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RESOLUTION NO. 116-84
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DANVILLE
Transferring a Portion of the Private Activity
Bond Allocation of the City of Danville
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 Danville has received a
private activity bond allocation in the amount of $1,433,000 for
the calendar year 1984; and
WHEREAS, it is not expected that the City will utilize the full
amount Of such~alIocation for the issuance of private activity
bonds during 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 allocation in 1984; 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
allocations in 1984.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Danville as follows:
1. The City of Danville hereby transfers to the State of
California the aggregate amount of $1,433,000 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
carryforward election.
542 San Ramon Valley Blvd. * Danville, CA * 94526 * (415) 820-6337
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, APPROVED AND ADOPTED this 17th day of December, 1984 by
the following vote:
AYES: Lane, May, McNeely, Offenhartz, Schlendorf
NOES: None
ABSENT: None
MAYOR
