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RESOLUTION NO. 104-84 <br /> RESOLUTION TRANSFERRING A PORTION OF THE <br /> PRIVATE ACTIVITY BOND ALLOCATION OF THE CITY OF THE <br /> TOWN OF LOS ALTOS HILLS <br /> WHEREAS, pursuant to the Tax Reform Act of 1984 (Public Law <br /> 98-369) and the Governor' s Proclamation of July 19 , 1984 imple- <br /> menting said Act, the City of the Town of Los Altos Hills (the <br /> "CITY") has received a private activity bond allocation in the <br /> amount of_ - $400 , 000 for the calendar year 1984 ; and <br /> WHEREAS, it is not expected that the City will utilize the <br /> full amount of such allocation for the issuance' of private activity <br /> bonds during 1984 ; and <br /> WHEREAS, the Proclamation permits the City to transfer to the <br /> State of California or any other local agency all or any portion <br /> of its =private activity bond allocation in any calendar year; and <br /> WHEREAS, the City wishes to cooperate with the State and <br /> other local governments which may need allocation in 1984 ; and <br /> WHEREAS, the City understands that the State acting through <br /> its Debt Limit Allocation Committee is willing to act as a clearing- <br /> house to assist in the most efficient utilization of allocations in <br /> 1984 . <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City <br /> of the Town of Los Altos Hills as follows : <br /> 1. The City of the Town of Los Altos Hills hereby transfers • <br /> to the State of California the aggregate amount of $400 , 000 of the <br /> City' s unused private activity bond allocation for 1984 under the <br />