1985-531RESOLUTION N0. 85R-531
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ANAHEIM TRANSFERRING 1985 PRIVATE ACTIVITY BOND
LIMIT TO THE HOUSING AUTHORITY (WEST ANAHEIM
ROYALE PROJECT)
WHEREAS; pursuant to Section 103(n) of the Internal
Revenue Code of 1954; as amended.; there are authorized to be
issued within the State of California (the "State") in any
calendar year an amount of Private Activity Bonds (as defined in
said Section 103(n) not exceeding in aggregate principal amount
the statewide limit determined as set forth in said Section
103(n); and
WHEREAS; the Governor of the State of California on June
19, 1984, issued a Proclamation (the "Proclamation") implementing
the provisions of said Section 103(n), pursuant to which a portion
of said statewide limit is allocated to each city in the State
based on the estimated population of such city; and
WHEREAS; the City of Anaheim, California (the "City") has
determined that the portion of said statewide limit allocated to
the City for the current calendar year is $12,116,000.00 (the
"1985 Private Activity Bond Limit"); and
WHEREAS; the Proclamation permits the City to assign to
another local agency all or a portion of its 1985 Private Activity
Bond Limit by resolution adopted by the City Council, and the
Anaheim Housing Authority (the "Authority") has requested the City
to assign to it the amount of $4,664;000 for use in connection
with the issuance of the Authority's Multifamily Housing Revenue
Bonds 1985 Series C (West Anaheim Royale Project) (the "the
bonds") the proceeds of which will be used to assist in the
financing of multifamily congregate care rental housing facility
within the City of Anaheim (the "Project") to be constructed by
West Anaheim Royale; a California general partnership (the
"Developer"); and
WHEREAS; the City Council of the City of Anaheim has
heretofore; on December 3, 1985, adopted a resolution approving
the issuance by the Authority of the Bonds for such purpose.
NOW; THEREFORE, BE IT RESOLVED by the City Council of the
City of Anaheim as follows:
~"" 1. Transfer of Private Activit Bond Limit. The amount of
$4,664,000 representing a portion of t e City's 1985 Private
Activity Bond Limit; is hereby transferred to the Authority for
use in connection with the issuance of the Bonds to assist in the
financing of the Project. Such transfer shall be irrevocable upon
the adoption of this Resolution.
2. Official Action. Jones Hall Hill ~ White, A Professional
Law Corporation, as and counsel to the City and the Authority is
hereby authorized and directed to notify the California Debt Limit
Allocation Committee (the "Committee") established by the
Proclamation of the assignment made pursuant to Section 1 within
fifteen (15) days of the adoption of this Resolution.
3. Effective Date. This Resolution shall take effect
immediately upon its passage and adoption.
THE FOREGOING RESOLUTION is approved and adopted by the
City Counc i 1 of the City of Anaheim thi s 17th. da of December, 1985.
R OF THE CITY 0 ANAHEIM
ATTEST:
C~C%~ ~~;~f.
..CITY CLERK OF E T F AN
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0489N120985
~. ,.,.
CLERK
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF ANAHEIM )
I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that
the foregoing Resolution No. 85R-531 was introduced and adopted at a regular .~4
meeting provided by law, of the City Council of the City of Anaheim held on
the 17th day of December, 1985, by the following vote of the members thereof:
AYES: COUNCIL MEMBERS: Kaywood, Overholt, Bay, Pickler and Roth
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
AND I FURTHER certify that the Mayor of the City of Anaheim signed said
Resolution No. 85R-531 on the 17th day of December, 1985.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the
City of Anaheim this 17th day of December, 1985.
. G~~_
~~CITY CLERK OF THE CITY 0 ANAHEIM
(SEAL)
I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that
the foregoing is the original of Resolution No. 85R-531 duly passed and
adopted by the Anaheim City Council on December 17, 1985.
~~ ,~~
,CITY CLERK