HomeMy WebLinkAboutResolution - 1598 'I
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RESOLUTION NO. 1598
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JACINTO,
CALIFORNIA, TRANSFERRING 1985 PRIVATE ACTIVITY 30ND LIMIT
3 TO THE REDEVELOPMENT AGENCY OF THE CITY OF RANCHO CUCAMONGA
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4 IdHEREAS, nursuant to Section 103(n) of the Internal Revenue Code of 1984
1 as amended, there are authorized to be,issued within the State of California
51 in any calendar year an amount of Private Activity Bonds (as defined in said
"Section 103(n) not exceeding in aggregate orincipal amount the statewide limi
determined as set forth 'insaid Section 103(n); end
7 !dHEREAS, zhe Governor of the State of California on Jule 19, 1984,
issued aProclamation (the "Proclamation") implementing the provisions of sai
S Section 103 (n), pursuant to which a portion of said statewide limit is
allocated to each city based on the estimated population of such city; and
:dHEREAS, the Proclamation permits the City to assign to another local
1C1 agency all or a portion of its 1985 Private Activity Bond Limit by resolutior
adopted by the City Council, and the Redevelopment Agency of the City of
11 Rancho Cucamonga has requested the City to assign to it the amount of S463,0C
12 NO'rl, THE.n.EFORE, BE IT RESOLVED by the city Council of the City of
San Jacinto, as follows`.
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SECTION 1: Transfer of Private Activity Bond Limit. The amount of
14 $463,000, representing all of the City's 1985 Private Activity Bond Limit,
is hereby transferred to the Redevelopment .Agency of the City of
151 Rancho Cucamonga.
16 SECTION 2: Official Action. The City Manager is hereby authorized and
directed to notify the California Debt Limit Allocation Committee
17 (the "Committee") established by the Proclamation of the assignment made
18, pursuant to Section 1 within fifteen (15) days of the adoption of this
resolution.
19 SECTION 3: The City Clerk shall certify to the adoption of this Res-lut
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PASSED, APPROVED, and ADOPTED this 18th.ly of June, 19
21 ATTEST: T
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231 Depute Citv Clerk L/
241, CERTIFICATE C
25 The foregoing is certified to be a true copy of ResolutionNo. 1598 du
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26,� adopted by the said City Council of the City of San Jacinto on the date set
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27'11forth therein.
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29
Deputy City Clerk
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