CC RES 1984-081RESOLUTION N0. 84 -81
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO PALOS VERDES TRANSFERRING A PORTION OF THE
PRIVATE ACTIVITY BOND ALLOCATION OF THE CITY OF
RANCHO PALOS VERDES
WHEREAS, pursuant to the Tax . Ref orm Act of 1984 ( Public Law
98 -369) and the Governor's Proclamation of July 19, 1984 implementing said
Act, the City of Rancho Palos Verdes (the "City ") has received a private
activity bond allocation in the amount of $2,306,000.00 for the calendar
year 1984: and
WHEREAS, it is not expected that the City will utilize the full
amount of such allocation for the issuance of private activity bonds during
1984; and
WHEREAS, the Proclamation permits the City to transfer to the State
of California or any other local agency all or any portion of its private
activity bond allocation in any calendar year; and
WHEREAS, the City wishes to cooperate with the State and other local
governments which may need allocation in 1984; and
WHEREAS, the City understands that the State acting through its Debt
Limit Allocation Committee is willing to act as a clearinghouse to assist in
the most efficient utilization of allocations in 1984.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO PALOS VERDES
DOES RESOLVE AND ORDER AS FOLLOWS:
Section 1: The City of Rancho Palos Verdes hereby transfers to the
State of California the aggregate amount of $2,306,000.00 of the City's unused
private activity bond allocation for 1984 under the Act and the Governor's
Proclamation. Such allocation for 1984 under the Act and the Governor's
Proclamation. Such allocation may be transferred by the California Debt Limit
Allocation Committee to any other state agency or local agency as such Committee
may deem appropriate, and may be used by any such transferee for a carryforward
election.
Section 2: The City Clerk is hereby directed to immediately transmit
a certified copy of this resolution to the California Debt Limit Allocation
Committee.
passage.
Section 3: This resolution shall take effect immediately upon its
PASSED, APPROVED and ADOPTED
ATTEST:
t
fc-1
City Clerk
701X -A25
December 18, 1984.
i 11-1-1 4
L
or
State of California )
County of Los Angeles ) ss
City of Rancho Palos Verdes )
I, JO PURCELL, City Clerk of the City of Rancho Palos Verdes, hereby certify
that the above Resolution No. 84 -81 was duly and regularly passed and adopted
by the said City Council at a regular meeting thereof held on December 18,
1984.
U X
City Clerk, ity of Rancho. Palos Verdes
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