Res 88-013RESOLUTION NO. 88- 013
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF POWAY, CALIFORNIA,
AUTHORIZING THE PREPARATION AND SALE OF
$10,800,000 PRINCIPAL AMOUNT OF CERTIFICATES OF
PARTICIPATION AND APPROVING CERTAIN DOCUMENTS
AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH
WHEREAS, the City of Poway (the "City") and the Poway Redevelopment Agency
(the "Agency") desire to enter into that certain Lease Agreement dated as of
April 1, 1988, by and between the City and the Agency {the "Lease"), the form of
which has been presented to this City Council at the meeting at which this
Resolution has been adopted, pursuant to which the City will agree to lease the
Projects {as defined in the Lease} from the Agency and to pay certain Lease
Payments {as defined in the Lease) in connection therewith; and
WHEREAS, the Lease Payments will be assigned by the Agency and will be
pledged to the holders of the Certificates of Participation by the Agency pur-
suant to a Trust Agreement dated as of April 1, 1988 by and among Security
Pacific National Bank as trustee {the "Trustee"), the City and the Agency {the
"Trust Agreement"), the form of which has been presented to this City Council at
the meeting at which this Resolution has been adopted; and
WHEREAS, the Agency and the City have determined that it will be in the best
interests of the City, Agency and citizens of the community to authorize the
preparation and sale of Certificates of Participation in an aggregate amount of
$10,800,000 {the "Certificates"), which Certificates evidence an allocable share
in the Lease Payments to be made pursuant to the Lease; and
WHEREAS, there has been presented to this City Council at this meeting a
Reimbursement Agreement by and between the Agency and the City;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Poway as
follows:
SECTION 1: This City Council hereby authorizes the preparation and sale
of the Certificates in an aggregate principal amount not to exceed $10,800,000
in accordance with the terms and provisions of the Trust Agreement. The pur-
poses for which the proceeds of the Certificates shall be expended are to pay
the cost of the acquisition and rehabilitation of the Poinsettia Mobilehome Park
Project, including to fund a reserve fund and to pay the costs of the sale of
the Certificates.
SECTION 2: Security Pacific National Bank, Los Angeles, California, is
hereby appointed as Trustee on behalf of the holders of the Certificates with
the duties and powers of the Trustee as set forth in the Trust Agreement.
Resolution No. 88-013
Page 2
SECTION 3: The proposed forms of the Lease, the Trust Agreement and the
Reimbursement Agreement presented at this meeting are hereby approved as to
form. Subject to the prior approval by this Councll of the Purchase Contract
for the sale of the Certificates, the Mayor and the City Clerk are hereby
authorized and directed for and in the name of the City to execute the Lease and
the Trust Agreement In substantially the form hereby approved, wlth such addi-
tions thereto and changes therein as are recommended or approved by Special
Counsel to the Agency and approved by such officers, such approval to be conclu-
sively evidenced by the execution and delivery thereof.
SECTION 4:
adoption.
This Resolution shall take effect from and after its date of
PASSED, ADOPTED AND APPROVED, by the City Council of the Clty of Poway,
California, at a regular meeting thereof this 23rd day of February, 1988.
R6bert C. Emery, Mayor~~
ATTEST:
Narjorie Kg Wahlsten, City Clerk
R/COP1-2/CP43
STATE OF CALIFORNIA )
) SS.
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. 88-01J was duly
adopted by the City Council at a meeting of said City Council held on the 23rd
day of February, 1988, and that it was so adopted by the following vote:
AYES: Brannon, Higginson, Kruse, Tarzy
NOES: None
ABSTAIN: None
ABSENT: Emery
Marjorle K~ Wahlsten, City Clerk
City of ~o~¥ay