RES 85340 - Laserfiche WebLink

conditions hereinafter set forth, the above-stated amount of the City's 1985 Private Activity Bond Limit which the City does not expect to utilize, NOW, THEREFORE, the City Council of the City of Pleasanton does resolve as follows: Section 1. The City Council hereby acknowledges receipt of the written request submitted to the City by the 'County, dated June 19 , 1985, and the City Council hereby transfers an amount equal to $1,994~000 of the calendar year 1985 Private Activity Bond Limit of the City to the County in furtherance of industrial development bond financings to be undertaken by the County referred to in said request or in furtherance of such other purposes as the County shall deem necessary or appropriate. Section 2. The City Council hereby determines that it does not reasonably expect to grant requests to use the portion of the 1985 Private Activity Bond Limit which it is transferring to the County for any issuance of Private Activity Bonds within the City. ~ Section 3. The City Council hereby acknowledges that as provided in the Proclamation such portion of the 1985 Private Activity Bond Limit of the City transferred to the County pursuant to this Resolution shall be irrevocable upon the issuance of bonds pursuant to the procedures to be taken hereafter by the County, at least to the extent of the principal amount of such bonds to issued by the County. The transfer as herein authorized shall be considered a general transfer to the County. Section 4. Although the City understands the County intends to apply the full amount of the City's 1985 Private Activity Bond Limit transferred hereby to industrial development bond financings in calendar year 1985, in the event the County shall not so use all or a portion of the City's 1985 Private Activity Bond Limit transferred, the City authorizes the County to carry forward (under the terms of the Act and the Proclamation) or transfer to any State Agency or Local Agency (as defined in the Proclamation) the City's 1985 Private Activity Bond Limit, as the County shall deem necessary and appropriate. Section 5. The City Council hereby authorizes the City Clerk to forward a copy of this Resolution to the Clerk of the County Board of Supervisors and to the California Debt Limit Allocation Committee under cover of the letter of the City in the form attached to this Resolution.