Resolution - 7133n
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RESOLUTION NO. 7133
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST.
COVINA TRANSFERRING 1985 PRIVATE ACTIVITY BOND LIMIT TO
THE REDEVELOPMENT AGENCY OF THE CITY OF WEST COVINA
WHEREAS, pursuant to Section 103(n) of the Internal Revenue Code of
1984, 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 statewide limit determined as set forth in said Section 103(n); and
WHEREAS, 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 statewide limit is
allocated to each city based on the estimated population of such city; and
WHEREAS, the City has determined that the portion of said statewide
limit allocated to the City for the current calendar year is $4,607,000
(the "1985 Private Activity Bond Limit"); and
WHEREAS, the Proclamation permits the City to assign to another local
agency all or a portion of its 1985 Private Activity Bond Limit by
resolution adopted by the City Council, and the Redevelopment Agency of the
City of West Covina has requested the City to assign to it the amount of
$4,607,000;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of West
Covina, as follows:
Section 1. Transfer of Private Activity Bond Limit. The amount of
$4,607,000, representing all of the City's 1985 Private Activity Bond
Limit, is hereby transferred to the Redevelopment Agency of the City of
West Covina. Such transfer shall be irrevocable upon the adoption of this
resolution.
Section 2. Official action. The City Clerk is hereby authorized and
directed to notify the California Debt Limit 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.
Section 3. The City Clerk shall certify to the adoption of this
resolution.
APPROVED AND ADOPTED THIS 16th day of December, 1985.
Mayor
ATTEST:
Resolution No. 7133 -2- December 16, 1985
I HEREBY CERTIFY that the foregoing Resolution No. 7133 was duly
adopted by the City Council of the City of West Covina at an adjourned regular meeting
thereof held on the 16th day of December, 1985, by the following vote:
AYES: Bacon, Manners, Shearer, Tennant
• NOES: None
ABSENT: Chappell
ABSTAIN: None
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APPROVED AS TO FORM:
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City ttorney