Res 87-102RESOLUTION NO. 87-102
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF POWAY, CALIFORNIA,
APPROVING CERTAIN LOANS TO
THE POWAY REDEVELOPMENT AGENCY
WHEREAS, THE City Council of the City of Poway (the "City"), in accordance
with the provisions of the California Community Redevelopment Law, has created
a Redevelopment Agency Administrative Fund for the purpose of accounting for
administrative expenses and debt service activity of the Poway Redevelopment
Agency (the "Agency"); and
WHEREAS, the City desires to loan $2,052,000 to the Agency to assist with
the development of the Pomerado Business Park and to loan $220,000 to supplement
the Agency's Community Road Storm Drain Project.
NOW, THEREFORE, be it resolved:
Section 1. That said loans are approved and ratified by the City Council in
accordance with the schedule of funding sources and uses below, with interest
accruing on the loans at an interest rate equal to the annual average interest
accrued on investments of the City General Fund as calculated on January 1st of
each year. This rate, however, is not to exceed the lesser of:
(i) 12% per annum, or
(ii) the maximum interest rate that may lawfully be paid by a redevelopment
agency.
Section 2. That all outstanding loans as of the date of this resolution
be converted to the same annual average interest accrual method as described
above, said conversion to become effective July 1, 1987 upon ratification by
the Agency.
Schedule of Funding Sources and Uses:
Loan #1 - $2,052,000
Sources
Fund 21:
Fund 12:
Fund 61:
Street Development Fund
Drainage Fund
Sewer Fund
$ 700,000
792,000
560,000
$2,052,000
Uses
Defray Community Facilities District debt
service requirement to assist in the develop-
ment of Pomerado Business Park.
$2,052,000
Loan #2
Source
Use
$220,000
Fund 12: Drainage Fund
Project 5405 - Community Road Storm Drain
Resolution No. 87-102
Page 2
$ 220,000
220,000
PASSED, ADOPTED AND APPROVED, by the City Council of the City of Poway,
California, at a regular meeting thereof this 22nd day of September, 1987.
ATTEST:
Marjorie K~ Wahlsten, City Clerk
STALE OF'~ALIFORNIA )
COUNTY OF SAN DIEGO )
I, Marjorie K. Wahlsten, City Clerk of the City of Poway, do hereby certify
under penalty of perjury that the foregoing Resolution No. 87-102 was duly
adopted by the City Council at a meeting of said City Council held on the
22nd day of September, 1987, and that it was so adopted by the following vote:
AYES: BRANNON, EMERY, KRUSE, TARZY
NOES: NONE
ABSTAIN: NONE
ABSENT: HIGGINSON
arjorie K.~Wahlsten, City Clerk
City of P~v?y