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ZONE FOR PURPOSES OF SECTIONS 1400U-1,1400U-2 AND 1400U-3
OF THE INTERNAL REVENUE CODE OF 1986
WHEREAS, Section 1400U-1 of the Internal Revenue Code of 1986, as amended (the
"Code") authorizes the County of Butte, California {the "County") to designate a "Recovery
Zone" for the purpose of issuing Recovery Zone Economic Development Bonds under Section
1400U-2 of the Code, and for the purpose of issuing Recovery Zone Facility Bonds under
Section 1400U-3 of the Code; and
WHEREAS, pursuant to Section 1400U-1(b} of the Code, the term "Recovery Zone"
means {i) any area designated by the County as having significant poverty, unemployment, rate
of home foreclosures, or general distress, (ii) any area designated by the County as economically
distressed by reason of the closure or realignment of a military installation pursuant to the
Defense Base Closure and Realignment Act of 1990, and (iii) any area for which a desig~iation as
an empowerment zone or a renewal community is in effect;
WHEREAS, the recent economic downturn has caused business closures, a decline in
sales and property taxes, and an unemployment rate as of November 2009 of 13.3% within the
County, and
WHEREAS, the county is experiencing significant poverty, unemployment, rate of home
foreclosures, and/or general distress, and
WHEREAS, there are public and private projects within the County that meet all
eligibility criteria for Recovery Zone financing including Recovery Zone Economic
Development Bonds and Recovery Zone Facilities Bonds ("Recovery Zone Bonds"}; and
WHEREAS, the use of Recovery Zone Bonds in the county will assist with recovery
from the economic downturn by advancing economic development and public infrastructure
priorities.
NOW, THEREFORE, BE IT RESOLVED, by the Board of Supervisors of the County
of Butte, that:
Section 1. The Board of Supervisors hereby finds and determines that significant
unemployment, poverty, rate of home foreclosures and general distress exist throughout the
County as a consequence of the recent housing market collapse, the impact of the national
recession and the fiscal crisis experienced by the State of California and local communities.
RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY
OF BUTTE DESIGNATING THE COUNTY OF BUTTE RECOVERY
Section 2. For purposes of Sections 1400U-1, 1400U-2 and 1400U-3 of the Code, the
Board of Supervisors hereby designates the entire geographic region of the County of Butte as a
Recovery Zone. The Recovery Zone shall be identified as the "County of Butte Recovery
Zone."
PASSED, APPROVED, AND ADOPTED at a rraeeting of the Board of Supervisors of
the County of Butte on January 26, 2010, by the following vote:
AYES: Supervisors Dolan, Kirk, Lambert, Yamaguchi, and Chair Cannell,y
NOES: None
ABSENT: None
ABSTAIN: None
Chairman
A':
BS
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