HomeMy WebLinkAboutCC RESO 14,5194
paown
e a
RESOLUTION NO. 14,519
RESOLUTION TRANSFERRING A PORTION OF THE PRIVATE
ACTIVITY BOND ALLOCATION OF THE CITY OF NATIONAL CITY
WHEREAS, pursuant to the Tax Reform Act of 1984
and the Governor's Proclamation of July 19, 1984 implementing
said Act, the City of National City has received a private
activity bond allocation in the amount of $2,844,000 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 during 1984; and
WHEREAS, the Act permits unused private activity
bond allocation in any calendar year to be carried forward to
future years with respect to certain designated types of
projects; and
WHEREAS, the SANDER Joint Powers Authority plans
to construct a waste -to -energy resource recovery facility at
Miramar landfill, and it is contemplated that part or all of
the cost of such facilities will be financed with tax-exempt
bonds which will require a private activity bond allocation
when issued; and
WHEREAS, the City of National City has been advised
that it is most likely that the bonds for the SANDER Project
will be issued by the California Pollution Control Financing
Authority; and
WHEREAS, the City of National City will make part
of its unused 1984 private activity bond allocation available
to the California Pollution Control Financing Authority in
order for the Authority to make a carryforward election with
respect to the SANDER PROJECT.
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of National City as follows:
1. The City of National City hereby transfers to
the California Pollution Control Financing Authority the ag-
gregate amount of $2,844,000 of the City's unused private
activity bond allocation under the Act and the Governor's
Proclamation. Such transfer is made under the express condition
that the Authority may only utilize such transfer for the
purpose of making a carryforward election pursuant to Section
103(n) (9) of the Internal Revenue Code of 1964 with respect
to the SANDER Project. If such carryforward election is not
made by the Authority by December 27, 1984, the allocation
stated herein shall revert to the City.
2. The City Clerk is hereby directed to transmit
a copy of this resolution to the California Pollution Control
Financing Authority.
BE IT FURTHER RESOLVED that this resolution shall
take effect immediately upon its passage.
PASSED AND ADOPTED this 18th day of December, 1984.
ATTEST: