Resolution No. 5157
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RESOLUTION NO. 5157
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
o.F VERNON TRANSFERRING A PORTION OF THE
PRIVATE ACTIVITY BOND ALLOCATION OF THE CITY
OF VERNON TO THE ECONOMIC DEVELOPMENT
CORPORATION OF LOS ANGELES COUNTY
6 WHEREAS, pursuant to the Tax Reform Act of 1984
7 (public Law 98-369) and the Governor's Proclamation of
8 July 19, 1984 implementing said Act, the City of Vernon (the
9 "City" ) has received a private activity bond allocation in the
10 amount of Four Thousand Dollars ($4,000) for the calendar year
11 1984; and
12 t^lHEREA.S, it is not expected that the City will
13 utilize the full amount of such allocation for the issuance of
14 private activity bonds during 1984; and
15 WHEREAS, the Proclamation permits the City
16 to transfer to the State of California or any other local agency
17 all or any portion of its. private activity bond allocation in
,18 any calendar year; and
19 WHEREAS, the City of Vernon wishes to coooerate with
20 the State and other local governments which may need allocation
21 in 1984; and
22 WHEREAS, the City understands that the State, acting
23 through its Debt Limit Allocation Committee is willing to act
24 as a clearinghouse to assist in the most efficient utilization
25 of allocations in 1984.
26 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL Of
27 THE CITY OF VERNON AS FOLLOWS:
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SECTION 1: The City Council of the City of Vernon
1 hereby transfers to the Economic Development Corporation of
2 LOs Angeles County the aggregate amount of Four Thousand Dollars
3 ($.4,000) of the City's unused private activity bond allocation
4 for 1984 under the Act and the Governor '5 Proclamation, which
5 may be used by said transferee for a carryforward election.
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SECTION 2: The City Council of the City of Vernon
7 hereby directs the City Clerk to immediately transmit a
8 certified copy of this Resolution to the California Debt Limit
9 Allocation Committee.
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SECTION 3: The City Clerk of the City of Vernon shall
11 certify to the passage of this Resolution and thereupon and
12 thereafter the same shall be in full force and effect.
13 APPROVED AND ADOPTED this 18th day of December, 1984.
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ATTEST:
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BRUCE V. MALKENHORST, City Cler' "
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':, E?JJC'~ '.J. ~.ALKENHORST, City Clerk of the City of
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GO. 5157
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:5 Ve:cnc)r, __0 beroby certify tha tthe foregoing Resolution, being
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P,-esolut
, was duly adopted by the City Council of
7 the City of Vernon, and was approved by the Mayor of said City
Ian adjourned
at x:xrc;:>,ular meeting of the City Council held on Tuesday,
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December 18
(SEAL)
, 19 84
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BRUCE V. MALKENH RST. City
Clerk
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