HomeMy WebLinkAboutResolution No. 7807%
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CITY OF AZUSA
RESOLUTION NO. 7807
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA .
TRANSFERRING 1985 PRIVATE ACTIVITY BOND LIMIT TO
THE INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE CITY OF AZUSA
Optical Radiation Corporation Project
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 Resolution 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 the portion of said statewide
limit allocated to the City for the current calendar year, is $1,708,000 (the
"1985 Private Activity Bond Limit");
WHEREAS, by Resolution No. 7, adopted December 17, 1985, the Industrial
Development Authority of the City of Azusa (the "Authority") has approved the
application of Optical Radiation Corporation for industrial development
revenue bond financing in the amount not to exceed $1,300,000 and this Council
has previously approved said financing and the issuance of its bonds for that
purpose by,the Authority; and
WHEREAS, the Proclamation permits the City to transfer to another local
agency all or a portion of its 1985 Private Activity Bond Limit by resolution
adopted by the City Council, and the Authority presently intends to issue
bonds for said financing in the amount of $1,300,000;
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
$1,300,000, representing a portion of the City's 1985 Private Activity Bond
Limit, is hereby transferred to the Authority. 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 of the
transfer made pursuant to Section 1 within fifteen (15) days of the adoption
of this resolution.
I
I, the City Clerk of the City of Azusa, hereby certify that the
foregoing resolution was duly adopted by the City Council of the City of Azusa
at a meeting thereof duly held on the 21stday of October , 1985, by the
following vote of the members thereof:
AYES, and in favor thereof: Members
NOES: Members: NONE
CRUZ, COOK, CAMARENA, LATTA, MOSES
ABSENT: Members: NONE
City Clerk of the City of Azusa
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