Res 90-224RESOLUTION NO. ~-224
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
POWAY AUTHORIZING THE PREPARATION AND SALE OF
NOT TO EXCEED $30,000,000 PRINCIPAL AMOUNT OF
CERTIFICATES OF PARTICIPATION AND APPROVING
CERTAIN DOCUMENTS AND AUTHORIZING CERTAIN
ACTIONS IN CONNECTION THEREWITH
WHEREAS, the City of Poway (the "City") and the Poway
Redevelopment Agency (the "Agency") desire to enter into that
certain Lease Agreement dated as of January 1, 1991 by and
between the City and the Agency (the "Lease"), the form of
which has been presented to this City Council at the meeting at
which this Resolution has been adopted, pursuant to which the
City will agree to lease the Projects (as defined in the Lease)
from the Agency and to pay certain Lease Payments (as defined
in the Lease) in connection therewith; and
WHEREAS, the Lease Payments will be assigned by the Agency
and will be pledged to the holders of the Certificates of
participation by the Agency pursuant to a Trust Agreement dated
as of January 1, 1991 by and among Security Pacific National
Bank as trustee (the "Trustee"), the City and the Agency (the
"Trust Agreement"), the form of which has been presented to
this City Council at the meeting at which this Resolution has
been adopted; and
WHEREAS, the Agency and the City have determined that it
will be in the best interests of the City, Agency and citizens
of the community to authorize the preparation and sale of
Certificates of Participation in an aggregate amount of not to
exceed $30,000,000 (the "Certificates"), which Certificates
evidence an allocable share in the Lease Payments to be made
pursuant to the Lease; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Poway as follows:
SECTION 1: This City Council hereby authorizes the
preparation and sale of the Certificates in an aggregate
principal amount of not to exceed $30,000,000 in accordance
with the terms and provisions of the Trust Agreement. The
purposes for which the proceeds of the Certificates shall be
expended are to pay the cost of the acquisition and
rehabilitation of the Poway Royal Mobilehome Park Project,
including to fund a reserve fund and to pay the costs of the
sale of the Certificates.
Resolution No. 90-224
Page 2
SECTION 2: Security Pacific National Bank, Los Angeles,
California, is hereby appointed as Trustee on behalf of the holders
of the Certificates with the duties and powers of the Trustee as
set forth in the Trust Agreement.
SECTION 3: The form of the Purchase Contract among the City,
the Agency and PaineWebber Incorporated (the "Underwriter")
relating to the sale of the Certificates (the "Purchase Contract")
substantially in the form presented at this meeting is hereby
approved. The city Manager of the city or his designee (the "City
Manager") is hereby authorized and directed to execute the Purchase
Contract on behalf of the City with such changes, additions, and
deletions as may be recommended by Special Counsel and to insert
therein the total principal amount of the Certificates, the
interest rates which shall not exceed 8.5% per annum and the
Underwriter's discount which shall not exceed 1.75% of principal
amount of the Certificates.
SECTION 4: The proposed forms of the Lease, the Trust
Agreement and Preliminary Official Statement presented at this
meeting are hereby approved as to form. Subject to the proper
execution and approval of the Purchase Contract for the sale of the
Certificates by the City Manager as provided in Section 3, the
Mayor and the City Clerk are hereby authorized and directed for
and in the name of the city to execute the Lease and the Trust
Agreement in substantially the fozm hereby approved, with such
additions, thereto and changes therein as are recommended or
approved by Special Counsel to the Agency and approved by such
officers, such approval to be conclusively evidenced by the
execution and delivery thereof.
SECTION 5: This Resolution shall take effect from and after
its date of adoption.
PASSED, APPROVED, and ADOPTE~ by the ~ity Council of the City
of Poway, State of California, o~ec~
ATTEST: ~~~~mith, Mayor
Marjori~ K. Wahlsten, City Clerk
Resolution No. 90- 224
Page 3
STATE OF CALIFORNIA )
) ss.
COUNTY OF SAN DIEGO )
I, Marjorie K. Wahlsten, City Clerk of the City of Poway, do
hereby certify, under the penalty of perjury, that the foregoing
Resolution, No. ~-224 , was duly adopted by the City Council
at a meeting of said City Council held on the 18th day of
~)ec~mber , 1990, and that is was so adopted by the following vote:
AYES: EMERY, HIGGINSON, MCINTYRE, SNESKO, GOLDSMITH
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
Marjorie~K. Wahlsten, City Clerk
City of~oway
REPORT~PWYROYAL.RES