HomeMy WebLinkAbout1984-12-18; City Council; Resolution 78571
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RESOLUTION NO. 7857
1 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF' CARLSBAD, CALIFORNIA, AUTHORIZING THE
T&NSFER OF THE CITY'S PRIVATE ACTIVITY
BOND ALLOCATION TO THE CALIFORNIA POLLUTION
CO~TROL FACILITY.
I WHEREAS, pprsuant to the Tax Reform Act of 1984 and the
I Governor's Procllamation of July 19, 1984 implementing said
Act, the City o!f Carlsbad has received a private activity bond
allocation in the amount of $2,106,000 for the calendar year
1984; and
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WHEREAS, it is not expected that the City will utilize
the full amount of such allocation for the issuance of private
activity bonds lduring 1984; and
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I WHEREAS, the Act permits unused private activity bond
allocation in dny calendar year to be carried forward to future
years with resyect to certain designated types of projects;
and ~
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I WHEREAS, the SANDER Joint Powers Authority plans to construct
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a waste-to-eneigy resource recovery facility at Miramar Landfill, l
and it is contemplated that part or all of the cost of such
facilities will be financed with tax-emempt bonds which will
require a private activity bond allocation when issued; and
WHEREAS, the City of Carlsbad has been advised that it
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is likely thatithe bonds for the SANDER Project will be issue
by the Califoriia Pollution Control Financing Authority; and
I I WHEREAS, the City of Carlsbad will make part of its unused
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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
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NOW, THERqFORE, BE IT RESOLVED by the City Council of
the City of Ca!lsbad as follows: I
1. The Cjty of Carlsbad hereby transfers to the California
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Pollution Control Financing Authority the aggregate amount
of $2,106,000 df the City's unused private activity bond allocatior
under the Act dnd the Governor's Proclamatin.
is made under t!he express condition that the Authority may
only utilize s4ch transfer for the purpose of making a carryforwarc
Such transfer
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election pursuaht to Section 103(n) (9) of the Internal Revenue
Code of 1964 wibh respect to the SANDER Project.
forward electioh is not made by the Authority by December 27,
1984, the allocation stated herein shall revert to the City.
If such carry-
,
2. The City Clerk is hereby directed to transmit a copy
of this resolutlon to the California Pollution Control Financing
Authority. I
This resolution will take effect immediately upon its I ,
passage. I I
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PASSED, APTROVED AND ADOPTED by the City Council of the
I City of Carlsbad at a regular meeting held on 18th day of
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De&r , 19 84, by the following vote, to wit:
AYES:
NOES: Nn?
Co&cil Pkrnbers Casler, LRWis, Kulckin, Chick and Pethe I I
ABSENT: Nbne
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I ATTEST : I MARY H.//CASLER, Mayor
I (SEAL) ~