HomeMy WebLinkAboutCC Res 3484 1985-06-25
RESOLUTION NO.~~~~'
A RESOLUTION OF THE CITY OF SEAL BEACH AUTHORIZING THE
TRANSFER OF [ITS 1985/0NE MILLION THREE HUNDRED SEVENTY-THREE
THOUSAND DOLLARS ($1,373,000) OF ITS 1985] ALLOCATION OF
PRIVATE ACTIVITY BOND DEBT LIMIT TO THE CITY OF GLENDORA
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WHEREAS, for the 1985 calendar year, the City of Seal Beach has received an
allocation of private activity bond debt limit from the State of California in
the amount of One Million Three Hundred Seventy-Three Thousand Dollars
($1,373,000) (the "Allocation") pursuant to Section 103(n) of the Internal
Revenue Code and the proclamation of the Governor of California of July 19,
1984; and
WHEREAS, said proclamation grants to City the authority to transfer all or a
portion of its allocation of private activity bond debt limit to other qualified
public entities; and
WHEREAS, GARY KANTER ASSOCIATES has requested that the City transfer One
Million Three Hundred Seventy-Three Thousand Dollars ($1,373,000) of its
Allocation to the City of Glendora in order to facilitate the City of
Glendora's issuance and sale of industrial development bonds for GARY KANTER
ASSOCIATES proposed Grand Rizal Village development to be located at 1327 South
Grand Avenue, Glendora, California; and
WHEREAS, the City Council has reviewed the terms and conditions of the
Agreement providing for the transfer of said allocation and has found that said
Agreement is in the public benefit,
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE CITY COUNCIL I
AS FOLLOWS:
Section 1, The City Council hereby approves the "Agreement for Transfer of
Debt Limit Allocation for Issuance of Industrisl Development Bonds" attached
hereto and incorporated by reference herein and instructs the Mayor to execute
said Agreement on behalf of the City.
Section 2, The City Council hereby orders that, upon execution of the
Agreement attached hereto as Exhibit "A", and subject to the terms and con-
ditions set forth therein, One Million Three Hundred Seventy-Three Thousand
Dollars ($1,373,000) of the City's allocation of private activity bond debt
limit from the State of California for the calendar year(s) 1985 shall be trans-
ferred to the City of Glendora.
Section 3. This resolution shall take effect immediately upon its adoption.
APPROVED AND ADOPTED THIS
day of
, 1985.
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Mayor
City of Seal Beach
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ATTEST:
City Clerk
City of Seal Beach