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HomeMy WebLinkAboutR06-Redevelopment Agency - ;.~ , . .. . REdlVELOPMENT AGENCY.~ST FOR Co.IlSSION/COUNCIL ACTION Ji:m: IIII!'Pt: Glenda Saul. Executive Director Subject: ACCEPTING TRANSFERS OF IDB ALLOCATION: CORTE MADERA, MORAGA Redevelopment Agency Date: June 24, 1985 Synopsis of Previous Commission/Council ection: 4-1-85 Authorized establishing a fund to use for negotiating transfers of IDB allocationa from other cities 6-17-85 Accepted transfers from Lomits. Marina, Farmersville, Sonora, Arroyo Grande and Coronado Recommended motion: (MAYOR AND COMMON COUNCIL) . a) 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 CORTE MADERA, CALIFORNIA b) RESOLUTION OF THE MAYOR AND CO~ON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, ACCEPTING THE TRANSFER TO THE CITY OF SAN BERNARDINO OF A PORTION OF CALENDAR YEAR 1985 PRIVATE ACTIVITY BOND LIMIT OF THE CITY OF MORAGA, CALIFORNIA a~k Signature Contact person: GLENDA SAUL Phone: 383-5081 N/A N/A Supporting data attached: YES Ward: FUNDING REQUIREMENTS: Amount: $ N/A Project : No adverse Impact on City: .neil Notes: Data: July 1, 1985 1135J/OJ Agenda Item No. RIP "f': . cIA OF SAN BERNARDlo . . - REQUEST FOR COUNCIL ACTION . . . 75-0264 STAFF REPORT On April 1, 1985 the Commission authorized Staff to use 25% of the 1% IDB fee as a fund for use in negotiating the transfer of IDB allocations from other cities in California. On May 7. 1985 Staff sent a letter to 280 cities whose allocations were under $2,000.000. Council accepted offers of transfers from six cities on 6-17-85. totaling $4,641,000. Two additional transfers have been received. It is required that the City of San Bernardino adopt resolutions accepting these additional transfers of allocation. The amounts are as follows: PREVIOUSLY TRANSFERRED REQUESTED TRANSFERS Farmersville Marina Lomita Sonora Arroyo Grande Coronado $ 312,000 1,425,000 1,011,000 206,000 660,000 $1,027,000 $4,641,000 - $5,846,000.00 Moraga $772,000 Corte Madero $433,000 $1,205,000 TOTAL The 25% of 1% fee would be forwarded to each city, if their allocation is used to close a bond. If the allocation is not used, no fee will be paid. Staff currently anticipates transfers of allocations from the following cities: Brawley Lafayette Novato $ 902,000.00 $1,173,000.00 $2.319,000.00 $4,394,000.00 TOTAL Six other cities have indicated they may be willing to transfer their allocations later in the year (October), after more time has passed. Forty-one other cities have responded that they will either be using their allocation or have already transferrred it to the County or the State. 1135J/OJ 7-1-85 . . . . . . RESOLUTION NO. 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 CORTE MADERA, CALIFORNIA WHEREAS, the Tax Reform Act of 1984, aa 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 Corte Madera, California, may be transferred by such Local Agency to another Local Agency in the State or to the State; and . ~~ . . . . . WHEREAS, at the request of the City of San Bernardino, California (the "City"), the City of Corte Madera, California has, by its Resolution No. 226l, ordered and directed the transfer of an amount equal to $433,000 of the calendar year 1985 Private Activity Bond Limit of the City of Corte Madera, 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 Corte Madera, California, to the City. . NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS: . Section l. The Council hereby approves and accepts on behalf of the City from the City of Corte Madera, California, the transfer of an amount equal to $433,000 of the calendar year 1985 Private Activity Bond Limit of the City of Corte Madera, California (the "1985 Allocation") to the City, in accordance with Resolution No. 2261 of the City council of the City of Corte Madera, California. No portion of the 1985 Corte Madera Allocation, as transferred by the City of Corte Madera, 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 Corte Madera, California. - 2 - . . . . . Section 2. Tbe Council hereby acknowledges that such portion of the 1985 Corte Madera Allocation, which has been transferred to the City pursuant to Resolution No. 2261 of the City Council of the City of Corte Madera, 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 I, 1986. . Section 3. Tbe 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 Corte Madera Allocation, as authorized in Resolution No. 2261 of the City Council of the City of Corte Madera, has been applied by the City. . Section 4. In the event that the City utilizes all or any portion of the 1985 Corte Madera Allocation, transferred to the City, then the City shall pay to the City of Corte Madera, 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 Corte Madera within 30 days after closing of the bond sale, by the Trustee from bond proceeds. - 3 - . . . - ~,--''''''"L'''" '-'~\"'--,"T~'_ . . . 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 Corte Madera 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 Corte Madera 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 Corte Madera Allocation to the City of Corte Madera, California, or upon the consent of the City of Corte Madera, the City may transfer said unused portion of the 1985 Corte Madera Allocation to the State of California. Section 6. This Resolution shall take effect upon adoption. Approved as to Legal Form and Sufficiency ),b/.{!f,-!:, 47r . 1137J/EB - 4 - . . . . . . RESOLUTION NO. 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 I,IMIT OF THE CITY OF MORAGA, 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 Moraga, California, may be transferred by such Local Agency to another Local Agency in the State or to the State; and . b~ . . . . . WHEREAS, at the request of the City of San Bernardino, California (the "City"), the City of Moraga, Cs1ifornia has, by its Resolution No. 33-85, ordered and directed the transfer of an amount equal to $772,000 of the calendar year 1985 Private Activity Bond Limit of the City of Moraga, 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 Moraga, California, to the City. . NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL 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 Moraga, California, the transfer of an amount equal to $772,000 of the calendar year 1985 Private Activity Bond Limit of the City of Moraga, California (the "1985 Allocation") to the City, in accordance with Resolution No. 33-85 of the City council of the City of Moraga, California. No portion of the 1985 Moraga Allocation, as transferred by the City of Moraga, 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 Moraga, California. . - 2 - . . . . . Section 2. The Council hereby acknowledges that such portion of the 1985 Moraga Allocation, which has been transferred to the City pursuant to Resolution No. 33-85 of the City Council of the City of Moraga, 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 I, 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 Moraga Allocation, as authorized in Resolution No. 33-85 of the City Council of the City of Moraga, has been applied by the City. . Section 4. In the event that the City utilizes all or any portion of the 1985 Moraga Allocation, transferred to the City, then the City shall pay to the City of Moraga, 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 Moraga within 30 days after closing of the bond sale, by the Trustee from bond proceeds. - 3 - I ,'-"Ii' . . . . . 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 Moraga 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 Moraga 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 Moraga Allocation to the City of Moraga, California, or upon the consent of the City of Moraga, the City may transfer said unused portion of the 1985 Moraga . Allocation to the State of California. Section 6. This Resolution shall take effect upon adoption. Approved as to Legal Form and Sufficiency ~/~< ,4. MCity Attorney . 1136J/EB - 4 - . ') , .. . . ") TO: . $J 1f1P /Z' May 31, 19Q5 ,," // p/, '" -i~a.. /y '~;;... " t?/l''t{ . i ' //) TOWN MANAGER, MAYOR, AND COUNCILMEMBERS,.OPI,{r1:'<.;- I Ii . - _. ". -f \-{-:J',j...<'~~"'/~ ~;_-?( ." . BARBARA E. KAUTZ, PLANNING DIRECTOR ;i~>' , i. . FROM: SUBJECT: SALE OF INDUSTRIAL DEVELOPMENT BOND ALLOCATION TO THE CITY OF SAN BERNARDINO FOR $1,082.50 ,', The state allocates to each city a maximum amount for Industrial Development Bonds. Corte Madera's share is $433,000.. In other words, the Town could issue up'to $433,000 in Industrial Development Bonds (IDB's) for.use by projects in the Town. If the Town does not want to use its IDB allocation, it may transfer it back to the state or to a particular city..~ . . . ... . -- - , . . ,r , _ , . The Town does.nothave any projects planned that would use IDB's, nor does it seem likely that there will be such projects in the future. Last year, the Town transferred its IDB allocation back, to the state for reallocation to other cities. This year, the City of San Bernardino has asked that we transfer our IDB allocation to them in exchange for $1,082.50. I contacted the City of San Rafael, City of Novato, and County of Marin regarding their interest in our IDB allocation, since it seemed preferable to keep it in the county. No agency believed that it would have projects ready to go during calendar year 1985. Jack Ours, head of San Rafael's Redevelopment Agency, suggested that we .take the money and run.. .' While it is possible that someone else might be willing to offer us more for our IDB allocation, it would take a great deal of staff time to study the market. We would therefore recommend that the Council adopt the attached resolution transferring our IDB allocation to the City of San Bernandino. RECOMMENDED COUNCIL ACTION: To adopt Resolution No. , a resolution of the Town Council transferring to the City of San Bernardino, California, a portion of the calendar year 1985 private activity bond limit of the Town of Corte Made.ra. Attachments: 1. Letter dated May 17, 198 from Glenda Saul, Executive Director, San Bernardino Redevelopment Agency 2. Resolution No. . -1- . . . . . . . RESOLUTION NO. 2261 - RESOLUTION OP THE TOWN COUNCIL OF THE TOWN OF CORTE MADERA, CALIFORNIA, TRANSFERRING TO THE CITY OF SAN BERNARDINO, CALIFORNIA A PORTION OF THE CALENDAR YEAR 1985 PRIVATE ACTIVITY BOND LIMIT OF THE TOWN OF CORTE MADERA 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 Town of Corte Madera, California (the .Townft), may be transfered by such Local Agency to another Local Agency in the State or to the State, and WHEREAS, the City of San Bernardino, California, has requested that an amount equal to $433,000 of the calendar year 1985 Private Activity Bond Limit of the Town be transferred from the Town to the City of San Bernardino for use by the City of San Bernardino in furtherance of the intent and purposes of the Proclamation, and WHEREAS, the Town COuncil hereby deems it appropriate to take action on said request of the City of San Bernardino and to transfer a portion of the calendar year 1985 Private Activity Bond Limit of the Town to the City of San Bernardino upon the terms and conditions as hereinafter set forth. NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED, by the Town Council of the Town of Corte Madera, California as follows: Section 1. The Town COuncil hereby acknowledges the written request as submitted to the Town by the City of San Bernardino, dated May 7, 1985, offering ~lJ082159 to the Town at the time of bond closing and the Town CoUHCTI hereby orders and directs the transfer of an amount equal to $433,000 of the calendar year 1985 Private Activity Bond Limit of the Town to the City of San Bernardino in furtherance of the industrial -1- . . . . . . . development bond financing to be undertaken by the City of San Bernardino, as more fully described in said request, and subject to satisfactory payment as contracted to the Town by the City of San Bernardino. Section 2. The Town Council hereby acknowledges that the portion of the calendar year of 1985 Private Activity Bond Limit of the Town as transferred hereby to the City of San Bernardino may be transferred by the Town in the manner as provided in the Proclamation. Section 3. The Town COuncil hereby acknowledges that such portion of the calendar year 1985 Private Activity Bond Limit of the Town as transferred to the City of San Bernardino pursuant to this Resolution shall be irrevocable upon the issuance of bonds pursuant to the procedures to be taken hereafter by the City of San Bernardino, at least to the extent of the principal amount of such bonds so issued by the City of San Bernardino and as further provided in the Proclamation. The transfer as herein authorized shall be considered a general transfer to the City of San Bernardino and shall expire as of January 1, 1986. Section 4. The City of San Bernardino shall have the sole obligation and responsibility to comply with all reporting requirements as necessary 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 San Bernardino of private Activity Bonds for which the transfer of the calendar year 1985 Private Activity Bond Limit of the Town, as authorized in this ReSOlution, has been applied by the City of San Bernardino. Section 5. This Resolution shall take effect upon adoption. APPROVED AND ADOPTED this chard M. Skaff, Mayor, Town of Corte ATTEST: -2- . . . . . . . I, ~ri.. Fi t'f ' Deputy Town Clerk of the Town of Corte Ma era, Ca ifornia, do hereby certify that the foregoing Resolution was duly and regularly adopted by the Council of the Town of Corte Madera on the 4th day of June, 1985, by the follow ing vote: AYES: Councilmembers Holmes, Skaff, Williams NOES: None ABSENT: Marker, Sullivan California (55) The within instrument is a true and oorreot oopy of the original on file. (/1- .~J J t!J) 1~--0 Town Clerk, f'wn of Corte Madera -3- --~~~-;-'-'---r----- "...,..,. . . 'Gown of rooraga 350 RHEEM BOULEVARD, SUITE 3 P.O. BOX 188 MORAGA, CA 94556 (415) 376.5200 /;." S'L-. /":- / /~ ,'l:) Gary C. Chase, Town Manager /., ;r ;':Y Ii .. .'l/?< 1'/ .. .. .. />i. . June 18, 1985 Glenda Saul, Executive Director Redevelopment Agency of the City of San Bernardino 300 North D Street, Room 320 San Bernardino, California 92418 Re: Transfer of Industrial Development Bond Allocation The Town Council of the Town of Moraga considered your request of May 7, 1985, and adopted the enclosed resolution, No. 33-85, memorializing the Town's transfer of its $772,000.00 allocation. Enclosed also you will find a copy of a letter to the State of California Debt Limit Allocation Committee requesting approval of this transaction, if it is necessary. We hope these actions meet your needs and look forward to hearing from you. If you have any questions, please feel free to contact me at the above number. GCC:cjw Enc. . v r. -~~---- \tF. """". . . . . BEFORE THE TOWN COUNCIL OF THE TOWN OF MORAGA ~ In the Matter of: ~ ~ Transferring to City of San Bernardino. ) California a Portion of Calendar Year ) 1985 Private Activity Bond Limit of the ) Town of Moraga ) RESOLUTION NO. 33-85 - WHEREAS, the Tax Reform Act of 1985. 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 ag- gregate 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 imple- menting 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 Town of Moraga, California (the "Town"), may be transferred by such Local Agency to another Local Agency in the State or to the State; and WHEREAS. the City of San Bernardino, California. has requested that an amount equal to $772,000 of the calendar year 1985 Private Activity Bond Limit of the Town be transferred from the Town to the City of San Bernardino for use by the City of San Bernardino in furtherance of the intent and purposes of the Proclamation; and WHEREAS, the Town Council hereby deems it appropriate to take action on said request of the City of San Bernardino and to transfer a portion of the calendar year 1985 Private Activity Bond Limit of the Town to the City of San Bernardino upon the terms and conditions as hereinafter set forth. NOW, THfREFORE, BE IT RESOLVED, by the Town Council of the Town of Moraga as follows: Section 1. The Town Council hereby acknowledges receipt of the written request as submitted to the Town by the City of San Bernardino, dated May 7, 1985, and the Town Council hereby orders and directs the transfer of an amount equal to $772.000 of the calendar year 1985 Private Activity Bond Limit of the Town to the City of San Bernardino in furtherance of the industrial development bond financing to be undertaken by the City of San Bernardino as more fully described in said request. Section 2. The Town Council hereby acknowledges that the portion of the calendar year 1985 Private Activity Bond Limit of the Town as transferred hereby to the City of San 8ernardino may be transferred by the Town in the manner as provided in the Proclamation. I . . . Town Council Resolution No. 33-85 Page 2 . . . Section 3. The Town Council hereby acknowledges that such portion of the calendar year 1985 Private Activity Bond Limit of the Town as transferred to the City of San Bernardino pursuant to this Resolution shall be irrevocable upon the issuance of bonds pursuant to the procedures to be taken hereafter by the City of San Bernardino, at least to the extent of the principal amount of such bonds so issued by the City of San Bernardino and as further provided in the Proclamation. The transfer as herein authorized shall be considered a general transfer to the City of San Bernardino and shall expire as of January 1, 1986. Section 4. The City of San Bernardino shall have the sole obligation and responsibility to comply with all reporting requirements as necessary 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 San Bernardino of Private Activity Bonds for which the transfer of the calendar year 1985 Private Activity Bond Limit of the Town of Moraga, as authorized in this Resolution, has been applied by the City of San Bernardino. Section 5. This Resolution shall take effect upon adoption. ADOPTED by the Town Council of the Town of Moraga on June 5, 1985, by . the following vote: . AYES: Mayor Dessayer; Vice Mayor DePriester; Councilmembers Combs and Kendall NOES: ABSTAIN: ABSENT: None None Councilmember Crossley c::;a~.~ yor erk ,. , . , _.' :. // ~. i '..... / ~~:.:~ ~ ..~~~-->~ / (,.,' . . _'_-,.--_""c__~.---,.--'''_~_:~~_~_" . ' , ' ~ -"--"'C"'-'~~"'.'''.,7''~- Y"lf'---~-----'~")':;{:.-.- . 'Gown of . roo raga . 350 RHEEM BOULEVARD, SUITE 3 P.O. BOX 188 MORAGA, CA 94556 (415) 376.5200 Gary C. Ch.... Town Manager COt:Jt' . June 18, 1985 State of California Debt Limit Allocation Committee P. O. Box 1919 Sacramento, California 95809 . Enclosed you will find Resolution No. 33-85, adopted by the Town Council of the Town of Moraga at its meeting of June 5, 1985. transferring the Town's private activity bond allocation of $772,000.00 to the Redevelopment Agency of the City of San Bernardino. We request your approval of this transfer. If there are any questions, please feel free to contact me at the above number. GCC:cjw Ene. . xc: ~ity of San Bernardino .