Res 90-202RESOLUTION NO. 90- 202
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF POWAY, CALIFORNIA, APPROVING THE
ISSUANCE BY THE POWAY REDEVELOPMENT AGENCY
OF ITS PAGUAY REDEVELOPMENT PROJECT, TAX
ALLOCATION REFLrNDING BONDS, SERIES 1990A
AND MAKING CERTAIN DETERMINATIONS RELATING
THERETO
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 known as the "Paguay
Redevelopment Project" has been adopted and approved by an
Ordinance of the City of Poway (the "City"), 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 desires to authorize the issuance and
sale of not to exceed $23,000,000 Poway Redevelopment Agency,
Paguay Redevelopment Project, Tax Allocation Refunding Bonds,
Series 1990A (the "Bonds"); and
WHEREAS, the City Council has duly published notice of a
public hearing regarding the issuance of the Bonds in
accordance with the requirements of Section 147(f) of the
Internal Revenue Code of 1986, as amended the proceeds of which
will be used to refund certain prior bonds issued for the
benefit of the Paguay Redevelopment Project as described in the
form of notice which is attached hereto as Exhibit "A"; and
WHEREAS, the members of the City Council are the applicable
elected representatives to conduct a public hearing regarding
the issuance of the Bonds; and
WHEREAS, on this day, the City Council conducted a public
hearing regarding the issuance of the Bonds for the Paguay
Redevelopment Project and is fully advised in the premises;
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY
THE CITY COUNCIL OF THE CITY OF POWAY, CALIFORNIA, AS FOLLOWS:
Resolution No. 90-202
Page 2
Section 1. The above recitals, and each of them, are true
and correct.
Section 2. This City Council finds and determines that it
is in the public interest that Bonds be issued to assist in the
financing of the Paguay Redevelopment Project.
Section 3. The issuance of the Bonds in order to aid in
the financing of the Paguay Redevelopment Project, and for the
other purposes 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 4. This Resolution shall take effect upon adoption.
PASSED, APPROVED AND ADOPTED this 16th day of October, 1990.
Mayor, CityL/c~f~ Poway
ATTEST:
City Clerk of the City
of P0way
1835u/2345/27 -2-
Resolution No. 90-202
Page 3
CLERK'S CERTIFICATE
I, Marjorie K. Wahlsten, City Clerk of the City of
Poway, do hereby certify that the foregoing resolution was duly
introduced approved and adopted by the City Council of the City
of Poway at a regular meeting of said Council held on the 16th
day of October, 1990, by the following roll call vote:
AYES:
Coun¢ilmembers: BRANNON, EMERY, GOLDSMITH, KRUSE, HIGGINSON
NOES: Councilmembers: NONE
ABSENT:
Councilmembers: NONE
ABSTAIN:
Councilmembers: NONE
City Clerk of the City of Poway
1835u/2345/27 -3-
Resolution No. 90-202
Page 4
CITY OF POWAY
NOTICE OF
PUBLIC HEARING
POWAY CITY HALL
13325 CIVIC CENTER DRIVE
POWAY, CALIFORNIA 92064
Notice is hereby given that on October 16, 1990 at 7:00
p.m., Poway City Hall, City of Poway, 13325 Civic Center Drive,
Poway, California 92064, the City Council of the City of Poway
will hold a public hearing to consider the issuance by the
Poway Redevelopment Agency of approximately $22,815,000 of the
Agency's 1990 Paguay Redevelopment Project Tax Allocation
Refunding Bonds. Th~ purpose of the Bond Issue is to refinance
the Agency's 1985 and 1986 Tax Allocation Bonds (the "Prior
Bonds"). The proceeds of the Prior Bonds have been used to
construct certain public improvements in the Paguay
Redevelopment Project Area (the "Project Area"), to acquire the
Poinsetta Mobile Home Park for development as a low and
moderate income housing project and to acquire a 4.45 acre
parcel for commercial revitalization at 13655 Poway Road.
Certain public improvements have been provided by the Agency
for the above projects. The Agency has sold 2.79 acres of the
4.45 acre site at 13655 Poway Road to Chrysler Realty
Corporation for development of an automobile dealership and
expects to sell the remaining 1.66 acres for commercial use.
Proceeds of the Prior Bonds have also been used to provide
engineering services for various neighborhood projects, to
provide public improvements to the Poway High Stadium, to the
Multipurpose Room at Twin Peaks School and to the concession
stand and playfield at Midland School, to develop the Midland
Road Park and renovate the Tierra Bonita and Pomerado School
Ballfields, to provide a storm drain along Community Road for
the Poway Plaza, to provide for a water reclamation plant, to
install a sewer line along Olive Tree Lane and to provide
various road and land improvements throughout the Project Area,
including road widening, construction and reconstruction of
roads, landscaping and the installation of sidewalks, ramps and
traffic signals.
Current public projects for which proceeds from the Prior
Bonds are expected to be used include construction of the South
Poway Parkway and improvements to other roads and streets in
the Project Area, the installation of a traffic signal at
Espola and Titan, renovation of the concession stand and
playfield at Twin Peaks School and improvements to other school
recreational facilities in the Project Area, new decking at the
Community Park and the provision of low to moderate income
housing.
EXHIBIT "A"
Resolution No. 90-202
Page 5
ANY INTERESTED PERSON wishing to express concerns in favor or against the above
may appear in person at the above described meeting or submit their concerns in
writing to the City Clerk, City of Poway. If you challenge the matter in court,
you may be limited to raising only those issues you or someone else raised at
the public hearing described in this notice, or in written correspondence
delivered to the City Council at, or prior to, the public hearing.
FURTHER INFORMATION on these items may be obtained by contacting Peggy Stewart,
Director of Administrative Services, 13325 Civic Center Drive, Poway,
California, or,by telephone: (619) 748-6600 or 695-1400.
Marjorie K. Wahlsten, City Clerk
Published in the Poway News Chieftain on October 4, 1990
Order No. 90-181