Res 99-024RESOLUTION NO. 99- 0 2 4
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF POWAY, CALIFORNIA,
APPROVING THE ISSUANCE BY THE POWAY REDEVELOPMENT AGENCY OF ITS
SUBORDINATED TAX ALLOCATION NOTES, ISSUE OF 1999 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 or notes for any of its corporate purposes; and
WHEREAS, the Redevelopment Plan for a redevelopment project known and designated as
the "Paguay Redevelopment Project" has been adopted and approved by Ordinance No. 117 of the
City of Poway on December 13, 1983, and was amended by Ordinance No. 415 adopted by the City
Council on June 15, 1993 and Ordinance No. 439 adopted on December 13, 1994, and all
requirements of law for and precedent to the adoption and approval of the Redevelopment Plan, as
amended, have been duly complied with; and
WHEREAS, the Agency has adopted its Resolution entitled:
"RESOLUTION OF THE POWAY REDEVELOPMENT AGENCY
AUTHORIZING THE ISSUANCE OF SUBORDINATED TAX
ALLOCATION NOTES, ISSUE OF 1999 OF SAID AGENCY IN
A PRINCIPAL AMOUNT OF APPROXIMATELY EIGHT
MILLION FIVE HUNDRED THOUSAND DOLLARS
($8,500,000), APPROVING CERTAIN DOCUMENTS AND
TAKING CERTAIN OTHER ACTIONS IN CONNECTION
THEREWITH"; and
WHEREAS, under and pursuant to the above Resolution, the Agency has authorized the
issuance and sale of its Subordinated Tax Allocation Notes, Issue of 1999 in a principal amount of
not to exceed Eight Million Five Hundred Thousand Dollars ($8,500,000) (the "Notes") on a
subordinated basis to the Agency's $21,595,000 Paguay Redevelopment Project, Tax Allocation
Refunding Bonds, Series 1990A (the "1990 Bonds"), the Agency's $104,710,000 Paguay
Redevelopment Project, Subordinated Tax Allocation Refunding Bonds, Series 1993 (the "1993
Bonds"), to finance an obligation of the Redevelopment Fund to the Agency's Low and Moderate
Income Housing Fund, to repay a City loan, to pay costs in connection with the issuance of the Notes
and to make certain other deposits as required by the Indenture.
Resolution No. 99- 024
Page 2
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE
CITY COUNCIL OF THE CITY OF POWAY, CALIFORNIA, AS FOLLOWS:
1. Approval of Issuance of Notes. The issuance of an aggregate principal amount of
approximately $8,500,000 of "Poway Redevelopment Agency, Paguay Redevelopment Project,
Subordinated Tax Allocation Notes, Issue of 1999" in order to finance an obligation of the
Redevelopment Fund to the Agency's Low and Moderate Income Housing Fund, to repay a City
loan, to pay costs in connection with the issuance of the Notes and for 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.
2. Effective Date. This Resolution shall take effect upon adoption.
PASSED, APPROVED AND ADOPTED by the City Council of the City of Poway, State
of California this 30th day of March, 1999.
Michael P. Cafag M~yor
ATTEST:
Lo~ Anne Peoples, City ~lerk
Resolution No. 99- 0 2 4
Page 3
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
I, Lori Anne Peoples, City Clerk of the City of Poway, do hereby certify, under the penalty
of perjury, that the foregoing Resolution No. 9 9 - 0 24, was duly adopted by the City Council at a
meeting of said City Council held the 3 0 day of M a r c h ,1999, and that it was so adopted
by the following vote:
AYES: GOLDBY, HIGGINSON, REXFORD, CAFAGNA
NOES: N 0 N E
ABSTAIN:
NONE
ABSENT: EMERY
L~ri)Anne Peoples, City Cl~k --
City of Poway