HomeMy WebLinkAboutReso 114-85 AlaCoTransferBond RESOLUTION NO. 114- 85
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
APPROVING THE TRANSFER OF
THE CITY'S PRIVATE ACTIVITY BOND ALLOCATION
FOR CALENDAR YEAR 1985 TO THE COUNTY OF ALAMEDA
WHEREAS, the Tax Reform Act of 1984 (the "Act") has imposed a
volume cap on the amount of "Private Activity Bonds" which can be issued by
any state; and
WHEREAS, the Act permits any state to implement a procedure for
the allocation of the aggregate principal amount of Private Activity Bonds
which may be issued by state and local issuers; and
WHEREAS, the Governor of the State of California, by Proclamation
dated July 19, 1984 (the "Proclamation") has set in place a system for such
allocation among state and local issuers in California (the "Private
Activity Bond Limit,'); and
WHEREAS, the 1985 calendar year Private Activity Bond Limit for
the City of Dublin (the "City") is $809,000; and
WHEREAS, the City has determined that it does not expect to
utilize $809,000 of its 1985 Private Activity Bond limit; and
WHEREAS, the Act and the Proclamation authorize the transfer to
another local agency or to the state of all or a portion of a local
agency's Private Activity Bond Limit, including the 1985 Private Activity
Bond Limit of the City; and
WHEREAS, the County of Alameda (the "County") has requested that
an amount equal to $809,000 of the 1985 Private Activity Bond Limit of the
City be transfered from the City to the County for use by the County in
furtherance of certain projects; and
WHEREAS, the City Council hereby deems it appropriate to take
action on such request by the County and desires to transfer to the County,
upon the terms and conditions hereinafter set forth, the above-stated
amount of the City's 1985 Private Activity Bond Limit which the City does
not expect to utilize.
NOW, THEREFORE, the City Council of the City of Dublin does
resolve as follows:
Section 1. The City Council hereby tranfers an amount equal to
$809,000 of the calendar year 1985 Private Activity Bond Limit of the City
to the County in furtherance of industrial development bond financings to
be undertaken by the County referred to in said request or in furtherance
of such other purposes as the County shall deem necessary or appropriate.
Section 2. The City Council hereby determines that it does not
reasonably expect to grant requests to use the portion of the 1985 Private
Activity Bond Limit which it is transferring to the County for any issuance
Section 4. Although the City understands the County intends to
apply the full amount of the City's 1985 Private Activity Bond Limit
transferred hereby to industrial development bond financings in calendar
year 1985, in the event the County shall not so use all or a portion of the
City's 1985 Private Activity Bond Limit transferred, the City authorizes
the County to carry forward (under the terms of the Act and the Procla-
mation) or transfer to any State Agency or Local Agency (as defined in the
Proclamation) the City's 1985 Private Activity Bond Limit, as the County
shall deem necessary and appropriate.
Section 5. The City Council hereby authorizes the City Clerk to
forward a co~py of this Resolution to the Clerk of the County Board of
Supervisors and to the California Debt Limit Allocation Committee under
cover of the letter of the City in the form attached to this Resolution.
Section 6. This Resolution shall take effect immediately upon its
passage.
I hereby certify under r~nalty of pe~urythatthe transfer of allocation made pursuant to
the foregoing Resolution was not made in consideration of any bribe, gift, gratuity, or
direct or indirect contribution to any political campaign.
PASSED, APPROVED AND ADOPTED this 14th day of October, 1985, by
the following vote:
AYES: Councilmembers Hegarty, Jeffery, Moffatt, Vonheeder and
Mayor Snyder
NOES: None
AB SEN T: None
~M~yor of the L~t~of ~Subl~n
ATTEST: