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Res 85-094~-q0LUTION NO. 85-094 A RESOLUTION OF T~E CITY COUNCIL OF T~E CITY OF POWAY, C_aT.TFORNIA, DECLARING N~CESSITY TO IN~3R A BO~I)ED ISDEBTEDNESS, A~D SUBMITTING TO THE QUALIFIRD VOT~S OF A ~TY F;~ILITIES DISTRICT A PROPOSITION TO IN(JJR A BONDfl) ISDEBT~DNESS SECURED BY A SPECIAL TAX LEVY TO PAY FOR CRRTAIN CAPITAL FACILITIES IN A C0~4UNITY FACILITIES DISTRICT W~EREAS, the City Council of the City of Poway, California, (hereinafter referred to as the "legislative body of the local Agency"), has previously declared its intention and held aD~ conducted a public hearing relating to the issuance of bonds to be secured by special taxes to pay for certain public capi- tal facilities in a community facilities district", as authorized pursuant to the terms and provisions of the Mello-Roos Co~unity Facilities Act of 1982", being Chapter 2.5, Part 1, Division 2, Title 5 of the Gov~t Code of the State of California, said C~¢,f, unity Facilities District shall hereinafter be referred to as SOUTH POWAY O0~5~ITY F;~2ILITIES DISTRICT NO. 1 (hereinafter referred to as the "District"); and, ~, at this time this legislative body is desirous to proceed to make the necessary findings to incur the bonded indebtedness, to declare the purpose for said debt, and to authorize the s,~nittal of a c~mbined proposition to the voters of said District, being the landowners of the proposed District (there only being one landowner within the District), all as authorized and required by law. NGW, ~{E~ORE, BE IT RESOLVED AS FOLLOWS: SECTION 1. That the above recitals are all true and correct. SECTION 2. That this legislative body hereby expressly declares and sta- tes that it is necessary to incur a bonded indebtedness as authorized under the terms and provisions of the "M~llo-l%oos Gc~unity Facilities Act of 1982", in order to finance the below described public capital facilities. SECTION 3. That the purpose for the proposed bonded indebtedness and facilities proposed to be financed through the issuance of said bonds, is generally described as follows: Resolution No. 85-094 Page 2 SECTION 4. SECTION 5. SECTION 6. To finance the construction, expansion, rehabilitation or purchase of certain local facilities, including but not limited to, park facilities, local recreational use parks, str~_~t and access improv~q~ents, sewer improv~m~ents and drainage improvements, together with appurtenances and appur- tenant work. For a full and complete description of said facilities, reference is made to the final "Re~ort" of the Engin~_r previously approved, entitled "~TY FACILITIES DISTRICT REPORT", a copy of which is on file in the Office of the City Clerk. For all particulars, reference is made to said "Report". That the whole of the District will pay for the above- referenced bonded indebtedness. A general description of the District is as follows: All property within the bounamries of the SOUTH POWAY (II~4UNITY FACILITIES DISTRICT NO. 1, as shown on a map as previously approved by this legislative body, said mp designated by the name of this (km~unity Facilities District, a copy of which is on file in theofficeof the City Clerk. That the amount of the proposed bonded indebtedness, including the cost of the facilities, together with all inci- dental expenses, is generally as follows: SAID PROJECT FACILITIES, INCLUDING INCIDENTAL EXPENSES, SHALL NOT E~CRRn $60,000,000.00. Ann COSTS REPI~ENTED IN ~ DO[.~ARS A/~ ARE SUBJECT TO ESCALATION. For further particulars, reference is made to the "~TY FACILITIES DISTRICT REPORT", as on file in the Office of the city Clerk. That it is hereby further determined that serial bonds shall be issued to generally be payable in TWENTY-FIVE (25) annual installments from their date and from the last series of bonds, and said bonds may be issued in differing series, at differing times. The maximum rate of interest to be paid on said bonds shall not exceed the greater of either twelve per- cent (12%) per annum or the maximum rate permitted by law at the time of sale of any said bonds. The interest on said bonds shall be payable semiannually, and the principal on said bonds shall be paid annually, with all payments being ~ede to the registered owner of said bonds, as authorized by law. The bonds, except where other funds are made available, shall be paid exclusively from the annual levy of the special tax, and are not secured by any other taxing power or funds of the C~,,~unity Facilities District or the City of Poway. Resolution No. 85-094 Page 3 S~C~ION 7. The proposition related to the incurring of the bonded indeb- tedness shall be consolidated with the proposition relating to the levy of the special tax, shall be combined into one proposition, and shall be submitted to the qualified voter (the "Landowner") for his approval. This legislative body hereby waives the holding of a special election pursuant to Goverrm~ent Code Section 53326 on the grounds that there is only one landowner and, as such, only one qualified voter in the District. S~CTION 8. If the combined proposition for the levy of the special tax and the incurring of the bonded indebtedness receives the approval of the Landowner, bonds may be authorized, issued and sold for the purposes set forth herein and the special tax my be levied as provided for in the Resolution of Issuances. S~CTION 9. That the ballot proposal to be s,,~i'tted to the Landowner shall be substantially in the form as provided in Exhibit "A" attached hereto and incorporated herein by reference. SMCTION 10. This legislative body hereby waives the publication of this Resolution. The City Clerk shall mail a copy of this Resolution to the Landowner along with the proposition, and such mailing shall include the notice of the creation of the District and request for the voter authorization to levy a special ~m_x. PASSED, ADOPTED AhD APPROVED, by the City Council of the City of Poway, ifornia, at a regular meeting thereof this~ day of November, 1985. Carl R. Kruse,~yor Marjor~K. Wahlsten, City Clerk PROPOSITION CITY OF POWAY (SOUTH POWAY (/]~[~/~TY FACILITIES DISTRIC~ NO. 1) AUTHORIZATION TO INCUR BONDED IhDEBT~DNESS AhD AUTHORIZATION FOR SPECIAL TAX LEVY Shall the South Pow-ay C~,,,unity Facilities District No. 1, City of Poway) incur a bonded indebtedness in an amount not to exceed $60,000,000.00 in 1985 dollars, to pay for certain public facilities for the cem~truction, expansion, rehabilitation or purchase of certain local facilities, including but not limited to, park facilities, local recreational use parks, street and access improvements, sewer improvements and drainage improvements, together with appur- tenances and appurtenant work, and 2) levy a special tax to secure said bonded indebtedness and/or pay for the public capital facilities. NON The appropriate mark placed in the voting square after the word "YES" shall be counted in favor of the adoption of the proposition, and the appropriate turk placed in the voting sc~re after the word "NO" in the runner as authorized, shall be counted against the adoption of said proposition.