Res 87-015RESOLUTION NO. 87-015
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) APPROVING THE FORM OF THE PURCHASE
CONTRACT AND PRELIMINARY OFFICIAL STATEMENT
AND AUTHORIZING CERTAIN ACTIONS IN
CONNECTION THEREWITH
WHEREAS, the South Poway Community Facilities District
No. ! (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, the City Council, acting
in its capacity as the legislative body of the District, 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, on January 27, 1987, following the close of
the public hearing, the City Council, acting in its capacity as
the legislative body of the District, adopted Resolution
No. 8~011~determining the necessity to incur bonded indebtedness
in an amount not to exceed $40,000,000; and
WHEREAS, the City Council desires to authorize the
distribution of a preliminary official statement in order to
facilitate the marketing of the Refunding Bonds and the
execution of a bond purchase agreement; and
WHEREAS, the City Council, in its capacity as the
legislative body of the District, has determined that a
negotiated sale of the Refunding Bonds to Drexel Burnham
Lambert Incorporated (the 'Underwriter") will result in a lower
overall cost to the District because of the Underwriter's
familiarity with the Special Tax Bonds Series 1985 and the
Special Tax resulting from its participation in the sale of the
1985 Bonds and its ability to structure a more efficient
refunding escrow on a negotiated sale basis;
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. The proposed form of the Preliminary
Official Statement and the Bond Purchase Agreement presented at
this meeting are hereby approved as to form. The Mayor of the
City, or the City Manager and the City Clerk, are hereby
authorized and directed for and in the name of the District to
execute the Bond Purchase Agreement in substantially the form
hereby approved, with such additions thereto and changes
therein as are recommended or approved by Bond Counsel to the
District and approved by such officers, such approval to be
conclusively evidenced by the execution and delivery thereof;
provided, howevez, that the principal amount of Bonds to be
sold shall not exceed $40,000,000, the net interest cost of the
issue shall not exceed 7.75% and the underwriting discount
(exclusive of any original issue discount) shall not exceed
2.5% of the principal amount of the Bonds.
Section 2. The form of the Preliminary Official
Statement presented at this meeting and the distribution of the
Preliminary Official Statement (including any changes deemed
4610k/24~8-03
-2-
necessary by Bond Counsel to the District prior to its mailing)
to purchasers of the Bonds are hereby approved, and the Mayor
or the City Manager are hereby authorized and directed to
execute and deliver a final Official Statement in substantially
the form of the Preliminary Official Statement, with such
additions thereto and changes therein as are recommended or
approved by Bond Counsel to the District and approved by such
officer, such approval to be conclusively evidenced by the
execution and delivery thereof.
Section 3. This Resolution shall be effective from
and after its date of adoption.
ADOPTED, SIGNED AND APPROVED this 3rd day of February,
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:
Mayor, City<o~
City Cl~rk, City of Poway
-3~
4610k/2468-03
STATE OF CALIFORNIA )
) SS.
COUNTY OF SAN DIEGO )
I, Marjorie 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 3rd day of February, 1987, and
that it was so adopted by the following vote:
AYES: 5~r~ry, Higginson, Kruse, Tarzy
NOES: None
ABSTAIN: None
ABSENT: Brannon
City C~e~k, City of Poway
STATE OF CALIFORNIA )
) ss.
COUNTY OF SAN DIEGO )
I, Marjorie 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. 87-015 of said City Council,
and that the same has not been amended or repealed.
Dated: February 3 , 1987
City Cle~k, City of Poway