R-7137
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CA:RMM:lmd121/hpw
City Council Meeting 12-17-85 Santa Monica, California
RESOLUTION NO. 7137 (CCS)
(City council Series)
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF SANTA MONICA, CALIFORNIA
ELECTING TO CARRY FORWARD ITS
PRIVATE ACTIVITY BOND LIMITATION
WHEREAS, the City of Santa Monica, California (the "city")
has $4,841,000 of unused private activity bond allocation for the
1985 calendar year (the "1985 Allocation"); and
WHEREAS, that certain executive proclamation signed by
Governor George Deukmejian on July 19, 1984, and amended on
August 30, 1985, permits any governmental unit with such an
allocation to treat all or any portions of said allocation as a
carry forward pursuant to section 103 en} (10) of the Internal
Revenue Code of 1954, as amended (the "Code"); and
WHEREAS, Section 103 (n) (10) of the Code and section
l.103 (n) -4T of the Income Tax Regulations adopted under Section
103(n) of the Code prescribe the manner and form of said
election; and
WHEREAS, the California Debt Limit Allocation Committee
(the "Committee") has requested that it be notified of any such
election; and
WHEREAS 1 the City Council of the City of Santa Monica has
heretofore adopted Resolution No. 7136 (CCS) declaring its
intention to assist in financing through the issuance of its
revenue bonds two airport fixed base operator facilities to be
located at the City's Airport, one to be owned and operated by
Gunnell Aviation, Inc. ("Gunnell") and one to be owned and
operated by Price/Danforth & Associates, dba Supermarine
Aircraft, Ltd. , (" Price/Danforth" ) which facilities are intended
to qualify as exempt airport facilities within the meaning of
Section 103(b) (4) of the Code (collectively the "Projects"): and
WHEREAS, the City Council of the City of Santa Monica has
determined to make such an election with respect to the 1985
Allocation for the Projects.
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NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA
MONICA DOES RESOLVE 1 AS FOLLOWS:
Section l. The City Council of the City of Santa Monica
hereby elects! in accordance with section 103(n) of the Code and
section 1.103(n)-4T of the Income Tax Regulations adopted under
section 103 (n) of the Code to carry forward the 1985 Allocation
with respect to the Projects and authorizes and directs the City
Manager of the City to sign and file said election.
Section 2. The City Council of the City of Santa Monica
hereby further authorizes and directs the City Manager to notify
the Committee of said election! in writing! no later than 15 days
after the date of adoption of this resolution.
section 3. The City Clerk shall certify to the adoption of
this Resolution and thenceforth and thereafter the same shall be
in full force and effect.
APPROVED AS TO FORM:
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R?BERT M. MYERS
C:Lty Attorney
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Adopted and approved this 17th day of December, 1985.
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/ - Mayor -
I hereby certify that the foregoing Resolution No. 7137(CCS)
was duly adopted by the City Council of the City of Santa Monica
at a meeting thereof held on December 17, 1985 by the followlng
Council vote:
Ayes: Councilmembers: Conn, Epstein, Jennings, A. Katz,
H. Katz, Zane and Mayor Reed
Noes: Councilmembers: None
Abstain: Councilmembers: None
Absent: Councilmembers: None
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ATTEST: -- ...
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City Clerk
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