Res 90-090RESOLUTION NO. 90-090
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
POWAY DETERMINING THE NECESSITY TO INCUR BONDED
INDEBTEDNESS IN THE AMOUNT OF $16,000,000
WITHIN COMMUNITY FACILITIES DISTRICT NO. 90-1
OF THE CITY OF POWAY AND CALLING AN ELECTION
WHEREAS, the City Council of the City of Poway (the
"City Council") adopted Resolution No. 90-076 stating its
intention to form Community Facilities District No. 90-1, of
the City of Poway ("Community Facilities District No. 90-1" or
the "District") pursuant to the Mello-Roos Community Facilities
Act of 1982, as amended (the "Act"); and
WHEREAS, the City Council also adopted Resolution
No. 90-077 stating its intention to incur bonded indebtedness
in the amount of $16,000,000 within proposed Community
Facilities District No. 90-1 to finance the costs of planning,
designing, constructing, acquiring, modifying, improving or
rehabilitating certain real and other tangible property with an
estimated useful life of five years or longer, consisting 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 on-site and off-site, necessary to be
constructed to facilitate development within the District (the
"Facilities"), all as described in Resolution No. 90-076 to
serve the area within Community Facilities District No. 90-1;
and
Resolution No. 90- 090
Page 2
WHEREAS, notice was published as required by law
relative to the intention of the City Council to form proposed
Community Facilities District No. 90-1 and to incur bonded
indebtedness in th~ amount of $16,000,000 within the boundaries
of proposed Community Facilities District No. 90-1; and
WHEREAS, on May 8, 1990, this City Council held a
noticed public hearing as required by law to determine whether
it should proceed with the formation of Community Facilities
District No. 90-1, issue bonds to pay for the Facilities and
authorize the rate and method of apportionment of a special tax
to be levied within Community Facilities District No. 90-1 in
accordance with the procedures contained in the Act to pay (i)
the principal and interest and other periodic costs on the
bonds proposed to be issued to finance the Facilities,
including replenishment of a reserve fund and remarketing,
credit enhancement and liquidity facility fees, (ii) the costs
of forming the district and administering the levy and
collection of the special tax, and (iii) all other costs
incidental to the special tax levy, the issuance of bonds for
the Facilities or the planning, construction, completion and
inspection of the Facilities, including, but not limited to,
the payment of "incidental expenses" of the District, as such
term is defined in the Act and to repay funds advanced for the
cost of the Facilities and incurred in creating the District;
and
Resolution No. 90-090
Page 3
WHEREAS, at said hearing all persons desiring to be
heard on all matters pertaining to the formation of Community
Facilities District No. 90-1, the levy of a special tax and the
issuance of bonds to pay for a portion of the Facilities were
heard and a full and fair hearing was held; and
WHEREAS, the City Council subsequent to such hearing
adopted Resolution No. 90-089 establishing Community Facilities
District No. 90-1; and
WHEREAS, the City Council has received the unanimous
consent of the landowners of the District waiving any published
and mailed notice of the time and date of the election set
forth in the Government Code and Section 53326 of the Elections
Code, the time limits for setting the election set forth in
Section 53326 of the Government Code, and all matters relating
to calling and holding of the election as set forth in Section
53327 of the Government Code; and
WHEREAS, the City Council desires to make the
necessary findings to incur bonded indebtedness within the
District, to declare the purpose for said debt, and to
authorize the submittal of a combined proposition to the voters
of the District, being the landowners of the proposed District,
all as authorized and required by law;
NOW, THEREFORE, the City Council of the City of Poway
DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows:
Resolution No. 90- 090
Page 4
Section 1. It is necessary to incur bonded
indebtedness in a maximum aggregate principal amount not to
exceed $16,000,000 within Community Facilities District
No. 90-1.
Section 2. The indebtedness is to be incurred for the
purpose of financing the costs of planning, designing,
constructing, acquiring, modifying, improving or rehabilitating
the Facilities, as described in Resolution No. 90-076, and for
the purpose of fulfilling contractual commitments, including
the reimbursement of funds advanced for the payment of costs of
the Facilities and costs incurred in creating Community
Facilities District No. 90-1, and carrying out the powers and
purposes of Community Facilities District No. 90-1, including,
but not limited to, the costs of selling bonds to finance such
costs of acquisition and construction, the establishment of
reserve funds remarketing, credit enhancement and liquidity
facility fees.
Section 3. The whole of the property within Community
Facilities District No. 90-1 shall pay for the bonded
indebtedness pursuant to the levy of the special tax authorized
by Resolution No. 90-089 establishing Community Facilities
District No. 90-1.
Section 4. The maximum term of the bonds to be issued
shall in no event exceed forty (40) years.
Section 5. The bonds shall bear interest at the rate
or rates not to exceed the maximum interest rate permitted by
law, payable semiannually, except the first interest payment
Resolution No. 90- 090
Page 5
may be for a period of less than six months, with the actual
rate or rates and times of payment to be determined at the time
or times of sale thereof.
Section 6. The bonds issued by Community Facilities
District No. 90-1 may bear a variable interest rate, provided
that such variable rate or the fixed rate shall not exceed the
maximum rate permitted by Section 53531 of the Government Code,
or any other applicable provision of law limiting the maximum
interest rate on the bonds.
Section 7. Pursuant to Section 53351 of the
Government Code, a special election is hereby called for
Community Facilities District No. 90-1 on the proposition of
incurring the bonded indebtedness. The proposed propositions
relative to incurring bonded indebtedness in the maximum
aggregate principal amount of $16,000,000, and authorizing the
levy of the special tax within Community Facilities District
No. 90-1 shall be combined into one ballot proposition for the
District pursuant to Section 53353.5 of the Government Code.
The proposed combined proposition is attached hereto as
Exhibit #A".
Section 8. The date of the special election for
Community Facilities District No. 90-1 on the proposition of
incurring the bonded indebtedness, authorizing the levy of the
special tax and establishing an appropriations limit for the
District shall be on the 22nd day of May, 1990. The City Clerk
of the City of Poway is authorized and directed to conduct the
election.
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Page 6
Section 9. It is hereby found that there are fewer
fhan 12 registered voters within the territory of proposed
Community Facilities District No. 90-1 and, pursuant to Section
53326 of the Government Code. Each landowner shall have one
vote for each acre or portion thereof that he or she owns
within Community Facilities District No. 90-1, as provided in
Section 53326 of the Government Code.
Section 10. Community Facilities District No. 90-1
shall constitute a single election precinct for the purpose of
holding the election. The polling place shall be at the office
of the City Clerk of the City of Poway. The polls shall be
open from 8:00 a.m. to 5:00 p.m. or until all the ballots are
cast, at which time the polls shall close. Immediately upon
the conclusion of the election, the City Clerk shall count the
returns and certify the results of the election.
ADOPTED, SIGNED AND APPROVED this 8th day of May, 1990.
CITY COUNCIL OF THE CITY OF POWAY
ATTEST:
City Cle~rk of the
City of Poway
Resolution No. 90-090
Page 7
STATE OF CALIFORNIA )
) ss.
COUNTY OF SAN DIEGO )
I,M~r,iorie 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 Council
held on the 8th day of May , 1990, and that it was so
adopted by the following vote:
AYES: BRANNON, EMERY, GOLDSMITH, KRUSE, HIGGINSON
NONE
NOES:
NONE
ABSTAIN: NONE
ABSENT: NONE
City Clerk of the City of Poway
Resolution No. 90- 090
Page 8
OFFICIAL BALLOT
COMMUNITY FACILITIES DISTRICT NO. 90-1
OF
CITY OF POWAY
SPECIAL BOND, SPECIAL TAX
AND SPECIAL APPROPRIATIONS ELECTION
May 22, 1990
You are entitled to cast
votes.
To vote, stamp a cross (+) in the voting square after
the word "YES" or after the word "NO". All marks otherwise
made are forbidden. All distinguishing marks are forbidden and
make the ballot void.
If you wrongly mark, tear, or deface this ballot,
return it to the City Clerk and obtain another.
PROPOSITION NO. A: Shall Community
Facilities District No. 90-1 of the
City of Poway (the "District") incur
an indebtedness and issue bonds in the
maximum aggregate principal amount of
$16,000,000, with interest at a rate
or rates not to exceed the maximum
interest rate permitted by law, the
proceeds of which will be used to
finance the costs of planning, designing,
constructing, acquiring, modifying, improving
or rehabilitating certain real and other
tangible property with an estimated useful
life of five years or longer, consisting
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 on-site
and off-site, necessary to be constructed
to facilitate development within the District
(the "Facilities"), as provided in
Resolution No. 90-076 of the City Council
of the City of Poway adopted on April 3,
1990, and shall a special tax with a
rate and method of apportionment as
provided in in the Resolution of the
City Council of the City of Poway
establishing the District, adopted on
YES
NO
EXHIBIT A
Resolution No. 90- 090
Page 9
May 8, 1990 be levied to pay for the
Facilities, for the creation or replenishment
of any necessary reserve funds, for any
incidental expenses of the District, any
expenses associated with the Facilities
or the bonds, and for the payment of the
principal of and interest on such bonds?
PROPOSITION NO. B: For each
year commencing with fiscal year 1990/91,
shall the appropriations limit, as defined
by subdivision (h) of Section 8 of Article
XIII B of the California Constitution,
for Community Facilities District No. 90-1
be an amount equal to $16,000,000.007
YES
NO