Res 87-011RESOLUTION NO. 87-011
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) DETERMINING THE NECESSITY TO INCUR
BONDED INDEBTEDNESS IN THE AMOUNT OF
$40,000,000 AND CALLING AN ELECTION
WHEREAS, the South Poway Community Facilities District
No. 1 (Pomerado Business Park Project) (the "District") has
previously issued its Special Tax Bonds Series 1985 in the
principal amount of $30,000,000 in accordance with the terms of
Resolution No. 85-109 adopted by the City Council of the City
of Poway acting as the legislative body of the District; and
WHEREAS, the City Council, in its capacity as the
legislative body of the District, has determined that it would
be prudent in the management of the District's fiscal affairs
to issue refunding bonds to defease the District's Special Tax
Bonds Series 1985 in order to realize net debt service savings
over the maturity of the refunding bonds; and
WHEREAS, on January 6, 1987, the City Council, acting
in its capacity as the legislative body of the District,
adopted Resolution No. 87-001 stating its intention to incur
bonded indebtedness in an amount not to exceed $40,000,000
within the District for the purpose of issuing refunding bonds
(the "Refunding Bonds") to defease the District's Special Tax
Bonds Series 1985 in order to realize net debt service savings
over the maturity of the Refunding Bonds; and
WHEREAS, on January 8, 1987, notice was published as
required by law relative to the intention of the District to
incur bonded indebtedness in the amount of $40,000,000 within
the boundaries of the District; and
WHEREAS, on January 27, 1987, this City Council held a
noticed public hearing as required by law to determine whether
the District should issue the Refunding Bonds the repayment of
which will be secured by special taxes levied in accordance
with Ordinance No. 182 adopted by the City Council on December
3, 1985 (the "Special Taxes") and establish an appropriations
limit for the District pursuant to Section 53325.7 of the
Government Code; and
WHEREAS, at said hearing all persons desiring to be
heard on all matters pertaining to the issuance of the
Refunding Bonds and the levy of the Special Tax to repay the
Refunding Bonds and the establishment of an appropriations
limit for the District were heard and a full and fair hearing
was held; and
WHEREAS, the City Council desires to make the
necessary findings to incur bonded indebtedness within the
District, to declare the purpose for said debt, and to
authorize the submittal of a proposition to the voters of the
District, being the landowners of the District, all as
authorized and required by law;
NOW, THEREFORE, the City Council of the City of Poway
acting in its capacity as the legislative body of the District
DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows:
Section 1. It is necessary for the District to incur
bonded indebtedness in a maximum aggregate principal amount not
to exceed $40,000,000 for the purpose of issuing the Refunding
Bonds and to levy the Special Taxes necessary to repay the
Special Bonds in accordance with the formula set forth in
Ordinance No. 182.
Section 2. The whole of the property within the
District shall pay for the bonded indebtedness pursuant to the
levy of the Special Tax authorized by Ordinance No. 182.
Section 3. The term of the Refunding Bonds shall be
the term necessary to defease the Special Tax Bonds Series 1985
at the greatest net debt service savings; provided, however,
the maximum term of the Refunding Bonds to be issued shall in
no event exceed forty (40) years.
Section 4. The Refunding Bonds shall bear interest at
a coupon rate or rates not to exceed the maximum interest rate
permitted by law, payable semiannually, with the actual rate or
rates and times of payment to be determined at the time or
times of sale thereof.
Section 5. Pursuant to Section 53351 of the
Government Code, a special election is hereby called for the
District on the proposition of incurring bonded indebtedness to
defease the Special Tax Bonds Series 1985 and to levy the
Special Tax to repay such bonded indebtedness. Pursuant to
Section 53325.7 of the Government Code, a special election is
hereby called for the purpose of establishing an appropriations
limit for the District. The proposed propositions relative to
incurring bonded indebtedness in the maximum aggregate
principal amount of $40,000,000 and authorizing the levy of the
Special Tax to repay such indebtedness and establishing an
appropriations limit for the District shall be submitted to the
voters in the form attached hereto as Exhibit #A".
4563k/2468-03
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Section 6. The date of the special election for the
District on the propositions attached hereto as Exhibit A shall
be on the 3rd day of March, 1987, subject to the prior receipt
by the City Clerk of the unanimous consent of the landowners of
the District to a waiver of any published notice of the time
and date of the election and the time limits for setting the
election set forth in Section 53326 of the Government Code or
contained in the Elections Code and further subject to the
concurrence of the Registrar of Voters of the County of San
Diego (the "Registrar") of such date. If such waiver and
concurrence is not received prior to March 3, 1987, the
election shall be rescheduled to the earliest possible date on
which the landowners and the Registrar mutually agree.
Section 7. It is hereby found that there are fewer
than 12 registered voters within the territory of the District
and, pursuant to Section 53326 of the Government Code, the
ballots for the special election shall be distributed by mail
with return postage prepaid to the landowners within the
District. Each landowner shall have one vote for each acre or
portion thereof that he or she owns within the District, as
provided in Section 53326 of the Government Code. The City
Clerk is hereby authorized and directed to provide the
Registrar with any and all information relating to the District
as is necessary for the Registrar to conduct the March 3, 1987
election.
Section 8. The District shall constitute a single
election precinct for the purpose of holding the election.
Section 9. Except as otherwise provided in the Act,
the election shall be called, held and conducted pursuant to
the provisions of the Uniform District Election Law of the
State of California and the procedures set forth in this
Resolution.
Section 10. The City Clerk is hereby directed to
publish a copy of this Resolution in a newspaper of general
circulation circulating within the area of the District not
later than 15 days prior to the March 3, 1987 election.
Section 11. This Resolution shall be effective from
and after its date of adoption.
4563k/2468-03
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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 ,Clerk, City of Poway
4563k/2468-03
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EXHIBIT A
OFFICIAL BALLOT
SOUTH POWAY COMMUNITY FACILITIES DISTRICT NO. 1
OF
THE CITY OF POWAY
SPECIAL BOND ELECTION
March 3, 1987
The landowner voting this ballot is entitled to one
vote for each acre, or portion of an acre, of land owned within
the South Poway Community Facilities District No. 1 (Pomerado
Business Park Project).
To vote, stamp a cross (+) in the voting square after
the word "YES" or after the word "NO". All marks otherwise
made are forbidden. All distinguishing marks are forbidden and
make the ballot void.
If you wrongly mark, tear, or deface this ballot,
return it to the Registrar of Voters and obtain another.
PROPOSITION NO. A: Shall the
South Poway Community Facilities District
No. 1 (Pomerado Business Park Project)
(the "District") incur an
indebtedness and issue bonds in the
maximum aggregate principal amount of
$40,000,000, with interest at a coupon
rate or rates not to exceed the maximum
interest rate permitted by law, the pro-
ceeds of which will be used to refund and
defease the District's Special Tax Bonds
Series 1985 and shall the Special Tax
approved by the voters of the District
and authorized to be levied in accordance
with Ordinance No. 182 of the City be
levied to repay such bonded indebtedness?
YES
NO
PROPOSITION NO. B: Shall
the appropriations limit, as defined
in Subdivision (h) of Section 8 of
Article XIII B of the California Con-
stitution for the.District be an amount
equal to all of the proceeds of the
Special Tax collected annually, as
adjusted for changes in the cost of
living and changes in population
pursuant to the provisions of Article
XIII B?
YES
NO
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4563k/2468-03
STATE OF CALIFORNIA )
) ss.
COUNTY OF SAN DIEGO )
I, Marjorie 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, ~MERY, 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. _-011 of said City Council,
and that the same has not been amen~ ~r repealed.
Dated: February 4 , 1987
City C~e~k, City of Poway