Res 84-120RESOLUTION NO. 84-120
A RESOLUTION OF ~ CITY COUNCIL
OF THE CITY OF POWAY, CALIFORNIA,
TRANSFERRING THE PRIVATE ACTMTY BOND
ALLOCATION OF THE CITY OF POW-AY
WHerEAS, pursuant to the Tax Reform Act of 1984 and the Governor's
Proclamation of July 19, 1984 implementing said Act, the City of Poway has
received a private activity bond allocation in the amount of $1,843,000 for the
calendar year 1984; and
WHEREAS, it is not expected that the City will utilize the allocation for
the iss,~ance of private activity bonds during 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 certain
designated types of projects; and
WHEREAS, the SANDE~ 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 exe~t
bonds which will require a private activity bond allocation when issued; and
WHEREAS, the City of Poway has been advised 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 Poway will make all of its ~
bond allocation available to the California ik
Authority in order for the Authority to make a
respect to the SANDER Project.
NOW, THEREFORE, BE IT RESOLVED by the City Cou~
follows:
mused 1984 private activity
llution Control Financing
~rry-forward election with
.~il of the City of Poway as
The City of Poway hereby transfers to the California Pollution Control
Financing Authority the aggregate ~nount of $1,843,000 of the City's
unused private activity bond allocation under the Act and the
Governor's Proclamation. Such transfer is made under the express con-
dition that the Authority may only utilize such transfer for the pur-
pose of making a carry-forward election pursuant to Section 103(n) (9)
of the Internal Revenue Code of 1964 with respect to the SANDE~
Project. If such carry-forward election is not made by the Authority
by December 27, 1984, the allocation stated herein shall revert to the
City.
e
The City Clerk is hereby directed to transmit a copy of this resolution
to the California Pollution Control Financing Authority.
Resolution No. 84-120
Page 2
This resolution shall ~ake effect iamediately upon its passage.
P~SSED, ~DOPTED AND APPROVED, by the City Council of the City of Poway,
California, at a regular ~m~cting thereof this 18th day of December, 1984.
A~T:
Marjori~/ ~. Wahlsten, City Clerk