HomeMy WebLinkAboutResolution 85-037 N.C.S. 02/04/1985FE~ 11 1985 X
~ ~eSOl"u~101~ N~. 8 5- 3 7 ~, ~. S..
of the City of ~Peta~lurna, California
RESOLUTION TRANSFERRINCT A PORTION OF
THE PRIVATE ACTIVITY BOND ALLOCATIOri
OF THE CTTY OF P.ETALUMA
VtWHEREAS, pursuant to ~the Tax Reform Act of 1984 (Public Law
98-396) and the Governor's Proclamation of July 19, 1984 implementing said
Act, the City of Petaluma (the "•City" ) has received a private activity bond
allocation in the amount of $1,,895,000 for the calendar year 1984; and,
WHEREAS, the Ci_ty has not ufilized the fu11 amount of such allocation
for the issuance of private astivity bonds during 1984; and,
WHEREAS, the Proclamation and report of T,reasury IRS Regulations of
December 1984 permit the City of transfer to the State: of Calif.ornia or any
other local agency all or any portion of its private aetivity bond allocation
in any calendar year; and,
WHE.REAS, the .City wishes to cooperate with the State and other locaJ.
governments which may need allocation in 1984; and,
WHERFAS, the City understands that the State ac#ing through its Debt
Limit Allocation Committee is willing to act as a clearin-ghouse to assist in
the most efficient utilization of allocations in I984;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Petaluma as follows :
1. The City of Petaluma hereby transfers to the State of° California
the aggregate sum of' $1, 895 , 000 of the City's uriused private activity bond
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 loeal agency as such Committee may
deem appropriate, and may be used by any such transferee for a
carryforward election . "
2. The City Clerk is hereby directed- to iminediately transmit a
certified copy of this resolution to the California. Debt Limit Allocation
Committee .
3. This resolut'ion shall take effeet immediately upon its passage.
r~ r u~ c n Under•the power and suthority,conferred upon this Council by the Charter of' said City.
I hereby certifg the: foiegoing Resolution was u-troduced and ;adopted by the Approved a~~
: . :, _ : . - • fo t /'
Gouncil of the City of Petaluma at a(Reg7ffar) (Ad~ourned) (~~ meeting -•
on tlie .._ llth February, . 8 5. `~
• •-•-••--••-. day of .... . ...... .. ..... . ..... 19... . , by the
following ~ote: " •-•-•-•-••••- -•,--• -•--•-----•-•--..._.
- ~ ty torney
AYES: Balshaw,, Cav:a~nagh, Davis, Woolsey, Tencer, V,M. Bond, Mayo Mattei
NOES: norie
ABSENT: non
.. ~
, .,. .: ti ,., . .- . . " _ ~ ^.
••, •• . • • -= -• ••--• - ~ ' •••..._... ,~•-••...,.....---•
ATTEST: . .-== _. •• _, •• -- --•--- -••••--....__,:.-•----
' City'Clerk Mayor
Council File ..........................._....._.
Fomi CA 2 7/81 Res. No.._.........8_.r~...- 3.~, N C S