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Home My WebLink AboutR05-Redevelopment Agency .. RE~VELOPMENT AGENCY -LaUEST FOR UMMISSlON/COUNCIL A(,..,JION .' From: Glenda Saul, Executive Director Subject: ACCEPTING TRANSFER OF IDB ALLOCATIONS: PALOS VERDES ESTATES, FAIRFAX, PACIFICA ..-<,t: Redevelopment Agency Date: August 29, 1985 Synopsis of Previous Commission/Council action: 04-01-85 Authorized establishing a fund to use for negotiating transfers of IDB allocations from other cities. 06-17-85 Accepted transfers from Lomita, Marina, Farmersvi11e, Sonora, Arroyo Grande and Coronado. 07-01-85 Accepted transfers from Moraga and Corte Madera. 07-15-85 Accepted transfers from Willits, Shafter, Lakeport, Fort Bragg, Atascadero and Ridgecrest. 08-05-85 Accepted transfer from C1ear1ake. Recommended motion: (MAYOR AND COMMON COUNCIL) ,.,:;:: RESOWTION OF THE MAYOR AND COMMON lXlUNCIL 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 PALOS VERDES ESTATES, CALIFORNIA 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 FAIRFAX, CALIFORNIA RESOWTION OF THE MAYOR AND COMMON lXlUNCIL 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 PACIFICA, CALIFORNIA -- ~4~! Signature Contact person: GLENDA SAUL FUNDING REQUIREMENTS: Amount: $ N/A Phone: 383-5081 Ward: N/A Project: N/A Date: September 9, 1985 Supporting data attached: YES No adverse Impact on City: C;,,'lcil Notes: "- nfolllY/1<'R Agenda Item No. R~ . · Clt-r OF SAN BERNARDlltO - REQU~T FOR COUNCIL ACTION "- STAFF REPORT On April 1, 1985 the Commission authorized Staff to use 25% of the 1% !DB 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 15 cities on June 17, 1985, July 1, 1985, July 15, 1985, and August 5, 1985, totaling $9,550,000. Three 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: FREVIOUSLY TRANSFERRED ~." Farmersville Marina Lomi ta Sonora Arroyo Grande Coronado Moraga Corte Madera Willits Shafter Lakeport Fort Bragg Atascadero Ridgecrest C1ear1ake TOTAL REQUESTED TRANSFERS $ 312,000 1,425,000 1,011,000 206,000 660,000 1,027,000 772,000 433,000 $ 221,000 386,000 203,000 289,000 946,000 1,152,000 507,000 $9,550,000 Palos Verdes Estates Fairfu: Pacifica $ 757,000 384,000 1,921,000 $3,062,000 + - $12,612,000 The 25% of 1% fee would be forwarded to each City, if its allocation is used to close a bond. If the allocation is not used, no fee will be paid. Six other cities have indicated they may be willing to transfer their allocations later in the year (October), after more time has passed. Forty-three other cities have responded that they will either be using their allocation or have already transferred it to the County or to the State.: - 75-0264 06l0K/EB 09-09-85 - </ RESOWTION 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 PALOS VERDES ESTATES, 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 Palos Verdes Estates, 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 Palos Verdes Estates, California has, by its Resolution No. 2007, ordered and directed the transfer of an amount equal to $757,000 of the calendar year 1985 Private Activity Bond Limit of the City of Palos Verdes Estates, 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 Palos Verdes Estates, California, to the City. r - 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 Palos Verdes Estates, California, the transfer of an amount equal to $757,000 of the calendar year 1985 Private Activity Bond Limit of the City of Palos Verdes Estates, California (the "1985 Allocation") to the City, in accordance with Resolution No. 2007 of the City Council of the City of Palos Verdes Estates, California. No portion of the 1985 Palos Verdes Estates Allocation, as transferred by t~e City of Palos Verdes Estates, 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 Palos Verdes Estates, California. , \....- ,<,,... ~ "- Section 2. The Council hereby acknowledges that such portion of the 1985 Palos Verdes Estates Allocation, which has been transferred to the City pursuant to Resolution No. 2007 of the City Council of the City of Palos Verdes Estates, California, shall constitute sn 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 Palos Verdes Estates Allocation, as authorized in Resolution No. 2007 of the City Council of the City of Palos Verdes Estates, has been applied by the City. ..- Section 4. In the event that the City utilizes all or any portion of the 1985 Palos Verdes Estates Allocation, transferred to the City, then the City shall pay to the City of Palos Verdes Estates, 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 Palos Verdes Estates within 30 days after closing of the bond sale, by the Trustee from bond proceeds. "- f '-.- "- <~ '- 1" '-' ') ".",.-1 ,-' 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 Palos Verdes Estates 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 Palos Verdes Estates 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 Palos Verdes Estates Allocation to the City of Palos Verdes Estates, California, or upon the consent of the City of Palos Verdes Estates, the City may transfer said unused portion of the 1985 Palos Verdes Estates Allocation to the State of California. Section 6. This Resolution shall take effect upon adoption. c .-- ........., - '- '-" , "'< .....; I HEREBY CERTIFY that the by the Mayor and Common Council of a the day of following vote, to wit: - /-) _J foregoing resolution was duly adopted the City of San Bernardino at meeting thereof, held on , 1985, by the AYES: Council Members NAYS: ABSENT: City Clerk The foregoing resolution is hereby approved this , 1985. day of Approved as to Legal Form and Sufficiency t1Z~~~ City Attorney 06llK/EB Mayor of the City of San Bernardino '- c"'''....... '- ."'"" '- - /'" ........, "'~~i\ I '" -- .........,. 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 FAIRFAX, 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 Fairfax, California, may be transferred by such Local Agency to another Local Agency in the State or to the State; and c - .?~ , - ,'-...-......, - ~ - - " ,....;'..... ....J '-" '-' WHEREAS, at the request of the City of San Bernardino, California (the "City"), the City of Fairfax, California has, by its Resolution No. 1432, ordered and directed the transfer of an amount equal to $384,000 of the calendar year 1985 Private Activity Bond Limit of the City of Fairfax, 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 Fairfax, California, to the City. NOW, THEREPORE, 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 Fairfax, California, the transfer of an amount equal to $384,000 of the calendar year 1985 Private Activity Bond Limit of the City of Fairfax, California (the "1985 Allocation") to the City, in accordance with Resolution No. 1432 of the City Council of the City of Fairfax, California. No portion of the 1985 Fairfax Allocation, as transferred by the City of Fairfax, 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 Fairfax, California. - c ,-.. ~ ~ v :) Section 2. The Council hereby aCknowledges that such portion of "- the 1985 Fairfax Allocation, which has been transferred to the City pursuant to Resolution No. 1432 of the City Council of the City of Fairfax, 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 ,~-;;o;;,. be applicable to the issuance by the City of Private Activity Bonds for - which the transfer of the 1985 Fairfax Allocation, as authorized in Resolution No. 1432 of the City Council of the City of Fairfax, has been applied by the City. Section 4. In the event that the City utilizes all or any portion of the 1985 Fairfax Allocation, transferred to the City, then the City shall pay to the City of Fairfax, 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 Fairfax within 30 days after closing of the _._.e.."~ - bond sale, by the Trustee from bond proceeds. ,,-- "- r.::: '- - - - - - ......, <:) "'-' '-' 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 Fairfax Allocation as accepted by the City in Section 1 of this Resolution, for use in connection with the Tar-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 Fairfax 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 Fairfax Allocation to the City of Fairfax, California, or upon the consent of the City of Fairfax, the City may transfer said unused portion of the 1985 Fairfax Allocation to the State of California. Section 6. This Resolution shall take effect upon adoption. -. , '- ,~~_.,- ..... ~; '- - I"'" '-' - ~- ..".. ...... ,...-.'\ .....,; :> I HEREBY CERTIFY that the by the Mayor and Common Council of a the day of 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 NAYS: ABSENT: City Clerk of The foregoing resolution is hereby approved this . 1985. day Approved as to Legal Form and Sufficiency ~1fIJ~ City Attorney 0612K/EB Mayor of the City of San Bernardino '. c - - - - - - r'o,. :) ........, :) RESOWTION 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 PACIFICA. 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 Pacifica, 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 Pacifica, California has. by its Resolution No. 51-85, ordered and directed the transfer of an amount equal to $1,921.000 of the calendar year 1985 Private Activity Bond Limit of the City of Pacifica. 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 Pacifica. California, to the City. NOW, THEREPORE. 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 Pacifica, California, the transfer of an amount equal to $1,921,000 of the calendar year 1985 Private Activity Bond Limit of the City of Pacifica, California (the "1985 Allocation") to the City. in accordance with Resolution No. 51-85 of the City Council of the City of Pacifica, California. No portion of the 1985 Pacifica Allocation, as transferred by the City of Pacifica. 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 Pacifica, California. - - \...- - - ~~~j '- Section 2. The Council hereby acknowledges that such portion of the 1985 Pacifica Allocation, which has been transferred to the, City pursuant to Resolution No. 51-85 of the City Council of the City of Pacifica, 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 Pacifica Allocation. as authorized in Resolution No. 51-85 of the City Council of the City of Pacifica, has been applied by the City. '- '- Section 4. In the event that the City utilizes all or any portion of the 1985 Pacifica Allocation, transferred to the City, then the City shall pay to the City of Pacifica, 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 Pacifica within 30 days after closing of the bond sale, by the Trustee from bond proceeds. '. c ~.---... ~""., '^"-" -. -...I .....) 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 Pacifica Allocation as accepted by the City in Section 1 of this Resolution. for use in connection with the Tar-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 Pacifica 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 Pacifica Allocation to the City of Pacifica. California. or upon the consent of the City of Pacifica. the City may transfer said unused portion of the 1985 Pacifica - ~ Allocation to the State of California. Section 6. This Resolution shall take effect upon adoption. "- . . c '- ..- ~ -- - - /"" ~ - ~, , '" ,..) '-" by a the following vote. I HEREBY CERTIFY that the foregoing resolution was duly adopted the Mayor and Common Council of the City of San Bernardino at meeting thereof. held on , 1985. by the day of to wit: AYES: Council Members NAYS: ABSENT: City Clerk of The foregoing resolution is hereby approved this . 1985. day Approved as to Legal Form and SuffiCiency ~~~ City Attorney 0613K/EB Mayor of the City of San Bernardino