HomeMy WebLinkAboutRedevelopment Agency - 126 RESOLUTION NO. 126
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH ELECTING TO CARRY
FORWARD A PORTION OF THE 1985 PRIVATE ACTIVITY
BOND LIMIT OF THE CITY OF HUNTINGTON BEACH FOR
THE MAIN PIER PROJECT .
BE. IT RESOLVED, by the Redevelopment Agency of the City of
Huntington Beach, California, as follows:
WHEREAS, section 103A(n)of the Internal Revenue Code of
1954, as amended, imposes a limitation on the aggregate amount
of private activity" bonds which may be issued by an issuing au-
thority in each calendar year and the Redevelopment Agency of
the City of Huntington Beach constitutes an issuing authority
within the meaning of said section 103 (n) ; and
By proclamation of the Governor of the State of California,
dated July 19, 1984, issued to implement said section 103 (n) ,
the aggregate amount of private activity bonds which may be is-
sued by the city in calendar year 1985 is the sum of $9, 360,000
plus a $10 million portion of the state ceiling (as defined in
the proclamation) transferred to the city, bringing the total
allocation to $19, 360, 000; and
Section 103 (n) (10) of the Code as implemented by sec-
tion 1.103 (n)-4T of the temporary regulations provide that an
issuing authority may carry forward beyond the end of the calen-
dar 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
The City Council is the body responsible for making alloca-
tions of the city' s private activity bond limit to specified
projects and the City Council has transferred $9, 360, 000 of its
1985 allocation to the Redevelopment Agency for its use as an
issuing authority.
1 .
It is in the public interest, and for the public benefit,
that the Agency direct the filing of a carry-forward election
for the below-described project;
NOW THEREFORE, it is hereby ORDERED and DETERMINED as
follows:
1. The Redevelopment Agency elects to carry forward
t9, 360, 000 of its unused private activity bond limit to finance
a public parking structure located between Walnut Street, Olive
Street, and 3rd Street within 'the main pier Redevelopment Agency
area.
2 . The initial owner of the project is the Redevelopment
Agency of the City of Huntington Beach.
3 . The Chairman of the agency is hereby directed to
execute and file with the Internal Revenue Service, .within 15
days of this action, a carry-forward election under Section
103 (n) of the code, which election shall reflect the determina-
tion 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 Redevelopment Agency of the City
of Huntington Beach at a regular meeting thereof held on
the 16th day of December 1985.
Chairman
ATTEST: APPROVED AS TO FORM:
Agency/City Clerk Agency City Attorney
REVIEW D APPROVED: I TIATED D APPROVED:
Chief Executive Off ' r Depu City Administ ator
edevelopment
AJF: tw: 12/4/85
1077L/3970 2.
Res. No. 126
STATE OF CALIFORNIA )
COUNTY OF ORANGE
CITY OF HUNTINGTON BEACH)
1 , ALICIA M. WENTWORTH, Clerk of the Redevelopment Agency of the
City,of Huntington Beach, California, DO HEREBY CERTIFY that the foregoing
. resolution was duly adopted by the Redevelopment Agency of the City of .
Huntington Beach' at a meeting of said Redevelopment Agency held on the
16th day of December 19_3.�, and that it was so adopted
by the following vote:
AYES: Members:
Kelly; MacAllister, .Finlay,_ Mandic ailPy, Green
NOES: Members:
None
ABSENT: Members:
None
ABSTAIN: Thomas'
Clerk. of the Redevelopment Agency of
the City of Huntington Beach,' Ca.