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HomeMy WebLinkAbout5208 ZJ RESOLUTION NO. 5208 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, TRANSFERRING A PORTION OF THE PRIVATE ACTIVITY BOND ALLOCATION OF THE CITY OF ARCADIA WHEREAS, pursuant to the Tax Reform Act of 1984 (Public Law 98-369) and the Governor's Proclamation of July 19, 1984 implementing said Act, the City of Arcadia (the "City") has received a private activity bond allocation in the amount of $2,473,000 for the calendar year 1984; and WHEREAS. it is not expected that the City will utilize the full amount of such allocation for the issuance of private activity bonds during 1984; and WHEREAS. the Proclamation permits the City to transfer to the State of California or any other local agency all or any portion of its private activity bond allocation in any calendar year; and WHEREAS. the City wishes to cooperate with the State and other local governments which may need allocation in 1984; and WHEREAS. the City understands that the State acting through its Debt Limit Allocation Committee is willing to act as a clearinghouse to assist in the most efficient utilization of allocations in 1984. NOW, THEREFORE, BE IT RESOLVEO by the City Council of the City of Arcadia as follows: 1. The City of Arcadia hereby transfers to the State of California the aggregate amount of $2.473,000 of the City's unused private activity bond allocation for 1984 under the Act and the Governor's Proclamation. Such allo- cation may be transferred by the California Debt Limit Allocation Committee to any other state agency or local agency as such Committee may deem appropriate, and may be used by any such transferee for a carry forward election. 2. The City Clerk is hereby directed to immediately transmit a certified copy of this Resolution to the California Oebt Allocation Committee. 3. This Resolution shall take effect immediately upon its passage. 4. The City Clerk shall certify the adoption of this Resolution. Passed. approved and adopted th,s 18th day of December . 1984 / ,1/,' /J fI,::~ i/4 /17/t MAYO OF THE CITY ARCADIA -1- 5208 ATTEST: ~~~ CITY CLERK OF THE CITY OF ARCADIA STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES) SS: CITY OF ARCADIA ) I, CHRISTINE VAN MAANEN, City Clerk of the City of Arcadia, hereby certify that the foregoing Resolution No. 5208 was passed and adopted by the City Council of the City of Arcadia, signed by the Mayor and attested to by the City Clerk at a regular meeting of said Council held on the 18th day of December 1984, and that said Resolution was adopted by the following vote, to-w it: AYES: Councilmen Gilb, Lojeski, Pellegrino, Young and Hannah NOES: None ABSENT: None ,~~ CITY CLERK OF THE CITY OF ARCADIA -2- Reso 1 ut i on No. 5208