Res 89-123RESOLUTION NO. 89-123
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF POWAY, CALIFORNIA, APPROVING THE SALE OF
SUBORDINATED TAX ALLOCATION BONDS, SERIES
1989A
WHEREAS, the Poway Redevelopment Agency (the "Agency") is a
redevelopment agency duly created, established and authorized
to transact business and exercise its powers, all under and
pursuant to the Community Redevelopment Law (Part 1 of Division
24 (commencing with Section 33000) of the Health and Safety
Code of the State of California) and the powers of the Agency
include the power to issue bonds for any of its corporate
purposes; and
WHEREAS, a Redevelopment Plan for a redevelopment project
known and designated as the "Paguay Redevelopment Project Area"
has been adopted and approved by Ordinance No. 117 of the City
of Poway (the "City") on December 13, 1983, and all
requirements of law for and precedent to the adoption and
approval of said Redevelopment Plan have been duly complied
with; and
WHEREAS, the Agency has adopted its Resolution entitled:
RESOLUTION OF THE POWAY REDEVELOPMENT AGENCY
AUTHORIZING THE ISSUANCE AND SALE OF
SUBORDINATED TAX ALLOCATION BONDS IN THE
PRINCIPAL AMOUNT OF NOT TO EXCEED
THIRTY-FIVE MILLION DOLLARS ($35,000,000)
FOR THE PAGUAY REDEVELOPMI~NT PROJECT,
APPROVING THE FORM OF NOTICE OF INTENTION TO
SELL SAID BONDS AND DIRECTING THE
PUBLICATION THEREOF AND APPROVING THE FORM
OF INDENTURE AND OFFICIAL STATEI~FN~
; and
WHEREAS, under and pursuant to the above Resolution, the
Agency has authorized the issuance and sale of Poway
Redevelopment Agency, Paguay Redevelopment Project,
Subordinated Tax Allocation Bonds, Series 1989A, in a principal
amount not to exceed $35,000,000 (the "Bonds").
Resolution No. 89- 123
Page 2
NOW THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE CITY COUNCIL OF
THE CITY OF POWAY, CALIFORNIA, AS FOLLOWS:
Section 1. Approval of Issuance of Bonds. The issuance of the principal
amount not to exceed $35,000,000 of "Poway Redevelopment Agency, Paguay
Redevelopment Project, Subordinated Tax Allocation Bonds, Series 1989A" in order
to aid in the financing of the Paguay Redevelopment Project and for other pur-
poses related thereto, all of which constitute a "redevelopment activity," as
such term is defined in Health and Safety Code Section 33678, is hereby
authorized and approved pursuant to Health and Safety Code Section 33640.
Section 2. Effective Date.
tion.
This Resolution shall take effect upon adop-
PASSED, ADOPTED AND APPROVED, by theCi i~
California, at a regular meeting thereof t
Carl
ATTEST:
j l~ ~ l ahlsten, City Clerk
STATE OF CALIFORNIA )
) SS,
COUNTY OF SAN DIEGO )
_/x uncil of the City of Poway,
th day of July, 1989.
· Kruse, Mayor
I, Marjorie K. Wahlsten, City Clerk of the City of Poway, do hereby certify
under penalty of perjury that the foregoing Resolution No. 89-123 was duly
adopted by the City Council at a meeting of said City Council held on the 25th
day of July, 1989, and that it was so adopted by the following vote:
AYES: Goldsmith, Higginson, Kruse
NOES: None
ABSTAIN: None
ABSENT: Brannon, Emery
Marjor~e ~. Wahlsten, City Clerk
City o~way
6/R/BOND1