Res 87-001RESOLUTION NO. 87-001
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF POWAY, CALIFORNIA,
D~J~RING ITS INTt~ICN TO INOJR BC~DED
INDEBTEDNESS IN AN AMOJNT NOT TO EXCm~n $40,000,000
WITHIN SO3TH POWAY C(]~IONITY FACILITIES DISTRICT NO. 1
I~IEREAS, the South Poway Cu~.~unity Facilities District No. 1 (the
"District") h~ Previously issued its Special Tax Bonds Series 1985 in the prin-
cipal amount of $30,000,000 in accora~nce with the terms of Resolution No.
85-109 adopted by the City Council of the City of Po~y acting as the legisla-
tive body of the District; and
1~REAS, the City Council, in its capacity as the legislative body of the
District, has determined that it ~uld prudent in the management of the
District ' s
fiscal affairs to issue refunding bonds to decrease the District's Special Tax
Bcmds Series 1985 in order to realize net debt service savings over the mturity
of the refunding bonds; and
WHEREAS, the City Council estimates that the amount required to refund the
Series 1985 Bonds will be an ~nount not in excess of $40,000,000; and
WHEREAS, in order to refund the Special Tax Bonds Series 1985, the District
intends to incur bonded indebtedness in an 8~nount not to exceed $40,000,000, the
repayment of which is to be secured by Special Taxes levied in accordance with
Ordinance No. 182 adopted by the City Council on December 3, 1985;
NOW, ~{EREFORE, THE CITY CO3NCIL OF THE CITY OF PONAY ACTING IN ITS CAPACITY
AS ~HE L~GISLATIVE BODY OF THE DISTRICT DOES HERS~Y t~OLVE, DETERMINE AND ORDER
as follows:
Section 1. The above recitals are true and correct.
Section 2. It is necessary to incur bonded indebtedness within the boundaries
of the District in an amount not to exc~ $40,000,000 to refund the District's
Special Tax Bonds Series 1985.
Section 3. It is the intent of the District to authorize the sale of bonds in
the maximin aggregate principal amount of $40,000,000 at a maximum interest rate
not in excess of that which will provide a net debt service savings to the
District frcm the debt service it is currently obligated to pay on the Special
Tax Bonds Series 1985. The term of the bonds shall be determined pursuant to a
resolution of this Board authorizing the issuance of the bonds, but such term
shall in no event exceed 40 ymmrs or such longer term as is then permitted by
law.
R_~olution No. 87-001
Page 2
Section 4. A public hearing (the "H~ring") on the proposed bond issue shall be
held at 7:00 p.m., or as soon thereafter as practicable, on Jaza,,ary 27, 1987, in
the City Council Chambers, at 13325 Civic Center Drive, Poway, California.
Section 5. At the time and place set forth in this R_~olution for the H~ring,
any interested persons, incl,~ing all persons owning l~nd or registered to vote
within proposed South Poway Cu~u~ity Facilities District No. 1, may appear and
be h~rd.
Section 6. The City Clerk is hereby directed to publish a notice in the form
attached hereto as Exhibit A (the "Notice") of the H~ring pursuant to Section
6061 of the Government Code in a newspaper of general circulation published in
the area of the District. Such publication shall be c~,~leted at least 14 days
prior to the date of the H~a_ring. In addition, the City Clerk shall post a copy
of this Resolution and the Notice in a conspicuous place outside of the City
Council Chambers.
Section 7. The City Clerk is hereby directed to send a copy of the Notice of
the H~aring by first-class mail, postage pr~aid, to each registered voter and
to each landowner within the District as shown on the last equalized assessment
roll. Said mailing shall be c~;~leted not less than fifteen (15) days prior to
the date of the H~a_ring.
PASSED, ADOPTED AND APPROVED, by the City Council of the City of Poway,
California, acting as the legislative body of the South Poway Cu',m%unity
Facilities District No. 1, at a regular meeting thereof this 6th day of Janizary,
1987.
Marjorie K. Wahlsten, City Clerk
R/Intent7-9/CP47
NOTICE IS HEll,BY GIVEN that on the 27th day of Jan~,~y, 1987, at the hour of
7:00 p.m., in the regular ~-_cting place of the Legislative Body of the South
Poway Cum%~nity Facilities District No. 1 (The "District"), being 13325 Civic
Cuter Drive, Poway, California, a public h~ring will be held on the intention
of this Legislative Body to incur a bonded indebtedness in a principal amount
not to exceed $40,000,000 in order to refund the District's outst~_~ding Special
Tax Bonds Series 1985. At the time and place fixed for said public h~_ring, ANY
PERSC(qS 1/FfERESTED, INCLUDING PERSCNS CWNING PROPERTY WITHIN ~HE DISTRICT, may
appeaser and present any matters relating to the proposed intention and necessity
for incurring the bonded indebtedness to refund the Special Tax Bonds Series
1985. For particulars, reference is made to the form of the Resolution of the
City Council ~titled "Resolution of the City Council of the City of Poway,
D~cl~ring its Intention to Incur Bonded Indebtedness in an Amount Not to Exceed
$40,000,000 Within South Poway Cu~m~nity Facilities District No. 1" oa file in
the Office of the City Clerk of the City of Poway.
M~rjorie K. Wahlsten, City Clerk