HomeMy WebLinkAboutMINUTES - 12171985 - X.4 V 4 ;
TO BOARD OF SUPERVISORS
'*RCM: Anthony A. Dehaesus ,,�,},,
1 Director of Community Development Cwtr
DATE- December 12 , 1985
C
SUBJECT: Transfer of the County' s Remaining 1985 Private Activity Bond
Allocation to the California Debt Limit Allocation Committee
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATION
Approve the transfer of the County' s remaining 1985 Private Activity
Bond Allocation , of $18 ,002 , 000 to the California Debt Limit Allocation
Committee for use elsewhere in the State of California.
BACKGROUND
Current Federal' law establishes a per capita State ceiling on "private
activity bonds"l such as industrial development bonds. Pursuant to a
Governor' s Proclamation the private activity bond allocation to the
County for 1985 was $24 ,602 , 000 . Approximately $6 . 6 million of that
the authority has been used leaving a residual of $18, 002 , 000. This
residual cannot be carried over to the subsequent calendar year.
There are known financings currently underway in the County that would
require any portion of this authority.
The Californie Debt Limit Allocation Committee has requested that the
County consider transferring its unused authority to the State so that
authority might be used elsewhere in the State of California.
Evidently, many jurisdictions in the State are seeking additional
authority, and the Debt Limit Allocation Committee is acting as a
clearing house to assist in moving authority throughout the State.
Inasmuch as Contra Costa County has no need for its remaining
authority, it should be used elsewhere.
FINANCIAL IMPACT
None.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
at I
RECOMMENDATION OF COUNTY ADMINISTRATOR RECO E A ION O BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON Am" - .S APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE
UNANIMOUS (ABSENT �� AND CORRECT COPY OF AN ACTION TARN
AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVI S ON THE DATE SHOWN.
CC: County Administrator ATTESTED
Community Development PHIL BATCHELOR, CLERK OF THE BOARD OF
County: . County Counsel SUPERVISORS AND COUNTY ADMINISTRATOR
Calif Debt Limit Allocation Committee _
via Community Dev. BY % G����LL�b�
M382/7-83A:PRIqCT:la DEPUTY
RESOLUTION NO. 85/742
RESOLUTION TRANSFERRING A PORTION OF
THE PRIVATE ACTIVITY BOND ALLOCATION
OF THE COUNTY OF CONTRA COSTA
WHEREAS, pursuant to the Tax Reform Act of 1984 (Public
Law 98-369) and the Governor' s Proclamation of July 19, 1984
implementing said Act, the County of Contra Costa (the "County" )
has received a private activity bond allocation in the amount of
$24,602. 000 for the calendar year 198.5; and
WHEREAS, it is not expected that the County will
utilize the full amount of such allocation for the issuance of
private activity bonds during 1985; and
WHEREAS, the Proclamation permits the County to
transfer to the State of California or any other local agency all
or any portion of its private activity bond allocation in any
calendar year; and
WHEREA, the County wishes to cooperate with the State
and other local governments which may need allocation in 1985 ; -
and
WHEREAS, the County understands that the State acting
through its Debt Limitt- All6cation Committee . is.. willing to act as
a clearinghouse to assist in the most efficient utilization of
allocations in 1985.
NOW, THEREFORE, BE IT RESOLVED by the Board of
Supervisors of the County of Contra Costa as follows:
. 1. The County of Contra Costa hereby' transfers to the
State of California the aggregate amount of $18,002,000 of the
County' s unused private activity bond allocation for 1985 under
the Act and the Governor 's Proclamation. Such allocation may be
transferred by the California Debt Limit Allocation Committee to
any other state agency or local agency as such Committee may deem
appropriate, and may be used by any such transferee for a carry
forward election.
2. The Director of Community Development is hereby
directed to immediately transmit a certified copy of this
resolution to the California Debt Limit Allocation Committee. ,
3 . This resolution shall take effect immediately upon'
its passage.
JK/mb:A:RPAB:lb
CLERK' S CERTIFICATE
I , the undersigned, the Deputy Clerk of the Board of
Supervisors of the County of Contra Costa, hereby certify that
the foregoing is a full, true and correct copy of a resolution
duly introduced and adopted at a regular meeting of the Board of
Supervisors of said County duly and regularly held on the 17th
day of December, 1985 , of which meeting all the members of said
Board of Supervisors had due notice and at which a majority
thereof were present; and that said resolution was adopted by the
following vote:
AYES: Supervisors Powers , McPeak, Schroder, Torlakson, Fanden .
NOES: None.
s
ABSENT: None.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the County of Contra Costa this 17th
day of December, 1985 .
Phil Batchelor, County Administrator
and Clerk of the Board of Supervisor
BY: 4zv��
Deputy
(SEAL)
A:CLKCERT: IB
RESOLUTION NO . 85/742