HomeMy WebLinkAboutCity Council - 5500 RESOLUTION NO. 5500
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF HUNTINGTON BEACH TRANSFERRING 1984
PRIVATE ACTIVITY BOND LIMIT TO THE
REDEVELOPMENT AGENCY OF THE CITY OF
HUNTINGTON BEACH
RESOLVED, by the City Council of the City of Huntington
Beach, California, as follows:
WHEREAS, pursuant to Section 103 (n) of the Internal Revenue
Code of 1954, 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 state-wide limit determined as
set forth in said Section 103 (n) ; and
The Governor of the state of California on July 19, 1984,
issued a Proclamation (the "Proclamation") implementing the
provisions of said Section 103 (n) , pursuant to which a portion of
said state-wide limit is allocated to each city based on the
estimated population of such city; and
The City has determined that the portion of said state-wide
limit allocated to the City for the current calendar year is
$9,360, 000 (the "1984 Private Activity Bond Limit") ; and
The Proclamation permits the City to assign to another local
agency all or a portion of its 1984 Private Activity Bond Limit by
resolution adopted by the City Council, and the Huntington Beach
Redevelopment Agency has requested the City to assign to it the
amount of $9, 360, 000.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Huntington Beach as follows:
1. Transfer of Private Activity Bond Limit. The amount of
$9,3601, 000 representing a portion of the City' s 1984 Private
Activity Bond Limit, is hereby transferred to the Huntington Beach
1.
Redevelopment Agency. Such transfer shall be irrevocable upon the
adoption of this resolution.
2 . Official Action. The City Clerk is hereby authorized and
directed to notify the California Debt Limitation 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.
3 . This resolution shall take effect from and after its
adoption.
PASSED AND ADOPTED this 19th day of February ,
1985.
a
Mayor
ATTEST: APPROVED AS TO FORM:
City Clerk C Attorney
REVIEWED AND APPROVED: ITIATED .AND APPROVED:'`
City Administrator Deputy Dir ctor
of Redevelopment
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2/13/85
08271
2.
Res. No. 5500
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) as:
CITY OF HUNTINGTON BEACH )
1, 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 vote:
AYES: Councilmen:
Kelly, MacAllister, Mandic, Bailey, Finley, Green, Thomas
NOES: Councilmen:
None
ABSENT: Councilmen:
None
i J..'ry
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California