1985-02 RESOLUTION NO. 85-02
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAND TERRACE, CALIFORNIA, TRANSFERRING A PORTION
OF THE PRIVATE ACTIVITY BOND ALLOCATION OF THE
CITY OF GRAND TERRACE.
WHEREAS, pursuant to the Tax Reform Act of 1984 (Public Law`98-369)
and the Governor's Proclamation of July 19, 1984, implementing said Act, the
City of Grand Terrace ("City") has received a private activity bond al location-
in the amount of $502,000 for the calendar year 1984; and -
WHEREAS, the Act permits unused private activity bond allocation in
any calendar year to be carried forward to future years with respect' to-,". '` ; .
certain designated types of projects; and
WHEREAS, the City and the County of San Bernardino and other cities in
the Valley portion of San Bernardino County plan to contract for construction
of a waste-to-energy resource recovery facility (the "Project"), in the
County 's West Valley area, and it is contemplated that part or all of the cost
of such facilities will be financed with tax-exempt bonds which will require a
private activity bond allocation when issued; and
WHEREAS, County staff has advised the City that it is most likely that
the bonds for the Project will be issued by the California Pollution Control
Authority; and
WHEREAS, the City desires to assist the Project by making part of its
unused 1984 private activity bond allocation available to the California
Poll uti on Control Financing Authority in -order for the Authority to make a
carryforward election with respect to the Project;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
`Grand Terrace as follows:
Section 1. The City of Grand Terrace hereby transfers to the State of
California the aggregate amount of the City's unused 1984 private activity
bond allocation under the Act and the Governor's Proclamation. Such transfer
is made under the express condition that the State may only utilize such
transfer for the purpose of making a carryforward election pursuant to Section
1203(n)(9) of the Internal Revenue Code of 1964 with respect to the Project.
Section 2. The City Clerk is hereby directed to transmit a copy of
this Resolution to the California Debt Limit Allocation Committee and to file
with said Committee the notice required by the Governor's Proclamation. The
City Clerk is further directed to retain a copy of this Resolution in its
records until any bonds issued to finance the Project are retired.
Section 3. This Resolution shall take effect immediately upon its
passage.
ADOPTED this 14th day of February, 1985.
ATTEST:
Deputy
City Clerk of the City Grand Mayor o e it o ran rrace
Terrace, and of the Cit Council and of th Cit Council there f.
thereof.
I, Myrna Erway, City Clerk of the City of Grand Terrace, do hereby
certify that the foregoing Resolution was introduced and adopted at a regular
meeting of the City Council of the City of Grand Terrace held on the 14th day
of February 1985, by the following vote:
AYES: Councilmembers Matteson, Petta, Pfennighausen, Evans;
Mayor Grant.
NOES: None
ABSENT: None
ABSTAIN: None
By -
Deputy City Clerk
Approved as to form-
City Attorney