Res 88-103RESOLUTION NO. 88-103
RESOLUTION OF INTENTION OF THE CITY COUNCIL
OF THE CITY OF POWAY, CALIFORNIA TO INCUR
BONDED INDEBTEDNESS IN THE AMOUNT OF
$45,000,000 WITHIN PROPOSED COMMUNITY
FACILITIES DISTRICT NO. 88-1 OF THE CITY OF
POWAY (PARKWAY BUSINESS CENTER)
September 13 , 1988
WHEREAS, after receiving a petition signed by the
property owners (collectively, the "Owner") of not less than 10
percent of the area of land (the "Parkway Business Center
Project Area 88-1") proposed to be included within the
hereinafter mentioned community facilities district, the City
Council of the City of Poway (the "City Council") has
heretofore adopted Resolution No. 88-__~___ stating its
intention to form Community Facilities District No. 88-1 of the
City of Poway (Parkway Business Center) (the "Community
Facilities District No. 88-1 (Parkway Business Center)")
pursuant to the Mello-Roos Community Facilities Act of 1982
(the "Act"), as amended, to finance (1) the construction,
purchase, modification, expansion, improvement or
rehabilitation of storm drains, a fire station and equipment,
water, sewer, public utility and roadway improvements
(including right-of-way acquisition) required to be constructed
to facilitate development within the District (the
"Facilities") and (2) the incidental expenses to be incurred in
financing the Facilities and forming the District; and
Resolution No. 88-103
Page 2
WHEREAS, the City Council estimates that the amount
required to finance the Facilities and incidental expenses is
approximately $45,000,000; and
WHEREAS, in order to finance the Facilities and
incidental expenses, the City Council intends to incur bonded
indebtedness in the amount of $45,000,000, the repayment of
which is to be secured by special taxes levied in accordance
with Section 53328 of the Act on all property in the proposed
Community Facilities District No. 88-1 (Parkway Business
Center) other than those properties excluded in the rate and
method of apportionment set forth in Resolution No. 88-102;
NOW, THEREFORE, THE CITY COUNCIL DOES HEREBY
RESOLVE, DETERMINE AND ORDER as follows:
Section 1. The above recitals are true and correct.
Section 2. It is necessary to incur bonded
indebtedness within the boundaries of proposed Community
Facilities District No. 88-1 (Parkway Business Center) in the
amount of $45,000,000 to finance a portion of the costs of the
Facilities for the District.
Section 3. The indebtedness will be incurred for the
purpose of financing the costs of designing, constructing,
acquiring and inspecting the Facilities, acquiring necessary
land and rights-of-way, equipment and property therefor, and
fulfilling contractual commitments and carrying out the powers
and purposes of Community Facilities District No. 88-1 (Parkway
Business Center), including, but not limited to, the financing
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Resolution No. 88-103
Page 3
of costs associated with the issuance of the bonds and all
other costs and incidental expenses necessary to finance the
Facilities which are permitted to be financed pursuant to the
Act.
Section 4. It is the intent of the City Council to
authorize the sale of bonds in one or more series, in the
maximum aggregate principal amount of $45,000,000 at a maximum
interest rate not in excess of 12 percent per annum or a higher
rate not in excess of the maximum rate permitted by law at the
time that the bonds are issued. The term of the bonds shall be
determined pursuant to a resolution of this City Council
authorizing the issuance of the bonds, but such term shall in
no event exceed 40 years or such longer term as is then
permitted by law.
Section 5. A public hearing (the "Hearing") on the
proposed debt issue shall be held at 7:00 p.m. or as soon
thereafter as practicable, on October 18, 1988, at the City
Council Chambers, 13325 Civic Center Drive, Poway, California.
Section 6. At the time and place set forth in this
Resolution for the Hearing, any interested persons, including
all persons owning land or registered to vote within proposed
Community Facilities District No. 88-1 (Parkway Business
Center), may appear and be heard.
Section 7. The City Clerk is hereby directed to
publish a notice (the "Notice") of the Hearing pursuant to
Section 6061 of the Government Code in a newspaper of general
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Resolution No. 88-103
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circulation published in the area of the proposed Community
Facilities District No. 88-1 (Parkway Business Center). Such
publication shall be completed at least 7 days prior to the date
of the Hearing.
Section 8. The City Clerk is hereby directed to send a
copy of the Notice of the Hearing by first-class mail, postage
prepaid, to each registered voter and to each landowner within
proposed Community Facilities District No. 88-1 (Parkway Business
Center) as shown on the last equalized assessment roll or other-
wise known to the City Clerk to be a current owner of land within
the proposed District. Said mailing shall be completed not less
than fifteen (15) days prior to the date of the Hearing.
PASSED, ADOPTED AND APPROVED, by the City Council of the City
of Poway, California, at a regular meeting thereof this 13th day
of September, 1988. ~~~~
Rober u. mery, ayor //
ATTEST:
Marjor~e K. Wahlsten, City Clerk
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. 88-103 was duly adopted by the City Council at a
meeting of said City Council held on the 13th day of September,
1988, and that it was so adopted by the following vote:
AYES:
NOES: NCNE
ABSTAIN: NCNE
ABSENT:
NCNE
Marjor~ K. Wahlsten, City Clerk
City ot,Poway