Res 07-013
RESOLUTION NO. 07-013
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF POWAY, CALIFORNIA,
APPROVING THE ISSUANCE BY THE POWAY REDEVELOPMENT AGENCY OF ITS
TAX ALLOCATION REFUNDING BONDS, SERIES 2007 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 (commencing with Section 33000) of the Health and Safety Code
of the State of Califomia), 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
the City Council of the City of Poway (the "City Council") on December 13, 1983, by
Ordinance No. 117 of the City of Poway and was amended by Ordinance No. 415
adopted by the City Council on June 15, 1993, by Ordinance No. 439 adopted on
December 13, 1994, by Ordinance No. 593 adopted on December 2, 2003, by
Ordinance No. 605 adopted on August 17, 2004, by Ordinance No, 611 adopted on
October 26, 2004 and by Ordinance No. 641 adopted on July 18, 2006 (the
"Redevelopment Plan"), and all requirements 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:
"RESOLUTION OF THE POWAY REDEVELOPMENT AGENCY
AUTHORIZING THE ISSUANCE OF TAX ALLOCATION REFUNDING
BONDS, SERIES 2007 OF SAID AGENCY IN AN AGGREGATE PRINCIPAL
AMOUNT OF NOT-TO-EXCEED THIRTY-FOUR MILLION DOLLARS
($34,000,000), 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 Refunding Bonds, Series 2007 in
an aggregate principal amount of not-to-exceed Thirty-Four Million Dollars
($34,000,000) (the "Bonds") on a parity basis to the portion of the Agency's outstanding
Paguay Redevelopment Project, Tax Allocation Bonds, Series 2000 (the "2000 Bonds")
which are not refunded by the Bonds, its outstanding Paguay Redevelopment Project,
Tax Allocation Refunding Bonds, Series 2001 (the "2001 Bonds"), and its outstanding
Paguay Redevelopment Project, Tax Allocation Refunding Bonds, Series 2003 (the
"2003 Bonds"), to refund, to the extent possible, the Agency's outstanding Paguay
Resolution No. 07-013
Page 2
Redevelopment Project, Tax Allocation Bonds, Series 2000 (the "Prior Bonds"), to fund
a reserve, to pay costs of municipal bond insurance, if any, to pay costs in connection
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, California, as follows:
Section 1. Aooroval of Issuance of Bonds. The issuance of an aggregate
principal amount of not-to-exceed $34,000,000 of "Poway Redevelopment Agency,
Paguay Redevelopment Project, Tax Allocation Refunding Bonds, Series 2007" 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 regular meeting this 6th day of February, 2007.
M""'eIP~
ATTEST:
~~~
L. Diane Shea, City Clerk
City of Poway, California
Resolution No. 07-013
Page 3
STATE OF CALIFORNIA )
) ss
COUNTY OF SAN DIEGO )
I, L. Diane Shea, City Clerk of the City of Poway, do hereby certify under penalty
of perjury that the foregoing Resolution No. 07-013 was duly adopted by the City
Council at a meeting of said City Council on the 6th day of February 2007, and that it
was so adopted by the following vote:
AYES: EMERY, HIGGINSON, CAFAGNA
NOES: NONE
ABSENT: BOYACK,REXFORD
DISQUALIFIED: NONE
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City of Poway