1984-229-Transferring The Private Activity Bond To The State Of CaliforniaRESOLUTION NO. 1984 -229
A RESOLUTION TRANSFERRING THE PRIVATE ACTIVITY BOND
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 Town of Los Gatos (the "Town ") has received a private
activity bond allocation in the amount of $1,446,000 for the
calendar year 1984; and
WHEREAS, it is not expected that the Town will utilize such allocation
for the issuance of private activity bonds during 1984; and
WHEREAS, the Proclamation permits the Town 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 Town wishes to cooperate with the State and other local
governments which may need allocation in 1984; and
WHEREAS, the Town understands that the State, acting through its Debt
Limit Allocation Committee, is willing to act as a clearing-
house to assist in the most efficient utilization of allocations
in 1984;
NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Los
Gatos, California, as follows:
The Town of Los Gatos hereby transfers to the State of
California the aggregate amount of $1,446,000 of the Town'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- forward election.
2. The Town 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 TOWN COUNCIL OF THE TOWN OF LOS GATOS,
CALIFORNIA, at a regular meeting held this
of December , 1984, by the following vote:
ATTEST:
17th day
AYES: COUNCILMEMBERS Eric D. Carlson, Thomas
J. Ferrito, Brent N. Ventura, and Mayor
Joanne Benjamin
NOES: COUNCILMEMBERS None
ABSENT: COUNCILMEMBERS Terrence J. Dail
ABSTAIN: COUNCILMEMBERS None
SIGNED: L" Ce YE i2 `r l C$1 r
KA`YUR OF THE TOWN OF LOS G/ OS
Coo ' G
DEPUTY CLERK OF THE TOWN OFJRS CATOS
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