Res 97RESOLUTION NO. 97
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF POWAY, CALIFORNIA
AMENDING POMERADO COUNTY WATER DISTRICT NO. 81-7w
THE RESOLUTION OF INTENTION FOR GREEN VALLEY
IMPROVEMENT DISTRICT 80-1
WHEREAS, Streets & Highway's Code Section 6442 has been amended effective
January 1, 1981; and
WHEREAS, the Bonds for Green Valley Improvement District NO. 80-1 will be
issued after January 1, 1981.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL AS FOLLOWS:
Section 5 of Resolution No. 81-7 shall be amended by deleting the last two
sentences of that section and adding the following two sentences:
Said bonds shall provide that redemption may be made by payment of the
amount then unpaid on the principal sum thereof, with interest thereon
calculated up to the date of the next maturity interest coupon, and
all penalties accrued and unpaid, together with a premium of five
percent (5%) of said unmatured principal. The City Council elects to
have the County Treasurer retain the first two percent (2%) penalty
for any delinquency as a cost of servicing the delinquency as provided
in Section 6442 of the Streets and Highways Code.
PASSED AND ADOPTED by the City Council of the City of Poway, California at
a regular meeting thereof this 28th day of April, 1981
Clyde/E. Rexrode, Mayor
ATTEST:
Marjorie K. Wahlsten, City Clerk