Res 12-047RESOLUTION NO. 12 -047
A RESOLUTION OF THE CITY OF POWAY
AUTHORIZING REVERSAL OF LOAN PAYMENTS MADE BY THE
FORMER REDEVELOPMENT AGENCY IN JANUARY OF 2012
WHEREAS, On January 18, 2011 by Resolution R -11 -002, the Board of
Directors of the former Poway Redevelopment Agency approved the repayment of
$18,567,472 in loans owed by the former Redevelopment Agency to the City of Poway;
and
WHEREAS, pursuant to Resolution R -11 -002, the former Poway Redevelopment
Agency repaid loans to the City's General and Sewer Funds on January 18, 2012; and
WHEREAS, a programmed annual loan repayment of $500,000 from the former
Redevelopment Agency to the City's General Fund was made during fiscal year 2011-
12; and
WHEREAS, On June 27, 2012, the Legislature passed AB 1484 to provide
clarification and direction concerning former redevelopment agency assets and
activities; and
WHEREAS, AB 1484 defined the process for repaying loans that were made in
good faith by a sponsoring community to its former redevelopment agency; also
specifying the steps that successor agencies must take to repay the loans, if they intend
to do so; and
WHEREAS, until the State Department of Finance issues a finding of completion,
in accordance with AB1484, the loan payments are not eligible for repayment and must
be reversed.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Poway
as follows:
Section 1. The City Council of the City of Poway finds and determines that the
foregoing recitals are true and correct.
Section 2. The City Council of the City of Poway hereby appropriates the
following amounts:
a. $2,803,183 from funds available in the City's General Fund; and
b. $2,045,348 from funds available in the City's Sewer Fund.
Section 3. The appropriated funds will be returned to the City of Poway as
Successor Agency to the Poway Redevelopment Agency.
Resolution No. 12 -047
Page 2
PASSED, ADOPTED, AND APPROVED by the City Council of the City of Poway
at a meeting this 17th day of July 2012.
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ATTEST:
STATE OF CALIFORNIA )
) SS
COUNTY OF SAN DIEGO)
I, Linda A. Troyan, MMC, Clerk of the City of Poway as Successor Agency to the
Poway Redevelopment Agency, do hereby certify under penalty of perjury that the
foregoing Resolution No. 12 -047 was duly adopted by the City Council at a meeting of
said City Council held on the 17th day of July 2012, and that it was so adopted by the
following vote:
AYES: BOYACK , GROSCH, MULLIN, CUNNINGHAM, HIGGINSON
NOES: NONE
ABSENT: NONE
DISQUALIFIED: NONE
a A. royan, MMC, Glfj Clerk
City ow