Res 87-010RESOLUTION NO. 87-010
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
POWAY ACTING AS THE LEGISLATIVE BODY FOR THE
SOUTH POWAY COMMUNITY FACILITIES DISTRICT
NO. 1 (POMERADO BUSINESS PARK PROJECT)
AMENDING ITS RESOLUTION NO. 85-109
WHEREAS, the City Council of the City of Poway acting
in its capacity as the legislative body of the South Poway
Community Facilities District No. 1 (Pomerado Business Park
Project) (the 'District") has previously adopted its Resolution
No. 85-109 authorizing the issuance of the District's Special
Tax Bonds, Series 1985 (the "1985 Bonds"); and
Wq{EREAS, the District now intends to defease the 1985
Bonds in accordance with Section 22 of Resolution No. 85-109
and desires to amend such Section 22 in order to effect a
timely defeasance of the 1985 Bonds to maximize the debt
service savings to the District; and
WHEREAS, Section 24 of Resolution No. 85-109 permits
an amendment to be made without notice to or consent of any of
the Bondholders in order to cure any ambiguity, to correct or
supplement any provisions therein which may be inconsistent
with any other provision therein, or to make any other
provision with respect to matters or questions arising under
Resolution No. 85-109, provided that such action does not
adversely affect the interests of the Bondholders; and
WHEREAS, the District has determined that the
amendment to Section 22 described herein does not adversely
affect the interests of the Bondholders and may be made without
their consent;
NOW, THEREFORE, the City Council of the City of Poway
acting in its capacity as the legislative body of the South
Poway Community Facilities District No. 1 (Pomerado Business
Park) does hereby resolve as follows:
Section 1. Each of the above recitals is true and
correct.
Section 2. The second and third sentences of Section
22 are deleted in their entirety and amended to read as follows:
'The Issuer shall notify the Fiscal Agent of its
intention to effect a defeasance pursuant to this
Section 22 at least ten (10) days prior to the
proposed defeasance date. On or prior to the date of
the defeasance, there shall be provided to the Fiscal
Agent a report of a certified public accountant
stating its opinion as to the sufficiency of the
moneys deposited with the Fiscal Agent to pay and
discharge the principal of and interest on all Bonds
outstanding as and when the same shall become due and
payable, and an opinion of a nationally-recognized
bond counsel (which may rely upon the opinion of the
certified public accountant) to the effect that the
Bonds have been legally defeased in accordance with
this Resolution. Upon being provided with the
required report of a certified public account and
opinion of bond counsel, the Fiscal Agent, upon
request of the Issuer, shall release the rights of the
Bondholders under this Resolution and execute and
deliver to the Issuer all such instruments as may be
desirable to evidence such release, discharge and
satisfaction, and the Fiscal Agent shall pay over or
deliver to the Issuer any funds held by the Fiscal
Agent at the time of a defeasance, which are not
required for the purpose of paying and discharging the
principal of or interest on the Bonds when due. The
Fiscal Agent shall, at the direction of the Issuer,
mail a notice to the Bondholders, in the form directed
by the Issuer, stating that the defeasance has
occurred."
Section 3. This Resolution shall take effect from its
date of adoption.
ADOPTED, SIGNED AND APPROVED this 27th day of January,
1987 by the City Council of the City of Poway acting as the
legislative body of the South Poway Community Facilities
District No. 1 (Pomerado Business Park Project).
ATTEST:
City Clark, City of Poway
'\
-2-
4528k/2468-03
STATE OF CALIFORNIA )
) SS.
COUNTY OF SAN DIEGO )
I, Ma~jorie K. Wahlsten, City Clerk of the City of Poway,
do hereby certify that the foregoing Resolution was duly
adopted by the City Council of said City acting in its capacity
as the legislative body of the South Poway Community Facilities
District No. 1 (Pomerado Business Park Project) at a meeting of
said City Council held on the 27th day of January, 1987, and
that it was so adopted by the following vote:
AYES: BRANNON, fl~ERY, HIGGINSON, KRUSE, TARZY
NOES: NONE
ABSTAIN:NONE
ABSENT: NONE
City Clerk, City of Poway
STATE OF CALIFORNIA )
) ss.
COUNTY OF SAN DIEGO )
i, Marjorie K. Wahlsten , City Clerk of the City of Poway,
do hereby certify that the above and foregoing is a full, true
and correct copy of Resolution No. 8~010 of said City Council,
and that the same has not been amended or repealed.
Dated: ~. ~ , 1987
City CleYk, City of Poway