) and mail to the above address.
"g~~~~;c:~~t~~~~~I~j':~~~c~{f~~~~~?~i~~l~;?E_~~CJ~~l~~~;~~~jj
Arroyo Grande, CA, '93420 COUNTY: San Lu is Ob i spo _____
CONTACT PERSON: Robert Hack
-
TITLE: City Manager TELEPHONE: (805) 489-1303
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DATE OF THIS REPORT: February 13, 1985
I. ACTION TAKEN: (Check one.)
A) ISSUANCE OF BONDS ____ (Complete Section II. below.)
B) TRANSFER OF ALLOCATION _~ (Complete Section III. below.)
C) CARRYFORWARD ELECTION:
-
DATE ACTION TAKEN: February 12, 1985
PRINCIPAL AMOUNT: $ 660,000.00
NAME OF PRIVATE USER AND/OR DESCRIPTION OF PROJECT: N/A
II. FOR ISSUANCE OF BOirnS:
_.
SOURCE OF ALLOCATION: (Chedk one or more.)
ISSUER'S ALLOCATION FOR CURRENT YEAR
-
TRANSFER (Name of Donor: )
-
CARRYFORWARD FROM PRIOR YEAR
-
.
III. FOR TRANSFER:
NAME OF GOVERNMENTAL UNIT TO WHOM
ALLOCATION WAS TRANSFERRED: State of California
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DESCRIBE ANY LIMITATIONS ON TRANSFER: None