Res 86-091RESOLUTION NO. 86-091
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
POWAY, CALIFORNIA, APPROVING THE ISSUANCE BY THE
POWAY REDEVELOPMENT AGENCY OF ITS PAGUAY
REDEVELOPMENT PROJECT SUBORDINATED TAX ALLOCATION
BONDS, SERIES 1986, 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 California) and the powers of the Agency include the power
to issue notes for any of its corporate purposes; and
WHEREAS, a Redevelopment Plan known as the "Paguay Redevelopment Project"
has been adopted and approved by an ordinance of the City of Poway (the "City"),
and all requirements of law for and precedent to the adoption and approval of
said Redevelopment Plan, as amended, have been duly complied with; and
WHEREAS, the Agency has adopted its Resolution entitled:
"RESOLUTION OF THE POWAY REDEVELOPMENT AGENCY
AUTHORIZING THE ISSUANCE OF PAGUAY REDEVELOPMENT
PROJECT SUBORDINATED TAX ALLOCATION BONDS OF SAID
AGENCY IN A PRINCIPAL AMOUNT OF NOT TO EXCEED
SEVENTEEN MILLION DOLI2%RS ($17,000,000)"; and
WHEREAS, the Agency has adopted its Resolution entitled:
"RESOLUTION OF THE POWAY REDEVELOPMENT AGENCY
AWARDING $17,000,000 PAGUAY REDEVELOPMENT PROJECT
SUBORDINATED TAX ALLOCATION BONDS, SERIES 1986 TO
THE BEST BIDDER AND REJECTING ALL OTHER BIDS"; and
WHEREAS, under and pursuant to the above Resolutions, the Agency has
authorized the issuance and sale of $17,000,000 Poway Redevelopment Agency,
Paguay Redevelopment Project Subordinated Tax Allocation Bonds, Series 1986
(the "Bonds").
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the City Council
of the City of Poway, California, as follows:
Section 1. Approval of Issuance of Bonds. The issuance of an aggregate
principal amount of $17,000,000 of "Poway R~d~v~lopm~nt Agency, Paguay
Redevelopment Project Subordinated Tax Allocation Bonds, Series 1986" (the
"Bonds"), in order to aid in the financing of the Paguay Redevelopment
Project, and for other purposes related thereto, all of which constitute a
"redevelopment activity", as such term is defined in Health and Safety Code
Section 33640.
Section 2. Effective Date. This Resolution shall take effect upon
adoption.
PASSED, APPROVED and ADOPTED this 7th day of Auqust
the following vote:
· 1986, by
AYES:
NOES:
ABSENT:
~mery, Oravec, Tarzy, Kruse
None
Shepardson
Mayor, City of Poway
ATTEST:
city
City of/ P~way
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