Resolution No. 287721.
RESOLUTION NO. 2877
A RESOLUTION TRANSFERRING A PORTION OF THE
PRIVATE ACTIVITY BOND ALLOCATION OF THE
CITY OF CYPRESS TO THE STATE OF CALIFORNIA
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 Cypress (the "City") has received a private activity bond allocation
in the amount of $2,202,000 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 designated for
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 the 1984 allocation; 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 the 1984 allocations.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Cypress as follows:
1. The City of Cypress hereby transfers to the State of California
the aggregate amount of $2,202,000 of the City's unused private activity
bond allocation for 1984 under the Act and the Governor's Proclamation.
Such allocation may be transferred 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 election.
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 upon its passage.
PASSED AND ADOPTED by the City Council of the City of Cypress at a
regular meeting held on the llth day of February 1985.
ATTEST
CITY CLERK OF THCITY /OF CYPRESS
STATE OF CALIFORNIA ) SS
COUNTY OF ORANGE )
iCafrte
MAYOR THE CITY OF CYPRESS
I, DARRELL ESSEX, City Clerk of the City of Cypress, DO HEREBY CERTIFY
that the foregoing Resolution was duly adopted at a regular meeting of the
said City Council held on the 11th day of February 1985, by the following
roll call vote:
AYES: 5 COUNCIL MEMBERS: Coronado, Lacayo, Mullen, Partin, and Kanel
NOES: 0 COUNCIL MEMBERS: None
ABSENT: 0 COUNCIL MEMBERS: None
CITY CLERK OF THE CITY OF CYPRESS