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HomeMy WebLinkAbout1985-267 " .. RESOLUTION NO. 85-267 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 RIDGECREST, 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 l03(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 Ridgecrest, California, may be transferred by such Local Agency to another Local Agency in the State or to the State; and ;) .l - WHEREAS, at the request of the City of San Bernardino, California (the "City"), the City of Ridgecrest, California has, by its Resolution No. 85-24, ordered and directed the transfer of an amount equal to $1,152,000 of the calendar year 1985 Private Activity Bond Limit of the City of Ridgecrest, California, to the City in furtherance of industrial development bond financing to be undertaken by the City; and WHEREAS, the Mayor and Common Councn (the "Councn") 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 Ridgecrest, California, to the City. NOW, THEREFORE, THE MAYOR AND COMMON roUNCIL 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 Ridgecrest, California, the transfer of an amount equal to $1,152,000 of the calendar year 1985 Private Activity Bond Limit of the City of Ridgecrest, California (the "1985 Allocation") to the City, in accordance with Resolution No. 85-24 of the City council of the City of Ridgecrest, California. No portion of the 1985 Ridgecrest Allocation, as transferred by the City of Ridgecrest, California, and as hereby accepted by the City, shall be hereafter transferred by the City to any other local agency within the State of California without other prior consent and approval of the City of Ridgecrest, California. -2- Section 2. The Council hereby acknowledges that such portion of the 1985 Ridgecrest Allocation, which has been transferred to the City pursuant to Resolution No. 85-24 of the City Council of the City of Ridgecrest, 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 Ridgecrest Allocation, as authorized in Resolution No. 85-24 of the City Council of the City of Ridgecrest, has been applied by the City. Section 4. In the event that the City utilizes all or any portion of the 1985 Ridgecrest Allocation, transferred to the City, then the City shall pay to the City of Ridgecrest, 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 Ridgecrest within 30 days after closing of the bond sale, by the Trustee from bond proceeds. -3- , 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 Ridgecrest 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 Ridgecrest 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 Ridgecrest Allocation to the City of Ridgecrest, California, or upon the consent of the City of Ridgecrest, the City may transfer said unused portion of the 1985 Ridgecrest Allocation to the State of California. 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 a regular the 15th day of July following vote, to wit: AYES: the City of San Bernardino at meeting thereof, held on , 1985, by the Council Members Estrada. Reillv. Hernandez. NAYS: ABSENT: Approved as to Legal Form and Sufficiency AtJyfi~ot: 4 1185J/EB -5- Marks. Quie1. Frazier. Strickler None None ~.a?A"/~H/ Citj Clerk 18th day