HomeMy WebLinkAboutCity Council - 5599 RESOLUTION NO. 5599
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH TRANSFERRING 1985 PRIVATE
ACTIVITY BOND LIMIT TO THE REDEVELOPMENT AGENCY
OF THE CITY OF HUNTINGTON BEACH
BE IT 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 is 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 as
set forth in said section 103 (n) ; and
The Governor of the State of California on July 19, 1984,
issued a 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 popula-
tion 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; and
The proclamation permits the city to assign to another local
agency all or a portion of its 1985 private activity bond limt
by resolution adopted by 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 Council Council of the
City of Huntington Beach as follows:
1. Transfer of Private Activity Bond Limit. The amount of
$9, 360,000 representing a portion of the city' s 1985 private
i
activity bond limit, is hereby transferred to the Huntington
1.
Beach 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, established by the proclamation, of the assignment
made pursuant to Section 1 hereof within fifteen (15) days of
the adoption of this resolution.
PASSED AND ADOPTED by the City Council of the City of
Huntington Beach at a regular meeting thereof held on the 16th
day of December 1985.
Mayor
ATTEST: APPROVED AS TO FORM:
ALICIA M. WENTWORTH, CITY CLERK
Deputy City Clerk a C ty ttorney
REVIEWED AND APPROVED: ITIATED AND APPROVED:
City Administrator y City Administrator
Redevelopment
AJF:tw: 12/4/85
1078L/3970
2.
Res. No. 5599
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON 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 16th day
of December , 19 85 by the following vote:
AYES: Councilmen:
Kelly, MacAllister, Finley, Mandic, Bailey, Green
NOES: Councilmen:
None
ABSENT: Councilmen:
None
ABSTAIN: Thomas
Alicia M. Wentworth
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California
BY 9.41G9,
Deputy City Clerk