Res 93-068RESOLUTION NO. 93-068
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF POWAY, CALIFORNIA, APPROVING THE
ISSUANCE BY THE POWAY REDEVELOPMENT AGENCY
OF ITS PAGUAY REDEVELOPMENT PROJECT AREA,
SUBORDINATED TAX ALLOCATION REFUNDING
BONDS, SERIES 1993 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 Area' 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 $110,000,000 Poway Redevelopment Agency,
Paguay Redevelopment Project Area, Subordinated Tax Allocation
Refunding Bonds, Series 1993 (the 'Bonds') for the purpose of
refunding the Agency's $35,000,000 Paguay Redevelopment Project
Subordinated Tax Allocation Bonds, Series 1989A (the "1989A
Bonds') and its $9,330,000 Paguay Redevelopment Project Tax
Allocation Refunding Bonds, Issue of 1991 (the '1991 Bonds"),
and for the purpose of financing certain redevelopment
activities and projects ; and
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY
THE CITY COUNCIL OF THE CITY OF POWAY, CALIFORNIA, AS FOLLOWS:
~. The above recitals, and each of them,-are true
and correct.
~. This City Council finds and determines that it
is in the public interest that Bonds be issued to assist in the
financing of the Paguay Redevelopment Project Area.
Resolution No. 93~68
Page 2
~. The issuance of the BonOs in order to aid in
the financing of the Paguay Redevelopment Project Area, and for
the other purposes related thereto, all of which constitute a
"redevelopment activity," as such term is defined in Health and
Safety Code Section 33678, is hereby authorized and approved
pursuant to Health and Safety Code Section 33640.
Section 4. This Resolution shall take effect upon adoption.
PASSED, APPROVED AND ADOPTED this
1993.
4th day of May
(SEAL)
ATTEST:
Don Higginson, Mayo~
City of Poway
arjor<e ~. Wahlsten,-City Clerk
City o~way
04/23/93
5387Q/2345-51
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Resolution No. 93-068
Page 3
CLERK' S CERTIFICATE
I, Marjorie K. Wahlsten, City Clerk of the City of
Poway, do hereby certify that the foregoing resolution was duly
introduced approved and adopted by the City Council of the City
of Poway at a regular meeting of said Council held on the 4th
day of May , 1993, by the following roll call vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Councilmember$: CALLERY, EMERY, SNESKO, HIGGINSON
Councilmembers: NONE
Councilmembers: CAFAGNA
Councilmembers: NONE
marjorie/K. Wahlsten, City Clerk
City o f~oway
04/23/93
5387Q/2345-51
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