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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. 1 -W-0 �-Mw- `BAR Don Higginson, Ch-01T.. - , I =!12 it 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