HomeMy WebLinkAboutCC Res 3433 1984-11-26
RESOLUTION NUMBER ~~~
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SEAL BEACH, CALIFORNIA, ASSIGNING
THE 1984 PRIVATE ACTIVITY BOND ALLOCATION OF
$1,373,000 TO THE CITY OF HAWAIIAN
GARDENS FOR ITS USE IN 1984
THE CITY COUNCIL OF THE CITY OF SEAL BEACH DOES HEREBY RESOLVE:
WHEREAS, on July 18, 1984, President Ronald Reagan signed into
law the Tax Reform Act of 1984; and
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WHEREAS, on July 19, 1984, Governor George Deukmejian signed an
executive proclamation setting in place an allocation
system within the State of California for private activity
bond financings; and
WHEREAS, the Governor's proclamation prescribed an allocation
formula which provided the City of Seal Beach an allocation
of $1,373,000 in private activity bonding capacity for
the calendar year 1984; and
WHEREAS, the City of Hawaiian Gardens has requested a transfer
of Seal Beach's 1984 allocation for use on a project
within that City's jurisdiction and such request and
transfer are provided for within the Governor's proclamation;
and
WHEREAS, there are no projects within the City of Seal Beach which
could utilize the 1984 allocation and the City Council
is desirous of transferring its 1984 allocation.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City
of Seal Beach hereby:
1) Acknowledges the request of the City of Hawaiian
Gardens for transfer of Seal Beach's 1984 Private
Activ,ty Bond allocation.
,) Grants the transfer of Seal Beach's 1984 Private
Activity Bond allocation, in the amount of $1,373,000,
to the City of Hawaiian Gardens provided that the
City of Hawaiian Gardens agrees in writing to transfer
to the City of Seal Beach any unused allocation of
Private Activity Bond financing available to the
City of Hawaiian Gardens, not to exceed the sum of
$1,373,000, in the event that the City of Seal Beach
requests that such transfer be made no later than
December 31, 1987; and also provided that such transfer
by the City of Seal Beach in 1984 be used exclusively
by the City of Hawaiian Gardens for the construction
of the self-storage warehouse facility proposed by
the DeRuff Development Company.
3) Instructs the City Clerk to certify to the adoption
of this Resolution and its approval by the Mayor
and City Council, and to forward a cert,fied copy
to the City of Hawaiian Gardens for the record.
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PASSED, APPROVED AND ADOPTED by the City Council~f the C~ of ~
Seal Beach at a meeting thereof held on the -',_ day of ..-- .-
1984, by the following vot
NOES: Councilmembers
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AYES: Councilmember
ABSENT: Councilmembers
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ayor
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Resolution Number !J1:13
ATTEST:
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STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF SEAL BEACH
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I, Joanne M. Yeo, City Clerk of the City of Seal Beach, California,
do hereby certify that the f~~ing resolution is the original
copy of Resolution Number ~ on file in the office of the City
Clerk, passed, approved and adopted by the City Council of the <l
City of ~ Beacy~ regular meeting thereof held on the "zh'
day of -{.JhL ,1984.
~1''''' .ohC ca
'ty Clerk /
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