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HomeMy WebLinkAbout1984-558 . 1,010-29/0197S/mcm 12/17/84 RESOLUTION NO. 84-558 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, TRANSFERRING TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO, A PORTION OF THE PRIVATE ACTIVITY BOND LIMIT OF THE CITY OF SAN BERNARDINO WHEREAS, the Tax Reform Act of 1984, as adopted by the Congress of the United States on July 18, 1984 (the "Act"). provides that each state shall provide either by a proclamation of the governor of each state or by legislation duly adopted by each state legislature a procedure for the allocation of the aggregate principal amount of Private Activity Bonds that may be issued by state and local issuers in accordance with Section 103(b) of the Internal Revenue Code of 1954, as amended (the "Code"); and WHEREAS, a proclamation was duly signed by the Governor of the State of California on July 19, 1984 (the "Proclamation"), for the purpose of implementing certain provisions of the Act; and WHEREAS, Section 6 of the Proclamation provides that an amount in each calendar year of the Private Activity Bond Limit of each Local Agency equal to not more than thirty-five percent (35%) of the State Ceiling multiplied by the Local Population Share of each such city or county within the State may be reallocated by such city or county to any other Local Agency; and - 1 - WHEREAS, the Redeve1 opmet Agency of the City of San Bernardino (the "Agency") has requested that the Private Activity Bond Limit of the City of San Bernardino, California (the "City"), for calendar year 1984 be reallocated from the City to the Agency for use by the Agency in furtherance of the intent and purposes of the Proclamation; and WHEREAS, the Mayor and Common Council of the City of San Bernardino (the "City Council") hereby deem it appropriate to take action on such request and to grant the transfer of the Private Activity Bond Limit of the City for calendar year 1984 as requested by the Agency for the project as hereinafter described and upon the terms and conditions as hereinafter set forth; and WHEREAS, the Agency adopted its Resolution No. 4085, as amended and has taken certain other appropriate action in which a certain public golf course project has been financed by the Agency pursuant to the $2,500,000 Golf Course Lease Mortgage Revenue Bonds, Issue of 1980 (the "Bonds"), and as the documents in connection therewith have been amended to provide for the issuance of additional Bonds, and the Agency intends to refund said Bonds and to issue additional bonds to complete said public golf course project (the "Proj ect") which is more fully described in the documents providing for the issuance of the Bonds and amendments thereto. - 2 - NOW. THEREFORE. BE IT RESOLVED. DETERMINED AND ORDERED. by the Mayor and Common Council of the City of San Bernardino, California. as follows: Section 1. The City Council hereby accepts the request of the Agency requesting that the City transfer to the Agency the Private Activity Bond Limit of the City for calendar year 1984 for use in connection with the Project pursuant to Section 6 of the Proclamation. Section 2. The City Council hereby acknowledges that the portion of the Private Activity Bond Limit granted to the City pursuant to Section 3(b) of the Proclamation shall be in an amount equal to $6.812.000 which may be transferred by the City to any other Local Agency, including without limitation the Agency. pursuant to a resolution of the City Council so authorizing such transfer in the manner as provided in Section 6 of the Proclamation all as further qualified and as provided for in the Proclamation. Section 3. It is hereby acknowledged by the City Council that the Agency is an Issuer and a Local Agency within the meaning of Sections 1(d) and 1(e). respectively, of the Proclamation. and said Agency is legally authorized to issue Private Activity Bonds as defined in Section l(g) of the Proclamation in accordance with Health and Safety Code Section 33000. et seq.. for the financing of the Project to be undertaken by the Agency. - 3 - Section 4. The City Council hereby transfers pursuant to this Resolution the total principal amount of the Private Activity Bond Limit of the City for calendar year 1984 to the Agency for purposes of the Project to be financed by the Agency. The City Council hereby acknowledges that such allocation as transferred pursuant to this Resolution shall be for the Project which is a Carryforward Project of the Agency. as said term is defined in Code Section 103(n)(10)(E), and shall be irrevocable upon the issuance of bonds or other obligations pursuant to the procedures to be taken subsequently by the Agency at least to the extent of the principal amount of such bonds or other obligations so issued in accordance wi th Health and Safety Code Section 33000, et seq., and as further provided in the Proclamation. The transfer as herein authorized shall be considered a general transfer of the Private Activity Bond Limit of the City for calendar year 1984 to the Agency for the Project which is a Carryforward Project of the Agency. Section 5. The Mayor and the City Staff are hereby authorized and directed to provide any assistance to the Agency as may be necessary or required in connection with the transfer of the Private Activity Bond Limit of the City as authorized herein; provided. however, that the Agency shall notify the appropriate governmental agencies of the State of California of said transfer. Section 6. This Resolution shall take effect upon adoption. - 4 - . I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Mayor and Common Council of the City of San Bernardino at an adiourned requ1ar meeting thereof, held on the 1 qrh day of Dp.cember , 1984, by the following vote, to wit: AYES: Council Members ReilJy. H~rn~nnp7. m~rk~ Quiill. Frs7ier, ~rr;~klpr NAYS: NOR8 ABSENT: C'm1nc; 1 mp.mber Castaneda .Hn-/~hd/~ City Clerk The foregoing resolution is hereby approved this ";;ff,( day of December , 1984. Approved as to form: ~~~ Ci Y A orne - 5 -