Res 03-071RESOLUTION NO. 03-071
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF POWAY, CALIFORNIA,
APPROVING THE ISSUANCE BY THE POWAY REDEVELOPMENT AGENCY
OF ITS TAX ALLOCATION BONDS, SERIES 2003A
AND ITS TAX ALLOCATION BONDS, SERIES 2003B (TAXABLE)
AND MAKING CERTAIN DETERMINATIONS RELATING THERETO
WHEREAS, the Poway Redevelopment Agency (the "Agency") is a
redevelopment agency duly created, established and authorized to transact business
and exercise its powers, all under and pursuant to the Community Redevelopment Law
(Part 1 of Division 24 ( ;l 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
bonds for any of its corporate purposes; and
WHEREAS, the Redevelopment Plan for a redevelopment project known and
designated as the "Paguay Redevelopment Project" has been adopted and approved by
Ordinance No. 117 of the City Council of the City of Poway (the "City Council") on
December 13, 1983, and was amended by Ordinance No. 415 adopted by the City
Council on June 15, 1993 and Ordinance No. 439 adopted by the City Council on
December 13, 1994, and all re~ ' of law for and precedent to the adoption and
approval of the Redevelopment Plan, as amended, have been duly complied with; and
WHEREAS, the Agency has adopted its Resolution (the "Agency Resolution")
entitled:
A RESOLUTION OF THE POWAY REDEVELOPMENT AGENCY
AUTHORIZING THE ISSUANCE OF TAX ALLOCATION BONDS,
SERIES 2003A AND TAX ALLOCATION BONDS, SERIES 2003B
(TAXABLE) OF SAID AGENCY IN AN AGGREGATE PRINCIPAL
AMOUNT OF NOT-TO-EXCEED ONE HUNDRED SIXTY MILLION
DOLLARS ($160,000,000), APPROVING CERTAIN DOCUMENTS AND
TAKING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH
; and
WHEREAS, under and pursuant to the above Resolution, the Agency has
authorized the issuance and sale of its Tax Allocation Bonds, Series 2003A and Tax
Allocation Bonds, Series 2003B (Taxable) in an aggregate principal amount of not-to-
exceed One Hundred Sixty Million Dollars ($160,000,000) (the "Bonds") on a
subordinated basis to the Agency's outstanding Paguay Redevelopment Project, Tax
Allocation Bonds, Series 1990A (the "1990A Bonds"), and on a padty basis to the
Agency's outstanding Paguay Redevelopment Project, Tax Allocation Bonds, Series
2000 (the "2000 Bonds") and its outstanding Paguay Redevelopment Project, Tax
Allocation Refunding Bonds, Series 2001 (the "2001 Bonds"), to refund, to the extent
possible, the Agency's outstanding Paguay Redevelopment Project, Tax Allocation
Bonds , Series 1993, to finance capital improvement projects, which may include
Resolution No. 03- 071
Page 2
certain obligations of the Agency to pay tax sharing ag to fund a reserve, to
pay costs of municipal bond ' if any, to pay costs in with the
issuance of the Bonds and to make certain other deposits as required by the Indenture
(defined in the Agency Resolution).
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of
Poway as follows:
Sec al of Issuan, The issuance of an aggregate
principal amount of -I $160,000,000 of "Poway Redevelopment
Agency, Paguay Redevelopment Project, Tax Allocation Bonds, Series 2003A"
and "Poway Redevelopment Agency, Paguay Redevelopment Project, Tax
Allocation Bonds, Sedes 2003B (Taxable)" for the purposes stated above, all of
which constitute a "redevelopment activity," as such term is defined in Health and
Safety Code Section 33678, is hereby authorized and approved pursuant to
Health and Safety Code Section 33640.
Section 2. Effective Date. This Resolution shall take effect upon adoption.
PASSED, ADOPTED AND APPROVED by the City Council of the City of Poway
at a reg ";3 this 2nd day of September 2003.
ATTEST:
Lori/~nne Peoples, City Clerk
Michael P.
Resolution No. 03-071
Page 3
STATE OF CALIFORNIA )
) SS
COUNTY OF SAN DIEGO )
I, Lori Anne Peoples, City Clerk of the City of Poway, do hereby certify under
penalty of perjury that the foregoing Resolution No. 03-07]. was duly adopted by the
City Council at a regular meeting of said City Council held on the 2nd day of September
2003, and that it was so adopted by the following vote:
AYES: EMERY, GOLDBY, HIGGINSON, REXFORD, CAFAGNA
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
Lori ,a~nne Peoples, City Clerk,
City df Poway