Resolution No. 5225
1 RESOLUTION NO. 5225
2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF VERNON TRANSFERRING A PORTION OF THE
3 PRIVATE ACTIVITY BOND ALLOCATION OF THE CITY
OF VERNON TO LOS ANGELES COUNTY AND REPEALING
4 RESOLUTION NO. 5190
5 WHEREAS, pursuant to the. Tax Reform Act of 1984
6 (Public Law 98-369) and the Governor's Proclamation of July 19,
7 1984 implementing said Act, the City of Vernon (the "City") has
8 received a private activity bond allocation in the amount of Four
9 Thousand Dollars ($4,000) for the calendar year 1985; and
10 WHEREAS, it is not expected that the City will utilize
11 the full amount of such allocation for the issuance of private
12 activity bonds during 1985; and
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WHEREAS, the Proclamation permits the City to transfer
14 to the State of California or any other local agency all or any
15 portion of its private activity bond allocation in any calendar
16 year; and
17 WHEREAS, the City of Vernon wishes to cooperate with
18 the State and other local governments which may need allocation
19 in 1985; and
20 WHEREAS, the Citv understands that the State, activing
21 through its Debt Limit Allocation Committee, is willing to act as
22 a clearinghouse to assist in the most efficient utilization of
23 allocations in 1985.
24 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
25 THE CITY OF VERNON AS FOLLOWS:
26 SECTION 1: The City Council of the City hereby
27 transfers to Los Angeles County the aggregate amount of Four
28 housand Dollars ($4,000) of the City's unused private activity
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1 bond allocation for 1985 under the Act and the Governor's
2 Proclamation, which may be used by said transferee for a carry-
3 forward election.
4 SECTION 2: The City Council of the City hereby directs
5 the City Clerk to immediately transmit a certified copy of this
6 Resolution to the California Debt Limit Allocation Committee.
7 SECTION 3: That Resolution No. 5190 adopted by the
8 City on June 11, 1985, is hereby repealed.
9 SECTION 4: The City Clerk of the City shall certify
10 to the passage of this Resolution and thereupon and thereafter
11 the same shall be in full force and effect.
12 APPROVED AND ADOPTED this 5th day of November, 1985.
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LEONIS C. MALBU G, Mayo
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17 BRUCE v. MALKENHORST, City Clerk
ATTEST:
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1 STATE OF CALIFORNIA )
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2 COUNTY OF LOS ANGELES )
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4 I, :BRUCE V. MALKENHORST, City Clerk of the City of
5 Vernon, do hereby certify that the foregoing Resolution,b~J.ng
6 Resolution No. 5225 ,was duly adopted by the City Council of
the. City of Vernon, and was approved by the Mayor of said City
an adjourned
at x/regular meeting of the City Council held on Tuesday,
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November 5
, 19 85
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BRUCE V. MALKENHOR$T,
Clerk
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