HomeMy WebLinkAbout104-84 RESOLUTION NO. 104-84
RESOLUTION TRANSFERRING A PORTION OF THE
PRIVATE ACTIVITY BOND ALLOCATION OF THE CITY OF THE
TOWN OF LOS ALTOS HILLS
WHEREAS, pursuant to the Tax Reform Act of 1984 (Public Law
98-369) and the Governor' s Proclamation of July 19 , 1984 imple-
menting said Act, the City of the Town of Los Altos Hills (the
"CITY") has received a private activity bond allocation in the
amount of_ - $400 , 000 for the calendar year 1984 ; and
WHEREAS, it is not expected that the City will utilize the
full amount of such allocation for the issuance' of private activity
bonds during 1984 ; and
WHEREAS, the Proclamation permits the City to transfer to the
State of California or any other local agency all or any portion
of its =private activity bond allocation in any calendar year; and
WHEREAS, the City wishes to cooperate with the State and
other local governments which may need allocation in 1984 ; and
WHEREAS, the City understands that the State acting through
its Debt Limit Allocation Committee is willing to act as a clearing-
house to assist in the most efficient utilization of allocations in
1984 .
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of the Town of Los Altos Hills as follows :
1. The City of the Town of Los Altos Hills hereby transfers •
to the State of California the aggregate amount of $400 , 000 of the
City' s unused private activity bond allocation for 1984 under the
Act and the Governor' s Proclamation. Such allocation may be trans-
ferred by the California Debt Limit Allocation Committee to any
other state agency or local agency as such Committee may deem
appropriate, and may be used by any such transferee for a carry/for-
ward
ward
2 . The City Clerk is hereby directed to immediately transmit
a certified copy of this resolution to the California Debt Limit
Allocation Committee.
3 . This resolution shall take effect immediately uponits
passage.
REGULARLY passed and adopted this 19th day of. December, 1984 .
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ATTEST:
DEPUTY CITY CLE
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