Res 88-123RESOLUTION NO. 88- 123
RESOLUTION OF THE CITY COUNCIL OF CITY OF
POWAY, CALIFORNIA, DETERMINING THE NECESSITY
TO INCUR BONDED INDEBTEDNESS IN THE AMOUNT
OF $45,000,000 WITHIN COMMUNITY FACILITIES
DISTRICT NO. 88-1 OF THE CITY OF POWAY
(PARKWAY BUSINESS CENTER) AND CALLING AN
ELECTION
WHEREAS, on September 13, 1988, the City Council of
the City of Powa¥ (the "City Council") adopted Resolution No.
88-102 stating its intention to form Community Facilities
District No. 88-1 of the City of Poway (Parkway Business
Center) ("Community Facilities District No. 88-1") pursuant to
the Mello-Roos Community Facilities Act of 1982, as amended
(the "Act"); and
WHEREAS, on September 13, 1988, the City Council also
adopted Resolution No. 88-103 stating its intention to incur
bonded indebtedness in the amount of $45,000,000 within
proposed Community Facilities District No. 88-1 for the purpose
of financing (1) the construction, purchase, modification,
expansion, improvement or rehabilitation of storm drains, a
fire station and equipment, sewer, water, public utility and
roadway improvements (including right-of-way acquisition) (the
"Facilities"), and (2) the incidental expenses to be incurred
in connection therewith; and
WHEREAS, on September 29, 1988, notice was published
in a newspaper of general circulation in the District as
required by Sections 53322 and 53346 of the Government Code
relative to the intention of the City Council to form proposed
Community Facilities District No. 88-1 and to incur bonded
indebtedness in the amount of $45,000,000 within the boundaries
of proposed Community Facilities District No. 88-1; and
WHEREAS, on October 18, 1988, this City Council held a
noticed public hearing as required by Sections 53325 and 53349
of the Government Code to determine whether it should proceed
with the formation of Community Facilities District No. 88-1,
issue bonds to pay for the facilities proposed in Resolution
No. 88-102 and authorize the rate and method of apportionment
of a special tax to be levied within Community Facilities
District No. 88-1 for the purpose of paying for the proposed
facilities required within the District, creating or
replenishing any necessary reserve funds, paying the annual
costs associated with the bonds proposed to be issued to
finance the proposed facilities, including, but not limited to,
the principal and interest on the bonds, and paying any
incidental expenses of the District as set forth in the Act and
Resolution No. 88-102; and
Resolu%ion No. 88-123
Page 2
WHEREAS, at said hearing all persons desiring to be
heard on all matters pertaining to the formation of Community
Facilities District No. 88-1, the levy of a special tax and the
issuance of bonds to pay for the facilities proposed in
Resolution No. 88-102 were heard and a full and fair hearing
was held; and
WHEREAS, the City Council subsequent to such hearing
adopted Resolution No. 88-122 (the "Resolution of Formation")
establishing Community Facilities District No. 88-1 and
authorizing the financing of the public facilities and
improvements described therein (the "Facilities"); 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 combined proposition to the voters
of the District, being the landowners of the proposed District,
all as authorized and required by law;
NOW, THEREFORE, the City Council of the City of Poway
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 in a maximum aggregate principal amount not to
exceed $45,000,000 within Community Facilities District No.
88-1.
Section 3. The indebtedness is to be incurred for the
purpose of financing the costs of designing, constructing,
acquiring, leasing, modifying or rehabilitating the Facilities,
and acquiring the necessary equipment and property therefor,
and for the purpose of fulfilling contractual commitments and
carrying out the powers and purposes of Community Facilities
District No. 88-1, including, but not limited to, the costs of
selling bonds to finance such costs of acquisition and
construction.
Section 4. Except for property exempted from taxation
in the Rate and Method of Apportionment of Special Tax attached
to the Resolution of Formation as Exhibit A, the whole of the
property within Community Facilities District No. 88-1 shall
pay for the bonded indebtedness pursuant to the levy of the
special tax authorized by the Resolution of Formation.
Section 5. The maximum term of the bonds to be issued
shall in no event exceed forty (40) years.
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Resolution No. 88-123
Page 3
Section 6. The bonds shall bear interest at a 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 7. The bonds issued by Community Facilities
District No. 88-1 may bear a variable interest rate, provided
that such variable rate shall not exceed the maximum rate
permitted by Section 53531 of the Government Code, or any other
applicable provision of law limiting the maximum interest rate
on the bonds. To the extent permitted by law, an amount equal
to the interim variable interest rate which from time to time
may exceed the maximum interest rate permitted by law may be
added to the principal amount due under the bonds.
Section 8. Pursuant to Section 53351 of the
Government Code, a special election is hereby called for
Community Facilities District No. 88-1 on the proposition of
incurring the bonded indebtedness. The proposed propositions
relative to incurring bonded indebtedness in the maximum
aggregate principal amount of $45,000,000, and authorizing the
levy of the special tax within Community Facilities District
No. 88-1 shall be combined into one ballot proposition for the
District pursuant to Section 53353.5 of the Government Code.
The form of the combined proposition is attached to the
Resolution of Formation as Exhibit B and incorporated by
reference herein.
Section 9. The special election for Community
Facilities District No. 88-1 on the propositions of incurring
the bonded indebtedness and authorizing the levy of the special
tax shall be November 1, 1988, subject to receipt by the City
Clerk of the unanimous consent of the landowners of the
District to a waiver of the time limits for setting the
election and a waiver of any written analysis, arguments or
rebuttals as set forth in Sections 53326 and 53327 of the
Government Code and further subject to the concurrence of the
Registrar of Voters of such date. If such waiver and
concurrence is not received on or prior to October 31, 1988,
the election shall be rescheduled to the earliest possible date
on which the landowners and the City Clerk mutually agree.
Section 10. Based upon the certificate from the
Deputy City Clerk attached hereto as Exhibit A, it is hereby
found that fewer than 12 registered voters have resided within
the territory of proposed Community Facilities District No.
88-1 for each of the 90 days prior to the opening of the
October 18, 1988, public hearing regarding the formation of the
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Resolution No. 88-123
Page 4
District and, pursuant to Section 53326 of the Government Code,
the ballots for the special election shall be distributed by
personal service, or by mail, with return postage prepaid, by
the City Clerk to the landowners of record within Community
Facilities District No. 88-1 as of the close of the protest
hearing. Each landowner shall have one vote for each acre or
portion thereof that he or she owns within Community Facilities
District No. 88-1, as provided in Section 53326 of the
Government Code and may return the ballot by mail or in person
to the'City Clerk not later than 5:00 p.m. on November 1,
1988. Notwithstanding that November 1, 1988, has been
established as the election date, in accordance with Sections
53326(d) and 53351(j) of the Government Code, the election
shall be closed and the results certified by the City
Clerk as soon as all qualified electors have voted.
Section 11. Community Facilities District No. 88-1
shall constitute a single election precinct for the purpose of
holding the election.
PASSED, ADOPTED AND APPROVED, by the City Council of
the City of Poway, California, at a regular meeting thereof this
18th day of October, 1988.
Robert C. Emery, Ma~3~-'~
ATTEST:
Marjori~ ~. Wahlsten
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Resolution No. 88-123
Page 5
STATE OF CALIFORNIA )
)
COUNTY OF SAN DIEGO )
ss.
I, Marjorie K. Wahlsten, City Clerk of the City of Poway, do
hereby certify under penalty of perjury that the foregoing
Resolution, No. 88-123 , was duly adopted by the City Council at
a meeting of said City Council held on the 18th day of October,
1988, and that it was so adopted by the following vote:
AYES:
BRANNON, HIGGINSON, KRUSE, TARZY, EMERY
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
MarjorSe ~. Wahlsten, City Clerk
City o~ POway
Resolution No. 88-123
Page 6
"EXHIBIT A"
CERTIFICATE OF DEPUTY CITY CLERK
I, Nancy Neufeld, Deputy City Clerk of the City of
Poway, hereby certify, based upon information provided for such
certification by the County of San Diego Registrar of Voters,
that, as of the date hereof, fewer than 12 persons are
registered to vote within the territory proposed to be included
within Community Facilities District No. 88-1 of the City of
Poway (Parkway Business Center)· the boundaries of which are
set forth on the map recorded in Book 22, Page 49, of the maps
of assessment and community facilities districts in the Office
of the County Recorder of the County of San Diego on September
27, 1988.
Dated:
· 1988
Deity ~ty×Cle~k ~or the
City of Poway
1868n/2468-04