HomeMy WebLinkAbout1985-265
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RESOLUTION NO. 85-265
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, ACCEPTING THE
TRANSFER TO THE CITY OF SAN BERNARDINO OF A PORTION
OF THE CALENDAR YEAR 1985 PRIVATE ACTIVITY BOND LIMIT
OF THE CITY OF FORT BRAGG, CALIFORNIA
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, the Proclamation provides that in each calendar year,
all or a portion of the Private Activity Bond limit of each Local Agency
within the State, inCluding the calendar year 1985 Private Activity Bond
Limit of the City of Fort Bragg, California, may be transferred by such
Local Agency to another Local Agency in the State or to the State; and
d)
WHEREAS, at the request of the City of San Bernardino,
California (the "City"), the City of Fort Bragg, California has, by its
Resolution No. 1342-85, ordered and directed the transfer of an amount
equal to $289,000 of the calendar year 1985 Private Activity Bond Limit
of the City of Fort Bragg, California, to the City in furtherance of
industrial development bond financing to be undertaken by the City; and
WHEREAS, the Mayor and Common Council (the "Council") of the
City deem it appropriate and necessary to approve the transfer of said
portion of the calendar year 1985 Private Activity Bond Limit of the City
of Fort Bragg, California, to the City.
NOW, THEREFORE, THE MAYOR AND COMMON <X>UNCIL OF THE CITY OF SAN
BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS
FOLLOWS:
Section 1. The Council hereby approves and accepts on behalf of
the City from the City of Fort Bragg, California, the transfer of an
amount equal to $289,000 of the calendar year 1985 Private Activity Bond
Limit of the City of Fort Bragg, California (the "1985 Allocation") to
the City, in accordance with Resolution No. 1342-85 of the City council
of the City of Fort Bragg, California. No portion of the 1985 Fort Bragg
Allocation, as transferred by the City of Fort Bragg, California, and as
hereby accepted by the City, shall be hereafter transferred by the City
I
to any other local agency within the State of California without other
prior conaent and approval of the City of Fort Bragg, California.
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Section 2. The Council hereby acknowledges that such portion of
the 1985 Fort Bragg Allocation, which has been transferred to the City
pursuant to Resolution No. 1342-85 of the City Council of the City of
Fort Bragg, California, shall constitute an irrevocable transfer upon the
issuance of bonds pursuant to any and all procedures which shall
hereinafter be undertaken by the City, and that said transfer shall
expire as of January 1, 1986.
Section 3. The Council further acknowledges that the City shall
have the sole obligation and responsibility to comply with all
requirements for submitting reports to the California Debt Limit
Allocation Committee as established pursuant to the Proclamation, and all
other requirements therein and in the Code to the extent the same shall
be applicable to the issuance by the City of Private Activity Bonds for
which the transfer of the 1985 Fort Bragg Allocation, as authorized in
Resolution No. 1342-85 of the City Council of the City of Fort Bragg, has
been applied by the City.
Section 4. In the event that the City utilizes all or any
portion of the 1985 Fort Bragg Allocation, transferred to the City, then
the City shall pay to the City of Fort Bragg, California, an amount equal
to one-quarter of one percent (.25%) of that portion of said transferred
allocation which the City utilizes and applies for qualifying projects to
be financed by the City during calendar year 1985. Payments for any
portion of the transferred allocation used in any particular bond issue
shall be made to the City of Fort Bragg within 30 days after closing of
the bond sale, by the Trustee from bond proceeds.
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Section 5. On or before October 21, 1985, the Staff of the
Redevelopment Agency of the City of San Bernardino shall submit a report
to the Council regarding the application of the transfer of the 1985 Fort
Bragg Allocation as accepted by the City in Section 1 of this Resolution,
for use in connection with the Tax-exempt financing of one or more
qualifying projects within the City during calendar year 1985. In the
event that the Council may hereafter determine that the 1985 Fort Bragg
Allocation, or portion thereof, as accepted by the City in Section 1 of
this Resolution, shall not be applied for use in connection with a
project to be undertaken within the City during calendar year 1985 the
City may retransfer said unused portion of the 1985 Fort Bragg Allocation
to the City of Fort Bragg, California, or upon the consent of the City of
Fort Bragg, the City may transfer said unused portion of the 1985 Fort
Bragg Allocation to the State of California.
Section 6. This Resolution shall take effect upon adoption.
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I HEREBY CERTIFY that the
by the Mayor and Common Council of
a regular
the 15th day of July
following vote, to wit:
foregoing resolution was duly adopted
the City of San Bernardino at
meeting thereof, held on
, 1985, by the
AYES:
Council Members Estrada, Reilly, Hernandez,
NAYS:
ABSENT:
Marks, Quie1, Frazier, Strickler
None
None
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City Clerk
The foregoing resolution is hereby approved this 18th
July , 1985.
day
of
Approved as to Legal Form
and Sufficiency
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City Attorney
1183J/EB
Ma,.di:tt!U
San Bernardino
Mayor Pro Tempore
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