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Home My WebLink AboutReso 1984-11884 RESOLUTION NO. 11884 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA TRANSFERRING A PORTION OF THE PRIVATE ACTIVITY BOND ALLOCATION OF THE CITY OF CHULA VISTA The City Council of the City of Chula Vista hereby resolves as follows: WHEREAS, pursuant to the Tax Reform Act of 1984 and the Governor's Proclamation of July 19, 1984, implementing said Act, the City of Chula Vista has received a private activity bond allocation in the amount of $4,649,000 for the calendar year 1984; and, WHEREAS, it is not expected that the City wi 11 authorize the full amount of such all ocati on for the issuance of pri vate acti vi ty bonds duri ng 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 certai n 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 Chul a Vi sta has been advi sed 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 Chula Vista 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 Chula Vista as follows: 1. The Ci ty of Chul a Vi sta hereby transfers to the Cal iforni a Pollution Control Financing Authority the aggregate amount of $4,649,000 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 uti 1 i ze such transfer for the purpose of maki ng 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 all ocation stated herein shall revert to the City. 2. The transfer is conditioned on the basis that the SANDER facility will not be located within Chula Vista's Sphere-of-Influence. 3. The Ci ty Cl erk is hereby di rected to transmi t a copy of the resolution to the California Pollution Control Financing Authority. This resolution shall take effect immediately upon its passage. Presented by ~L // .. :A. " pau . sroc ers Community Development Director Approved as to form by WPC 1347H - 2 - tt\ ~/\\ CHULA VISTA, CALIFORNIA, this 19 84 ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF 18th day of December , by the following vote, to_it: AYES: Councilmen NAYES: Councilmen ABSTAIN: CoIJ'Icilmen ABSENT: Councilmen Moore, Cox, McCandliss, Scott Malcolm None None !H¡c,~ =v.,o ~TTEST [24,-__/// -:?lJ' c:0k~ / City Clerk )TATE OF CALIFORNIA ) :OUNTY OF SAN DIEGO ) ss. ;ITY OF CHULA VISTA ) I, JENNIE M. FULASZ, CMC, CITY CLERK of the City of Chula Vista, California, )0 HEREBY CERTIFY that RESOLUTION NO. 11884 the above and foregoing is a full, true and correct copy of ,and that the same has not been amended or repealed. IATED City Clerk ( sea) :C-660 --- .è'f.···: ,-- ~y .¡il~,i »~~-:. .~"".:'fI:!. . ·;'11'~~ :."\'::;" " . EX H I B I TA , ~~·~~~~~~~~~~~·~~œ-·~--~---~-·~··~· ;,&¡'-.......,=..¡'-..,...¡..'F.~p~~~~~!O,,~~ ., ,=;" ,,=.......~""''''.JI "'. ., ~~~:: £5~~ ~ ~~;: ~:e,~.::.:,: ~= ;;:t;=¡:C=::4..~~~=í!A;;:~" .:~; ~ II ~~: ~!e:~~{,¡ ~:E5:¡ ,,:c¡~ ~œ..£ ~ - 1 ~ ~ ti§" ; .~ . ~ : ;~ EXECUTIVE DEPARTMENT ! , i STATE OF CALIFORNIA - · ! ! · ! ! ! í ! ) · ! ¡ (d) "Issuer" means any local agency or state agency authorized by the Constitu- I tlon or Jaws of the state to issue Private Activity Bonds. .. ~ , "œ'~ (e) "Local Agency" means any poJitlcaJ subdivision of the state within the : 10!' ¡ ,~. meaning of Section 103(a)(1) of the Code, or any entity that has the power to '~ issue Private Activity Bonds "on behaU of" any such political subdivision. .. ~. ~ i...." :iriJ "Local Population Share" means, for each ~Jendar year (i) for each city or 1._ ~¡ city and county, a percentage calculated by takíng--.u""t~ nl;:lmerator the most ~..~ recent State Population Estimate of the popuJation of such city or cIty and '.' ..~ county, and by taking as the denominator the most recent State Population l:rë Estimate of the population of the state; and (ii) for each county, a percentagè, 1 :.~..~ calculated by ~ing as the numerator the most recent State Popu1atio~ w: ~;:r;~ Estimate of the' population of the unincorporate-:i area of the county, and by ·.ì. ~ :;x.: taking as the denominator the most recent State Population Estimate f.....the . ~ !ation of the state. oc ~ Cg) "Private Activity Bond" has the same meaning as that specified in Section i ~~ 103(n)(7) 01 the Code. t :-.~. (h) "Private Activity Bond Limit" means any part of the State Ceiling allocated i, -.. or transferred to a state agency or local agency pursuant to this procJama- ~ii cIon. t ~. i ~ Ci) "State" means the State- of California. i ~ i. i~. ~ i .~~ .. -~~-·~·œ~~-·-"~~·.-r.·_~~~~~·_·_-~-~-"~' ~ '~'~~r~"'" ~~1~~IßJ~~7~.!Nr. '~~...(nlß~t.,!f~!"'Y~~t....toc....:J·~~'AJ~."II.}!,J~' ~. ~ ~;:C~ ßioJ ~ ~~~~~; ß=:..5:1 ~:t~ ~:t:: ~:t::~,: ;~:æ ~~"1 ;;!e;~:2t.l ~ ~~ ¡Z:~~~ ¡~: ~ ~ ~-=r.~ }!è1 ~... , . " . ~;r;;" ¡w. r..:" ~ ~:c. ;'!ri!'" !!~ ~-! i~~ ....f:" M '"ii :-e' 4 . . 'i';G'" ~!!.I ~.. ~;G~ ·r~1 !~i \>ri.ì ,~ ~ ~... ~!! ~ ¡¡' . ~ 4 :;,¿¡ t&--; ~. ~~ ~-..j ¡,~'" ~ 00 """..G" ~ r.tc. ~i ~~ i~", ~ ~9'..,;, \~~4 ~.\ ~'" - --"--'--'~ .' By virtue of the authority vested in the Office of the Governor by the federal Tax Reform Act of 19&4, I, George Deukmejian, as Governor of the State of California, hereby proclaim as follows: L Un~ss the context otherwise requires, the terms defined in this Section shall for aU purposes of ttlis proclamation have the following meanings: (a) "Committee" means the ("".alifornia Debt Umit AUocation Committee estab- lished pursuant to Section" of this proclamation. (b) "Code" means the Internal Revenue Code of 19'4, as amended, including as it will be amended by the federal Tax Reform Act of I,n. (e) "County Population Share" means,for each calendar year for each county or city and COW1ty a percentage caldJJated by taking as the numerator the most recent State Population Estimate of the en'tlre population of such county or city and county and by taking as the denominator the mo3t recent State Population Estimate of the state. . . ~æ~.-~~~~~~~~~~~~ç~~~œ~~.~~~~~~ ~". ,,~..~~~~~~..~.~. .~.~;~~~t~.~..¥ '5:.r~~~1w""~·;:e· ~:C' Lre,:;~œ~ f21;r~~re' ;;r;~" ....~" .....".."" " " .... ..aI ~.." ... "" " ~" .... ... ." ..... 10 ".. .. "ii ~ ~ .~ i , ~~ PACE 2 ~ ~~" ;~ '?".&.~ If;':; ~ ~ ~ ~ ,~ 'a:-i ~j (¡') iir; .:~~ "State Agency" means the State and all state entities, including joint powers ~ o;~~~ authorities of which the State or agency or instrumentality thereof is a ~~ :~ member, empowered to issue Private Activity Bonds, the interest on which is ~ 'i'~t~" exempt from income tax under Section 103(a) of the Code, including nonprofit ~,'.. ¡!~ corporations described in Section I03(e) of the Code authorized to issue ~ - ~~~~. I ~ (Ie) "State Poond Limit" means the '096 of the State Ceiling initially allocated to .~ ,,~:. the State pursuant to Section 3(a) of this prodamation, together with any .... ~ amounts transferred to any state agency pursuant to Section 6. I 7W Ut-"State Ceiling" shall be the amount specified by Section 103(0)(4) of the Code ¡¡t r~~ for each calendar year commencing in 1984. .s ~ ~ " ..." (m) "State Populatiõn Estimate" means, with respect to calendar year 1934, the h~ estimate of population of California cities and counties published by the ~ 'i;r;~ State Department of Finance on May 1, 19~4 and, with respect" to calendar ~ ~ year 193' and thereafter, means the most recent estimate of population of ~ 7..~...J California cities and counties published by the State Department of Finance K1 ,,5:; before the beginning of the calendar year. .~ ~.:~.' H.;'. x; 2. Pursuant to Section 103(0)(6)(6) of the Code, this proclamation shall govern the - allocation of the State Ceiling among the governmental units in this state having {i authority to issue Private Activity Bonds. Any allocation granted or transferred by ~ or under the authority of this proclamation shall become the Private Activity &nd a Limit for the issuer to which such allocation is granted or transferred for any::: ~~ Activity Bonds issued by such issuer. i! 3. ~(a) There is hereby aUocated to the state agencies 1R ea calendar year an ~ ------.urrounteg~l to flf~ percent ('O..26lof-the-Stat~ Ceiling. 1i - ~ (b) There is hereby allocated to each city, county, and city and county in each ~ calendar year an amount equal to thirty-five percent (3'%) of the State ~ Ceiling multiplied by the Local Population Share of each such city, county, or E city and county.. .., ~ · ~ · ~ ! -¡ ~ ì · , ! · · · ¡ ¡ ] j , , , ~w.' ~ ., .;: .." ,,"..c' ~~ .~. ~;Y;" ~ L;¡¿¡ m:; ';'~' ;.,.,,; 3~~ "":;r;" ~ .æ¡ ~. ,~ ,,~~ ~ ~,. gr;~ r~ ~..t:~ ~ ~~~; ~ ~ '~ ~" ""'. ~ "..~..~ ."~~ 1'~Æ1 :~" ,~ . ,:<:, 'm :,}~.. i~-·: '. , \,. . ~ f~: ':;';J t~ ,~ ~~ ,;,;~ ~è"1 o;;r." ~1.1 ,:¡:¡ .~.-.. , . . ,," ~ 0;"".." ' ;-~ ".. " .. .. "........"._.......If.........."---....'r.".._"'_..".·f.:........!...--...~_.._·-.::t:"...::'f:":...".,..~._':ij."'" ,.f;....J~:.1:H.;!;~wl'..a....'J!.t.T.'r...I!.< ':::.!t..1 ,~,,~.......~;~."..~'r.~~{n ~T"...fI'.A~ :.::....,~J.:~...J ~-" .~-:~ , -,~."7iõ ~..iii':..-.~~~l"i.~;;"#;1I.~..~i'::;;:Y:':~~:-.'.'""::t"'.:II.~,,-i'"; ..rii!~~t. r-"'H¡.Ji'1~a·'h ,("'.mi"1~~ . . ...J.... "...i'." ".....,. .x. ~..~" ,,~.. ,,:co. .~... .._.... "._.." ,,~.. ........ "............. ,,~"" "..:Þ;;...:t:.,,~ "'...... "....." ",.)'~" tfil... .~. .." ~ :b~~ ,\\ ~ (e) There is hereby allocated to each county (including any city and county) in each calendar year an amount equal to fifteen percent 0'%) of the State Ceiling multiplied by the County Popu.1ation Share of each such county. (d) The allocations made by subsections (a), (b) and (c) of this Section shall nevertheless be subject to the provisions of Section' hereof. .. (a) The Committee is hereby established, consisting of the State Treasurer, the State Controller and the Governor, or in the Governor's absence the Director of Finance, any of whom may a€~ through a de~ignee.. The State Tre3.Surer shall be the Chairman of the Committee and the Office of the State Treasurer shall provide sue!, administrative assistance and support staff as shall be necessary for the Committee to operate. Members of the Commit- tee shall serve without compensation~ The Chairman shall keep or cause to be kept minutes and other records and documents of the Committee. (1)) Two members of the Committee shall constitute a quorum. The affirmative vote of two members of the Committee shall be necessary for any action taken by the Committee; provided. however, that the Committee may by \Ø\ðI1imous vote delegate to its Chairman the authority to carry out any acts empowered to it under this proclamation. r "._