Res F-12-01RESOLUTION NO. F -12 -01
A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE POWAY PUBLIC FINANCING AUTHORITY
REPEALING RESOLUTION NO. F -92 -01 PERTAINING
TO SETTING THE TIME FOR REGULAR MEETINGS
AND ESTABLISHING A SCHEDULE FOR REGULAR MEETINGS
WHEREAS, the Poway Public Financing Authority (the "Authority ") is a joint exercise
of powers authority duly organized and existing under and pursuant to Articles 1 through 4
(commencing with section 6500), Chapter 5, Division 7, Title 1 of the California
Government Code (the "Act ") and that certain Joint Exercise of Powers Agreement, dated
as of October 8, 1991 (the "Agreement "), by and between the City of Poway (the "City ")
and the Poway Redevelopment Agency (the "Former Redevelopment Agency "), and
subsequent to the February 1, 2012 statutory dissolution of the Former Redevelopment
Agency and assignment by Assembly Bill 1X 26, enacted as Chapter 5 of Statutes of 2011,
of the Former Redevelopment Agency's interests in and obligations under the Agreement
to the Successor Agency to the Poway Redevelopment Agency (the "Successor Agency "),
all for the purpose of assisting the City and the Successor Agency in financing and
refinancing capital improvement projects; and
WHEREAS, in order to provide such assistance the Authority issues its bonds,
certificates of participation, or other evidences of indebtedness from time to time or,
pursuant to Government Code section 6589, purchases bonds, certificates of participation
or other evidences of indebtedness on a negotiated basis from the City or the Successor
Agency from time to time; and
WHEREAS, in 2009 the California Legislature amended the Act by adding section
6592.1, which provides that a resolution authorizing bonds or any issuance of bonds, or
accepting the benefit of any bonds or the proceeds of bonds, shall be adopted by a joint
exercise of powers authority only during a regular meeting held pursuant to the Ralph M.
Brown Act; and
WHEREAS, Section 2.04(a) of the Agreement provides that regular meetings of the
Board of Directors of the Authority (the "Authority Board ") shall be held at such time as the
Authority Board may fix by resolution from time to time; and
WHEREAS, Section 2 of Resolution No. F -92 -01 of the Authority Board provides
that the Authority Board's annual regular meeting is waived, and that all meetings of the
Board shall be held only as and when the Board determines is necessary; and
WHEREAS, without conducting an annual regular meeting, or any schedule of
regular meetings of the Board, all meetings conducted are special meetings; and
Resolution No. F -12 -01
Page 2
WHEREAS, in order to provide more flexibility to the Authority in providing
assistance to the City and the Successor Agency in the financing and refinancing of public
capital improvements, the Authority Board wishes to establish periodic regular meetings,
which coincide with regular meetings of the City Council of the City.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Poway
Public Financing Authority as follows:
Section 1. Poway Public Financing Authority Resolution No. F -92 -01 is hereby
repealed.
Section 2. The Board of Directors hereby establishes its regular meetings as
follows:
Regular Meetings. Each regular meeting of the Board of Directors of the
Authority shall be held at the time and place of each regular meeting of the
City Council of the City.
Section 3. The first regular meeting to be held pursuant to Section 2 of this
resolution shall be held on August 21, 2012.
Section 4. In the event an agenda for a regular meeting of the Authority is not
posted timely in accordance with the provisions of Section 54954.2 of the California
Government Code, such regular meeting is canceled without any further action of the
Authority Board or any officer of the Authority.
PASSED, ADOPTED AND APPROVED by the Board of Directors of the Poway
Financing Authority at a special meeting this 7th day of August, 2012.
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Don Higginson, Ch-01T.. -
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ATTEST:
MMC, Secretary
Resolution No. F -12 -01
Page 3
STATE OF CALIFORNIA )
) SS
COUNTY OF SAN DIEGO )
I, Linda A. Troyan, MMC, Secretary of the Poway Public Financing Authority, do
hereby certify under penalty of perjury that the foregoing Resolution No. F -12 -01 was duly
adopted by the Board of Directors at a special meeting of said Board of Directors held on
the 7th day of August, 2012, and that it was so adopted by the following vote:
AYES: BOYACK, MULLIN, GROSCH, CUNNINGHAM, HIGGINSON
NOES: NONE
ABSENT: NONE
DISQUALIFIED: NONE
nd A. Troyan, MMC, ecretary
Poway Public Financing Authority