Res 85-105RESOLUTION NO. 85-105
A RESOLUTION OF ~HE CITY COUNCIL
OF THE CITY OF POW-AY, CALIFORNIA,
A33CE~ .~TING A PURCHASE ~ ASD
AWARDING THE S~L~. OF BOhI)S
IN A (IX4WUNITY FACILITIES DISTRICT
~4_~AS, the City Council of the City of Poway, California, (hereinafter
referred to as the "legislative body of the local Agency"), has instituted pro-
~cdings, held a public b~ring, received the approval of the qualified elector
add has authorized the sale of bonds by a C~L.~,unity Facilities District pursuant
to the terms and provisions of the "Mello-R0os C~onity Facilities Act of
1982,", being Chapter 2.5, Part 1, Division 2, Title 5 of the Government Code of
the State of California. This C~L,L~nity Facilities District sb~ll hereinafter
be referred to as
SOUTH POWAY (II~WD/t-iTY FACILITIES DISTRICT NO. 1
(hereinafter referred to as the "District" ); and,
~, it was determined by this legislative body that it was necessary to
incur a bonded indebtedness to pay for all or a portion of public capital faci-
lities of said District, and the proposition relating to the incurring of a
bonded indebtedness has been approved by the sole ~]ified elector in the
District; and,
WHEREAS, there has now ~cn received, in proper form, a purchase agrc~--aent
(herei~fter referred to as the "Purchase Agreement") for the purchase of bonds
to issue under these proc~ngs from Drexel Burnham Lambert Incorporated (the
"Purchaser") presented this night to the legislative body and said Purchase
Agreement received is considered to best serve the interests of the District and
it is determined that acceptance of this proposal at a private sale will result
in a lower interest cost on the bonds.
NOW, THerEFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1. That the above recitals are all true and correct.
SECTION 2. That the written Purchase Agrc~---~ent received relating to the
purchase of certain special ~ Cc~nunity Facilities District bonds in the
aggregate principal amount of $30,000,000 designated as CITY OF POW-AY (SAN DI~GO
COUNTY, CALIFORNIA) SOUTH POWAY COMMUNITY FACILITIES DI~rF~ICT NO. 1 (~
BUSINESS PARK PROJECT), SPECIAL TAX BONOS SERIES 1985 (the "Bonds") is hereby
accepted and approved substantially in the form presented this night. The
Chairman and the Clerk of the legislative body are hereby authorized and
directed, for and in the name of the District, to execute the Purchase Agrc~ment
in substantially in the form hereby approved, such approval to be conclusively
evidenced by the execution thereof.
Resolution No. 85-105
Page 2
S~CTION 3. That said sale of Bonds is hereby authorized and is subject to
all the terms and conditions as set forth in the Resolution of Intention to
incur indebtedness, adopted by this legislative body of the District on Nov~nber
26, 1985 and the accepted Purchase Agreement, and all other bonn authorization
docua~ntation.
S~CTION 4. The City Manager is hereby authorized and directed to have said
Bonds delivered to the Purchaser upon receipt of the amount of monies due pur-
suant to said Purchase Agrc~---ment and upon the performance of all conditions as
set forth in said Purchase Agreement.
S~CTION 5. That the interest rate and/or rates on said Bonds be fixed at
the rate and/or rates and the purchaser's discount on the purchase price thereof
be fixed at the a~Dunt as set forth in the Purchase Agr~.~ent and that in
no'event shall such interest rate or rates exceed ten and one-half percent
(10.5%) for any maturity and that in no event shall such purchaser's discount
exceed three percent (3%) of the aggregate principal amount of said bonds.
S~CTION 6. The above sale and acceptance of the Purchase Agrc~---ment has
made without advertising for bids, as authorized by Section 53360.4 of the
Govermnent Code of the State of California, as it is hereby determined by this
legislative body that said sale would result in a lower interest cost on the
S~CTION 7. That the Preliminary Official Statement prepared by the
Purchaser presented to this legislative body on this night, is hereby approved
in substantially the form presented, with such changes thereto as may be
approved by Bond Counsel and the City Manager of the City of Poway. This
Preliminary Official Statement is hereby authorized to be roiled to prospective
purchasers of said Bonds. The Purchaser is hereby authorized to distribute the
Official Statement.
PASSED, ADOPTt~ A~D APPROVSD, by the City Oouncil of the City of Poway,
California,1985. at an adjourned regular meeting ~~~ } day of December,
C~rl R. Kruse, Mayor
~jorie K. Wahlsteh, City Cl~k
6/RES/Accept 1-A~cept 2