HomeMy WebLinkAboutCC RES 85-0524
RESOLUTION NO. 85-52
RESOLUTION OF THE CITY COUNCIL
(iF THE CITY OF TUSTIN, CALIFORNIA,
TRANSFERRING "PRIVATE ACTIVITY BOND LIMIT"
TO THE COUNTY OF ORANGE
(TUSTIN ROYALE PROJECT)
WHEREAS, the Tax Reform Act of 1984 (the "Act") imposes a private activity
bond limit (the "limit") on the State of California; and
WHEREAS, the Governor has issued a proclamation dated July 19, 1984 in
which a system for allocation such Limit for calendar year 1985 is
$2,093,000; and '
9 WHEREAS, pursuant to Chapter 7 of Part 5 of Division 31 of the Health and
Safety Code of the State of California and a certain Coopertaive Agreement
10 between the City of Tustin and the County of Orange, the County proposes t-o
finance the 85-unit senior citizen multifamily housing project of Tustin
11 Royale, a California limited partnership, to be located at 1262 Bryan
Avenue (the "Project") by the issuance of bonds in the principle amount of
~1~ approximately $3,890,000; and
WHEREAS, the City Council wishes to allocate a portion of the Limit to the
County of Orange for such Project:
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NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Tustin
as follows-
1. There is hereby allocated to the County of Orange for use in
conjunction with the bonds for the Project $2,093,000 of the
private activity bond limit available to the City.
2. The City Clerk shall cause a notice of this allocation to be
filed with the .California Debt Limit Allocation Committee as
soon as practicable.
3. Such transfer of allocation shall be null and void if the issue
of bonds for which the issue is made is not completed prior to
September 1, 1985.
PASSED AND ADOPTED at a regular meeting of the City Council held on the
20th day of May, 1985.
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:25 MARY
City C1 erkl
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pf
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FRANK H. GREINKE
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ) §
CITY OF TUSTIN )
MARY E. WYNN, City Clerk and ex-officio Clerk of the City Council of the City of
Tustin, California, does hereby certify that the whole number of the members of
the City Council of the City of Tustin is five; that the above and foregoing
Resolution No. 85-52 was duly and regularly introduced, passed and adopted at a
regular meeting of the City Council held on the 2.0~.h day of May, ...1985, by the
following vote:
AYES :
NOES :
ABSENT:
COUNCILPERSONS:
COUNCILPERSONS:
COUNC I LPERSONS:
Edgar, Greinke, Hoesterey, Kennedy, Saltarelli
None
None
-MARY E. WyNN, ~ty cler~ ............
City of Tust i n"? Cal i forn'q a