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11 <br />I <br />I <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />I <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. 4533 <br />RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF COLTON TRANSFERRING A PORTION <br />OF THE PRIVATE ACTIVITY BOND ALLOCA- <br />TION OF THE CITY OF COLTON. <br />WHEREAS, pursuant to the Tax Reform Act of 1984 <br />(Public Law 98-369) and the Governor's Proclamation of <br />July 19, 1984, implementing said Act, the City of Colton <br />(the "City") has received a private activity bond alloca- <br />tion in the amount of $1,214,000 for the calendar year <br />11984; and <br />WHEREAS, it is not expected that the City will <br />utilize the full amount of such allocation for the issu- <br />I ance of private activity bonds during 1984; and <br />WHEREAS, the Proclamation permits the City to <br />transfer to the State of Ca I lifornia or any other local <br />agency all or any portion of its private activity bond <br />allocation in any calendar year; and <br />WHEREAS., the City wishes to cooperate with the <br />State and other local governments which may - need alloca- <br />tion in 1984; and <br />WHEREAS, the City understands that the State act-� <br />ing through its Debt Limit Allocation Committee is willing <br />to act as a clearinghouse to assist in the most efficient <br />utilization of allocations in 1984. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council <br />of the City of Colton as follows: <br />1. The City of Colton hereby transfers to the <br />State of California the aggregate amount <br />