HomeMy WebLinkAboutResolution No. 7826RESOLUTION NO. 7826
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA
TRANSFERING 1985 PRIVATE ACTIVITY BOND LIMIT TO THE
COUNTY OF LOS ANGELES
RESOLVED, by the City Council of the City of Azusa,
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 statewide limit
determined as set forth in said Section 103(n);
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, county, and city
and county based on the estimated population of such city, county,
and city and county;
WHEREAS, by its Relotution No. 85-1, adopted January 22,
1985, the California Debt Limit Allocation Committee established
the 1985 State Ceiling, the 1985 state bond limit, and the 1985
city, county and city and county shares;
WHEREAS, the City has determined that it will not need a
portion of its 1985 Private Activity Bond Limit in the current
year and has determined to transfer to the County of Los Angeles
a portion of such allocation in the amount of $708,000;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Azusa, as follows:
Section 1. Transfer of Private Activity Bond Limit. The
amount of 708,000, representing a portion of the City's 1985
Private Activity Bond Limit, is hereby transferred to the county
of Los Angeles. 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 and the County of Los Angeles of the
transfer made pursuant to Section 1 within fifteen (15) days of
the adoption of this resolution.
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Adopted and approved this 2nd day of December , 1985.
I hereby certify that the foregoing resolution was duly adopted
by the Citv r^uncil of the City of Azusa at a regular
meeting thereof held on the 2nd day of December 1985, by the
following vote of Council.
AYES: COUNCILMEMBERS: CRUZ, COOK, CAMARENA, LATTA, MOSES
NOES: COUNCILMEMBERS: NONE
ABS NT: COUNCILMEM RS: NONE
Secretary