Res 92-184RESOLUTION NO. 92-184
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF POWAY, CALIFORNIA,
REGARDING ITS INTENTION TO
ISSUE TAX-EXEMPT OBLIGATIONS
WHEREAS, the City of Poway (the "Issuer") desires to finance the costs
of acquiring certain public facilities and improvements, as provided in
Exhibit A attached hereto and incorporated herein (the "Project"); and
WHEREAS, the Issuer intends to finance the acquisition of the Project or
portions or the Project with the proceeds of the sale of obligations the
interest upon which is excluded from gross income for federal income tax
purposes (the "Obligations"); and
WHEREAS, prior to the issuance of the Obligations the Issuer desires to
incur certain expenditures with respect to the Project from available monies
of the Issuer which expenditures are desired to be reimbursed by the Issuer
from a portion of the proceeds of the sale of the Obligations;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF POWAY DOES HEREBY
RESOLVE, ORDER AND DETERMINE AS FOLLOWS:
Section 1. The Issuer hereby states its intention and reasonably expects to
reimburse Project costs incurred prior to the issuance of the Obligations with
proceeds of the Obligations. Exhibit A describes either the general
character, type, purpose, and function of the Project, or the fund or account
from which Project costs are to be paid and the general functional purpose of
the fund or account.
Section 2. The reasonably expected maximum principal amount of the
Obligations is $2,000,000.
Section 3. This resolution is being adopted on or prior to the date (the
"Expenditures Date or Dates") that the Issuer will expend monies for the
portion of the Project costs to be reimbursed from proceeds of the
Obligations.
Section 4. The expected date of issue of the Obligations will be within one
year of the later of the Expenditure Date or Dates and the date the Project is
placed in service.
Section 5. Proceeds of the Obligations to be used to reimburse for Project
costs are not expected to be used directly or indirectly to pay debt service
with respect to any obligation (other than to pay current debt service coming
due within the next succeeding one-year period on any tax-exempt obligation of
the Issuer (other than the Obligations)), or to be held as a reasonably
required reserve or replacement fund with respect to an obligation of the
Issuer or any entity related in any manner to the Issuer, or to reimburse any
expenditure that was originally paid with the proceeds of any obligation, or
to replace funds that are or will be used in such manner.
Resolution No. 92-184
Page 2
Section 6. This resolution is consistent with the budgetary and financial
circumstances of the issuer, as of the date hereof. No monies from sources
other than the Obligation issue are, or are reasonably expected to be
reserved, allocated on a long-term basis, or otherwise set aside by the Issuer
(or any related party) pursuant to their budget or financial policies with
respect to the Project costs. To be best of our knowledge, the City Council
of the City of Poway is not aware of the previous adoption of official intents
by the Issuer that have been made as a matter of course for the purpose of
reimbursing expenditures and for which tax-exempt obligations have not been
issued.
Section 7. This resolution is adopted as official action of the Issuer in
order to comply with Treasury Regulation Sec. 1.103-18 and any other
regulations of the Internal Revenue Service relating to the qualification for
reimbursement of Issuer expenditures incurred prior to the date of issue of
the Obligations, is part of the Issuer's official proceedings, and will be
available for inspection by the general public at the main administrative
office of the Issuer.
Section 8. All the recitals in this resolution are true and correct and the
City Council of the City of Poway so finds, determines, and represents.
PASSED, ADOPTED AND APPROVED by the City Council of the City of Poway,
California, at a regular meeting thereof this 2gth day of September, 1992.
ATTEST:
marjorie IC~ Wahls~en, City Clerk
Resolution No. 92-184
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 penalty of perjury that the foregoing Resolution No. 92-184
was duly adopted by the City Council at a meeting of said City Council held on
the 29th day of September, 1992, and that it 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 ~y
C:\WP51\TAXEXEMP.RES
Resolution No. 92-184
Page 4
EXHIBIT A
SOUTH POHAY SPORTS PARK
The South Poway Sports Park is a 15-acre sports park facility consisting of
three regulation softball fields, a concession building, four sand volleyball
courts, two basketball courts, batting cages, tot lot area, group picnic area,
concrete amphitheater seating, parking lots, lighting facilities, landscaping,
a ticket booth, a smaller remote concession building and a maintenance
building.
The facility will be operated by a private firm and will be open to the
public.