HomeMy WebLinkAboutR23-Redevelopment Agency
. Rd:!VELOPMENT AGENCY-ICGuEST FOR Cb..1SSION/COUNCIL Ad-ION
From:
Ct:
Glenda Saul, Executive Director
Subject:
TRANSFERRING BACK lOB ALLOCATION
TO THE CITY OF FORT BRAGG
Redevelopment Agency
Date: November 26, 1985
Synopsis of Previous Commission/Council action:
7-15-85
Adopted Resolution 85-265 accepting transfers of lOB allocation from the
City of Fort Bragg
Recommended motion:
MAYOR AND COMMON COUNCIL
,
c
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA,
TllANSFERRING TO THE CITY OF FORT BRAGG, CALIFORNIA, A PORTION OF THE CALENDAR YEAR
1985 PRIVATE ACTIVITY BOND LIMIT OF THE CITY OF SAN BERNARDINO, CALIFORNIA.
~dt ~AJ
Signature
Contact person:
GLENDA SAUL
FUNDING REQUIREMENTS:
Amount: $
NIA
Phone: 383.5081
NIA
Ward:
N/A
Project:
December 2, 1985
Date:
Supporting data attached:
YES
No adverse Impact on City:
Ceil Notes:
122G/EB
Agenda Item NO.1!:of 3
CIO OF SAN BERNARDI()) - REQUOT FOR COUNCIL ACOoN
c
c
c
75-0264
STAFF REPORT
On July 15, 1985, the Mayor and Common Council adopted Resolution 85-265 accepting the
transfer of IDB allocation from the City of Fort Bragg in the amount of 289,000.
On September 27, 1985, staff sent letters to all city's transferring allocation to San
Bernardino requesting authorization to transfer any unused portion to the state at
yearend.
The City of Fort Bragg requested that we transfer their allocation back to them.
(Letter attached)
The current status of IDB allocation is as follows:
San Bernardino Allocation
$ 6,812,000
Transfer from other cities
les s Ridgec rest
less Fort Bragg
12,612,000
1,152,000
287,000
$11,171,000
$17,983,000
Total Remaining Allocation
Staff has determined this allocation is sufficient to fund proposed projects for 1985.
l22G/EB
12-2-85
c
o
o ::;
SBEOOl-89(lOlO)/127lS/jm
11/25/85
c
RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, TRANSFERRING
TO THE CITY OF FORT BRAGG, CALIFORNIA, A PORTION
OF THE CALENDAR YEAR 1985 PRIVATE ACTIVITY BOND
LIMIT OF THE CITY OF SAN BERNARDINO, CALIFORNIA
WHEREAS, the City of San Bernardino, California (the
"City"), is a "home rule city" duly organized and existing under and
pursuant to a Charter adopted under the provisions of the
Constitution of the State of California; and
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
c:: 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 City of Fort Bragg, California, pursuant to
its Resolution No. 1342-85 as adopted on June IO,
1985,
has
c
previously transferred a portion of its 1985 Private Activity. Bond
- 1 -
c
o
o
:)
c
Limit in the amount of $289,000 to the City for use by the City in
furtherance of the intent and purposes of the Proclamation; and
WHEREAS, tke Mayor and Common Council of the City of
San Bernardino, California (the "Mayor and Common Council"), has
previously accepted said transfer of allocation from the City of
Fort Bragg, California, to the City in the amount of $289,000
pursuant to its Resolution No. 85-265 adopted on July 15, 1985, and
reported said action taken to the California Debt Limit Allocation
Committee (the "Committee"), and
WHEREAS, Section 4 of said Resolution No, 85-265 provided
that in the event the City utilizes any or all portion of the
C calendar year 1985 Private Activity Bond Limit of the City of
Fort Bragg, California, an amount equal to one-quarter of one
percent (0,25%) 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 would be paid to the City of
Fort Bragg, California; and
WHEREAS, on August 30, 1985, the Governor amended the
Proclamation by providing, in pertinent part, 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 may be transferred by such
Local Agency to another Local Agency in the State or to the State;
C and
- 2 -
c
o
o
:)
c
WHEREAS, the City of Fort Bragg, California, has requested
the City to transfer back to the City of Fort Bragg, California,
said portion of its 1985 Private Activity Bond Limit in an amount of
$289,000; and ~
WHEREAS, the Mayor and Common Council hereby deems it
appropriate to take action on said request of the City of
Fort Bragg, California, and to transfer a portion of the calendar
year 1985 Private Activity Bond Limit' of the City to the City of
Fort Bragg, California, upon the terms and conditions as hereinafter
set forth,
c
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 Mayor and Common Counci 1 hereby
acknowledges receipt of the request as submitted to the City by the
City of Fort Bragg, California, and the Mayor and Common Council
hereby orders and directs the transfer of an amount equal to
$289,000 of the calendar year 1985 Private Acti vi ty Bond Limit of
the City to the City of Fort Bragg, California, as more fully
described in said request,
Section 2. The Mayor and Common Council hereby
aCknowledges that the portion of the calendar year 1985 Private
<:: Activity Bond Limit of the City as transferred hereby to the City of
- 3 -
c
o
o
:)
c
Fort Bragg, California, may be transferred by the City in the manner
as provided in the Proclamation.
Section 3, ...The Mayor and Common Council hereby
acknowledges that such portion of the calendar year 1985 Private
Activity Bond Limit of the City as transferred to the City of
Fort Bragg, California, pursuant to this Resolution shall be
irrevocable upon the issuance of bonds pursuant to the procedures to
be taken hereafter by the City of Fort Bragg, California,
Section 4. The City of Fort Bragg, California, shall have
the sole Obligation and responsibility to comply with all reporting
requirements as necessary to the Committee as established pursu_ant
C to the Proclamation. as amended, and all other requirements therein
and in the Code to the extent the same shall be applicable to the
issuance by the City of Fort Bragg, California, of Private Activity
Bonds.
c
- 4 -
c
o
o
:)
c
Section 5, This Resolution shall take effect upon adoption.
APPROVED AND ADOPTED this
day of
1985.
-
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by
the Mayo r
and Common Counc i 1
of
the City of
San Bernardino at a
meeting thereof, held
on the
day of
1985, by the
following vote, to wit:
AYES:
Council Members
c
NAYS:
ABSENT:
City Clerk
day of
The foregoing resolution is hereby approved this
, 1985,
Mayor of the City of
San Bernardino
Approved as to form:
- 5 -
c
c
c
c
o
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO) ss.
CITY OF SAN BERNARDINO )
I, SHAUNA CLARK, City Clerk in
San Bernardino, DO HEREBY CERTIFY that the
copy of San Bernardi~o City Resolution No.
and correct copy of that now on file in this
o
and for
foregoing
is
office.
:)
the City of
and attached,
a full, true
and affixed
day of
IN WITNESS WHEREOF, I have hereunto set my hand
the official seal of the City of San Bernardino this
, 1985,
City Clerk
- 6 -
c
c
c
c
o
:)
City of Fort Bragg
!1UfJrporated Allpst 5, 1889
416 N. Franklin St.
Fort Bralla'. Ca 95437
707.964.6325
October 18, 1985
Ms. Glenda Saul
Executive Director
City of San Bernardino
Redevelopment Agency
300 North D Street, Room 327
San Bernardino, CA 94218
Dear Ms. Saul:
J
/ \)~ :'h;i EER/jI
/'~ ~~
./ '-.>' ..~.<J ~I
! '" f .' ,<0 !?
j f!: '. -:. r..;I n
(,~ ",.' , ~,' ~
,0 l: :-.r'...., t::
\:>- \..- C-v ="'
'I. c...'. ~
.. '''":''~ C.)
~ V
P.
./I;h. ....-t.
"''VclOl1h1(1;~
,.', x~'
'_( I
This letter is to notify the City of San Bernardino that the City
of Fort Bragg has requested the carryover of private activity
bonds for our own use. The City may have a project that can use
private activity bonds. I must inform you that we will not be
signing the transfer form for unused allocation.
On behalf of the City of Fort Bragg, I wish to thank you for
interest in our private activity bond allocation. Should
have any questions with regard to this letter, please do
hesitate to contact me.
Sincerely,
'-7...J, v. 1-.:L......
Frank V. Filice
Community Development Director
nc
your
you
not
;
,.r' ,. ((i
\J":"~ ~' , ,1.'\
\