Resolution No. 2996459
RESOLUTION NO. 2996
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS
TRANSFERRING A PORTION OF THE PRIVATE ACTIVITY BOND ALLOCATION
OF THE CITY OF CYPRESS.
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 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 allocation in any calendar year; and
WHEREAS, the City wishes to cooperate with the County of Orange and
specif ica Lly cities within the County, of Orange which may need reserve
fund allocation in 1985; and
WHEREAS, the City understands that the County of Orange is willing
to allocate this money into the reserve fund set aside for Orange County
cities as per the City Manager IUB Task Force recommendation.
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 County of Orange
reserve fund the aggregate amount of $2,202,000 of the City's unused
private activity bond allocation for 1985 under the Act and the Governor's
Proclamation. Such allocation may be transferred by the County of Orange
to any other local agency within the County of Orange as per the City
Manager Task Force recommendation, and may be used by any such transferee
for a carry -forward election.
2. The City Clerk is hereby directed to immediately transmit a
certified copy of this resolution to the County of Orange.
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 lith day of October 1985.
ATTEST:
C?iITTY C1 RK bl'�I ITYF CYPRESS
STATE OF CALIFORNIA ) SS
COUNTY OF ORANGE )
THE CITY OF CYPRESS
1, 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 15th day of October 1985, by the following
roll call vote:
AYES: 5 COUNCIL MEMBERS:
NOES: 0 COUNCIL MEMBERS:
ABSENT:0 COUNCIL MEMBERS:
Coronado, Lacayo, Mullen, Partin and Kanel
None
None
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CITY CLERK OF THE