Res 12-051RESOLUTION NO. 12 -051
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF POWAY, CALIFORNIA
AUTHORIZING REVERSAL OF THE REMAINING LOAN PAYMENTS
MADE BY THE FORMER REDEVELOPMENT AGENCY
WHEREAS, On January 18, 2011 by Resolution R- 11 -02, 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 -02 adopted on January 18, 2011, the
former Poway Redevelopment Agency authorized the repayment of loans to the City of
Poway; and
WHEREAS, pursuant to Resolution R- 11 -02, the former Poway Redevelopment
Agency repaid loans to the City's General, Street, Drainage, Water, and Sewer Funds
on March 11, 2011 and repaid loans to the City's General and Sewer Funds on January
17, 2012; 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, in accordance with AB 1484 until certain conditions are met the loan
payments are not eligible for repayment and must be reversed.
WHEREAS, on July 17, 2012 the City Council reversed $4,848,532 in loan
payments made by the former Redevelopment Agency and returned these funds to the
City of Poway as Successor Agency to the Poway Redevelopment Agency.
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. $552,032.60 from account 5350 in the City's General Fund 100; and
b. $2,822,230.14 from account 5350 in the City's Street Fund 221; and
c. $3,401,162.98 from account 5350 in the City's Drainage Fund 231; and
d. $1,058,728.50 from account 5350 in the City's Drainage Fund 232; and
e. $3,569,750.79 from account 5350 in the City's Water Fund 510; and
f. $2,664,675.61 from account 5350 in the City's Sewer Fund 520.
Resolution No. 12 -051
Page 2
Section 3. The appropriated funds will be returned to the City of Poway as
Successor Agency to the Poway Redevelopment Agency.
PASSED, ADOPTED, AND APPROVED by the City Council of the City of
Poway, State of California, at a regular meeting this 4�h day of September 2012.
Don .. tr�
ATTEST:
`poi:
STATE OF CALIFORNIA )
) SS
COUNTY OF SAN DIEGO)
I, Linda A. Troyan, MMC, Clerk of the City of Poway, do hereby certify under
penalty of perjury that the foregoing Resolution No. 12 -051 was duly adopted by the
City Council at a meeting of said City Council held on the 4th day of September 2012,
and that it was so adopted by the following vote:
AYES: BOYACK, GROSCH, MULLIN, CUNNINGHAM, HIGGINSON
NOES: NONE
ABSENT: NONE
DISQUALIFIED: NONE
�A Troyan, MMC, City Clerk
of Poway