Res 90-077RESOLUTION NO. 90-077
RESOLUTION OF INTENTION OF THE CITY COUNCIL
OF THE CITY OF POWAY TO INCUR BONDED
INDEBTEDNESS IN THE AMOUNT OF $22,000,000
WITHIN PROPOSED COMMUNITY FACILITIES
DISTRICT NO. 90-1 OF THE CITY OF POWAY
(TECH BUSINESS CENTER)
April 3, 1990
On motion of Councilmember Emery , duly
seconded and carried, the following resolution was adopted:
WHEREAS, after receiving a petition signed by the
property owners (the "Owners") of not less than 10 percent of
the area of land ("Project Area 90-1") proposed to be included
within the hereinafter mentioned community facilities district,
the City Council of the City of Poway (the "City Council") has
heretofore adopted Resolution No. 90- 076 stating its
intention to form Community Facilities District No. 90-1 of the
City of Poway (Tech Business Center) (the "Community Facilities
District No. 90-1") pursuant to the Mello-Roos Community
Facilities Act of 1982 (the "Act"), as amended, to finance (1)
the construction, purchase, modification, expansion,
improvement or rehabilitation of certain roadway and street
improvements and water, sewer and drainage facilities
(including reservoirs, pump stations and transmission lines),
public trails, parks and fire fighting .equipment, both onsite
and offsite, required to be constructed to facilitate
development within the District (the "Facilities") and (2) the
Resolution 90-077
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incidental expenses to be incurred in financing the Facilities
and forming the District; and
WHEREAS, the City Council estimates that the amount
required to finance the Facilities and incidental expenses is
approximately $22,000,000; and
WHEREAS, in order to finance the Facilities and
incidental expenses, the City Council intends to incur bonded
indebtedness in the amount of $22,000,000, the repayment of
which is to be secured by special taxes levied in accordance
with Section 53328 of the Act on all property in the proposed
Community Facilities District No. 90-1 other than those
properties excluded in the rate and method of apportionment set
forth in Resolution No. 9D-076;
NOW, THEREFORE, THE CITY COUNCIL DOES HEREBY RESOLVE,
DETERMINE AND ORDER as follows:
Section 1. The above recitals are true and correct.
Section 2. It is necessary to incur bonded
indebtedness within the boundaries of proposed Community
Facilities District No. 90-1 in the amount of $22,000,000 to
finance a portion of the costs of the Facilities for the
District.
Section 3. The indebtedness will be incurred for the
purpose of financing the costs of designing, constructing,
acquiring and inspecting the Facilities, acquiring necessary
land and rights-of-way, equipment and property therefor, and
fulfilling contractual commitments and carrying out the powers
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and purposes of Community Facilities District No. 90-1,
including, but not limited to, the financing of costs
associated with the issuance of the bonds and all other costs
and incidental expenses necessary to finance the Facilities
which are permitted to be financed pursuant to the Act.
Section 4. It is the intent of the City Council to
authorize the sale of bonds in one or more series, in the
maximum aggregate principal amount of $22,000,000 at a maximum
interest rate not in excess of 12 percent per annum or a higher
rate not in excess of the maximum rate permitted by law at the
time that the bonds are issued. The term of the bonds shall be
determined pursuant to a resolution of this City Council
authorizing the issuance of the bonds, but such term shall in
no event exceed 40 years or such longer term as is then
permitted by law.
Section 5. A public hearing (the "Hearing") on the
proposed debt issue shall be held at 7:00 p.m. or as soon
thereafter as practicable, on May 8, 1990, at the City Council
Meeting Room, 13325 Civic Center Drive, Poway, California 92064.
Section 6. At the time and place set forth in this
Resolution for the Hearing, any interested persons, including
all persons owning land or registered to vote within proposed
Community Facilities District No. 90-1, may appear and be heard.
Section 7. The City Clerk is hereby directed to
publish a notice (the "Notice") of the Hearing pursuant to
Section 6061 of the Government Code in a newspaper of general
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circulation published in the area of the proposed Community
Facilities District No. 90-1. Such publication shall be
completed at least 7 days prior to the date of the Hearing.
Section 8. The City Clerk is hereby directed to send
a copy of the Notice of the Hearing by first-class mail,
postage prepaid, to each registered voter and to each landowner
within proposed Community Facilities District No. 90-1 as shown
on the last equalized assessment roll or otherwise known to the
City Clerk to be a current owner of land within the proposed
District. Said mailing shall be completed not less than
fifteen (15) days prior to the date of the Hearing.
SIGNED AND APPROVED this 3rd day of April, 1990 by the
Mayor of the City of Poway acting on behalf of Community
Facilities District No. 90-1 of the City of Poway.
ATTEST:
City Clerk of the City of
Poway, Marjorie K. Wahlsten
Mayor, -Don Higg~l ~n
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STATE OF CALIFORNIA )
) ss.
COUNTY OF SAN DIEGO )
I, Marjorie K. Wahlsten, City Clerk of the City of
Poway, do hereby certify that the foregoing Resolution was duly
adopted by the City Council of said City at a meeting of said
City Council held on the 3rd day of April, 1990, and that it
was so adopted by the following vote:
AYES:
EMERY, GOLDSMITH, KRUSE, HIGGINSON
NOES: NONE
ABSTAIN: NONE
ABSENT: BRANNON
City Clerk. of the City of Poway
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