Resolution No. 5190
, f
....
,',
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
RESOLUTION NO. 5190
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF VERNON TRANSFERRING A PORTION OF THE
PRIVATE ACTIVITY BONO ALLOCATION OF THE CITY
OF VERNON TO THE ECONOMIC DEVELOPMENT
CORPORATION OF LOS ANGELES COUNTY
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 Vernon (the "City") has
received a private activity bond allocation in the amount of Four
Thousand Dollars ($4~00()}.for the calendar year 1985~ 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 1985.~ 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'.I.allocation in any calendar
year~ and
WHEREAS, the City of Vernon wishes to cooperate with
the State and other local governments which may need allocation
in 1985~ and
WHEREAS, the City understands that the State, acting
through its Debt Limit Allocation Committee, is willing to act as
a clearinghouse to assist in the most efficient utilization of
allocations in 1985.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF VERNON AS FOLLOWS:
SECTION 1: The City Council of the City hereby
transfers to the Economic Development corporation of Los Angeles
4'
1 County the aggl.'egate amount of Foul.' Thousand Dollal.'s ($4,000)
,
2 of the City's unused pl.'ivate activity bond allocation fol.' 1985
3 under the Act and tne Govel.'nor's Proclamation, whicn may be used
4 by said transferee for a carryforwa.rd election.
5
SECTION 2: The City Council of the City hereby directs
6 the City Clerk to immediately transmit a certified copy of this
7 Resolution.~ the California Debt Limit Allocation Cemmittee.
8
SECTION 3: The City Clerk of the City shall certify
9 to the passage of this Resolution and thereupon and thereafter
10 the same shall be in full force and effect.
11
12
13
14
:: AT;?: _/~
BRUCE V. MALKENHQBST, City Clerk
APPROVED AND ADOPTED this.llth day of June, 1985.
17
18
19
20
21
22
23
24
25
26
27
28
-2-..
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
(\ .
. ,
.
1 STATE OF CALIFORNIA
ss
2 COUNTY OF LOS ANGELES
3
41 I I BRUCE V. MALKENHORST, City Clerk of the City of
5 Vernon, do hereby certify that the foregoing Resolution, being
6
Resolution No. 5190
, was duly adopted by the city Council
7 of the City of Vernon, and was approved by the Mayor of said
8 City at an adjourned meeting of the City Council held on
9
June 11
, 1985.
/-/~
BRUCE V. MALKENHORST, City Clerk
(SEAL)
-3-