Item 9 - Request for Authorization to Advertise for Bids to Sell @ $17.000,000 Tax Allocation Bond IssueJUL 2 2 1986 ITEM
o`.
I
RESOLUTION NO
RESOLUTION OF THE POWAY REDEVELOPMENT AGENCY
PROVIDING FOR. THE SALE OF TAX. ALLOCATION
BONDS IN THE APPROXIMATE`PRINCIPAL AMOUNT OF
SEVENTEEN MILLION DOLLARS ($17,000#000) FOR
. THE PAGUAY REDEVELOPMENT' PROJECT, APPROVING
THE FORM OF NOTICE OF INTENTION TO SELL SAID
BONDS -AND DIRECTING THE PUBLICATION THEREOF
WHEREAS, the Poway Redevelopment Agency (herein sometimes {
referred to as the "Agency"), is a redevelopment agency (a,
public body, corporate and politic) duly created, established
andauthorized to transact 'business and exercise its powers,
all under and pursuant to the Community Redevelopment Law
(Part I of Division. 24 (commencing with .Section 33000) of the
Health and. -Safety Code of the State of California) and the
powers of the Agency include the power to issue notes for any
of its corporate purposes; and
WHEREAS, the. Agency wishes to sell at this time not more {
that $17,000 000 of the aggregate principal amount of the Tax
Allocation Bonds to provide financing in connection with the
Paguay Redevelopment Project; and.
WHEREAS,. the Agency` is required by law to sell. the Bonds at E
compr�titive bid following publication of notice of intention to
sell such securities.
NOW, 'THEREFORE, THE POWAY REDEVELOPMENT AGENCY DOES HEREBY
RESOLVE DETERMINE AND ORDER AS FOLLOWS.
Section 1 Sale Authorized. The sale of an aggregate
principal amount of not: to exceed Seventeen. Mi lion Dollars
($17,000,000) (or such lesser amount as.may be specified in the
notice of sale as -approved by the Executive Director) of the
POWAY REDEVELOPMENT AGENCY, PAGUAY REDEVELOPMENT PROJECT TAX.
ALLOCATION BONDS, SERIES 1986 (herein -sometimes referred to as
the "Bonds"), in accordance with law, is hereby authorized
Section 2.
Publication of Notice of Intention to Sell
Securities The Notice of Intention to Sell. Securities
attached hereto as Exhibit."A is hereby approved subject to
such changes as requested by Bond Counsel. The Secretary of I
the Agency shall cause said Notice of Intention to Sell „
Securities (a) to beP ublished in a newspaper published -and o .
general circulation in the City of Poway, California, by at i.
F
JUL 22 1986 ITEM 9
2_ of 4
i
least one (1) insertion at lease -ten (10) days prior to the day
fixed for the receipt of bids; and (b) to be published in a
financial publication generally circulated throughout the
State, namely the Bond Buyer, by at least one (1) insertion at
least fifteen (15) days prior to the day fixed, for the receipt
of bids.
Section 3. Furnishing of Notice Inviting Bids and Official
Statement. The Executive Director of the Agency and the
Financial. Consultant .are hereby authorized and directed to
cause to be prepared. and furnished to prospective bidders a
reasonable number of copies of the notice inviting bids
(including the bid form) and a reasonable number of copies of
the Official ' Statement.
Section 4. Effective Date. This Resolution shall take
effect upon adoption.
ADOPTED AND APPROVED this day of
1986 by the following vote:
AYES:
NOES:
ABSENT:
(SEAL)
ATTEST'
Secretary, Poway Redevelopment
Agency
30f 14
/2345/07
Chairman, Poway Redevelopment
Agency
��� JUL 2 2 1986 ITEM 9
J
P
EXHIBIT '$A„
NOTICE OF INTENTION `
TO SELL SECURITIES
Notice i a hereby given` that on or before August 7 1986, at
11:00-a.m..-Pacific Time, or at such time on. August 12, 1986 or
August 19, 1986 until bids are accepted, in the off ices of Drexel
Burnham Lambert Incorporated, 800 Nest Sixth Street, 17th. Floor,
Los Angeles, California 90017, the Poway Redevelopment Agency will. -
r receive bids for the sale of its Paguay Redevelopment Pro3ec
Subordinated Tax Allocation Bonds, Series 1986. in the aggregate
p=.incipal:' amount of non to exceed Seventeen Million Dollars,
($17,000,000}. Copies of the complete Notice Inviting Bids and
other information concerning said bonds may be obtained from
Drexel Burnham Lambert Incorporated, 131 S. Rodeo Drive,
Suite 100, Beverly Hills, California 90212, (213Y,2811-3688.1
Secretary] Poway Redevelopment
Agency
k
r
of 2345 07 JUI 21 2 1986 ITEM