HomeMy WebLinkAboutCity Council - 5499 RESOLUTION NO. 5499
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF HUNTINGTON BEACH MAKING AN ELECTION TO
CARRY FORWARD A PORTION OF THE PRIVATE
ACTIVITY BOND LIMIT OF THE CITY OF
HUNTINGTON BEACH FOR THE MAIN PIER PROJECT
RESOLVED, by the City Council of the City of Huntington
Beach, California, as follows:
WHEREAS, Section 103A (n) of the Internal Revenue Code of
1954, as amended (the "Code") , imposes a limitation on the
aggregate amount of private activity bonds which may be issued
by an issuing authority in each calendar year and the City of
Huntington Beach (the "City") constitutes an issuing authority
within said Section 103 (n) ; and
By Proclamation of the Governor of the State of California
dated July 19, 1984 (the "Proclamation") , issued in implementa-
tion of said Section 103 (n) , the aggregate amount of private
activity bonds which may be issued by the city in calendar year
1984 is the sum of $9, 360, 000 plus any portion of the state
ceiling (as defined in the Proclamation) transferred to the
city, and no portion of the state ceiling has been transferred
to the city; and
Section 103 (n) (10) of the Code as implemented by Sec-
tion 1.103 (n) -4T of the temporary regulations (the "Regulations")
Provides that an issuing authority may carry forward beyond the
end of the calendar year all or a portion of its private
activity bond limit for a specified project by filing an
election therefor with the Internal Revenue Service; and
This Council is the body responsible for making allocations
of the city' s private activity bond limit to specified projects
and for filing carry-forward elections with the Internal Revenue
Service; and
i
1.
It is in the public interest and for the public benefit that
this Council direct the filing of a carry-forward election for
the below-described project;
NOW THEREFORE, it is hereby ORDERED and DETERMINED as
follows:
1. This Council elects to carry forward to transfer to the
Redevelopment Agency of the City of Huntington Beach $9, 360,000
of its unused private activity bond limit for the financing by
the Redevelopment Agency of the City of Huntington Beach of the
Public Parking Structure (the "Project") located at the Main
Pier in the city.
2. The initial owner of the Project is The Redevelopment
Agency of the City of Huntington Beach.
3 . The Mayor of the city, being a member of this Council,
is hereby directed to execute and file with the Internal Revenue
Service, prior to February 28, 1985, a carry-forward election
under Section 103 (n) of the Code, which election shall reflect
the determination made in paragraph 1 hereof.
4. The election made hereby shall be effective on the date
of the filing of said election with the Internal Revenue Service
and on said date shall be irrevocable.
PASSED AND ADOPTED by the City Council of the City of
Huntington Beach at a regular meeting thereof held on the 19th
day of February 1985.
O
Mayor
ATTEST: APPROVED AS TO FORM:
City Clerk City Attorney Pa
REVIEWED AND APPROVED: ITIATED AND APPRO D:
9 a4te�
City Administrator Deputy Director
of Redevelopment
AJF:trn
2/13/85
0450L
2.
Res. No. 5499
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
CITY OF HUTTINGTON BEACH )
I, ALICIA M. WENTWORTH, the duly elected, qualified City
Clerk of the City of Huntington Beach, and ex-officio Clerk of the
City Council of said City, do hereby certify that the whole number of
members of the City Council of the City of Huntington Beach is seven;
that the foregoing resolution was passed and adopted by the affirmative
vote of more than a majority of all the members of said City Council
at a regular meeting thereof held on the 19th day
of February 19 85 ; by the following voter
AYES: Councilmen:
Kelly, MacAllister, Mandic', Bailey, Finley, Green, Thomas
NOES: Councilmen:
None
ABSENT: Councilmen:
None
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California