Res 99-063RESOLUTION NO. 99-063
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF POWAY, CALIFORNIA, ACTING AS THE
LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 88-1
OF THE CITY OF POWAY (PARKWAY BUSINESS CENTRE), AMENDING
ITS INDENTURE OF TRUST SECURING THE $35,445,000 OF THE
CITY OF POWAY SPECIAL TAX REFUNDING BONDS,
SERIES 1998, OF COMMUNITY FACILITIES DISTRICT NO. 88-1
WHEREAS, the City Council of the City of Poway, California (hereinafter referred to as
the "legislative body of the District" or the "City Council"), has heretofore undertaken
proceedings and declared the necessity to issue bonds on behalf of Community Facilities
District No. 88-1 of the City of Poway (the "District") pursuant to the terms and provisions of
the Mello-Roos Community Facilities Act of 1981, as amended, being Chapter 2.5, Part 1,
Division 2, Title 5 of the Government Code of the State of California (the "Act"); and
WHEREAS, the District has determined pursuant to that certain Indenture by and
between the District and Dai-Ichi Kangyo Bank of California (the "Trustee") dated as of May 1,
1998 (the "Indenture") that the corporate purposes of the District would be accomplished by
the issuance of special tax refunding bonds in a principal amount of Thirty-Five Million
Four Hundred Forty-Five Thousand Dollars ($35,445,000) pursuant to the Indenture and that
certain resolution of the District adopted on April 28, 1998, providing for the issuance of
"Special Tax Refunding Bonds Series 1998 of Community Facilities District No. 88-1 of the
City of Poway (Parkway Business Centre)" (the "Bonds"); and
WHEREAS, the District issued the Bonds on May 21, 1998; and
WHEREAS, the District has determined that it is necessary and desirable to amend the
Indenture in order to clarify the "commercial paper~' authorized investment definition therein to
resolve ambiguity regarding the permitted maturity of such investments; and
WHEREAS, the District has determined that the proposed clarifications to the Indenture
are necessary and desirable to accomplish the corporate purposes of the District and that
such clarifications are not materially adverse to the interests of the Bondowners and, as such,
are authorized pursuant to the terms of Section 6.1 of the Indenture, and the Act, and do not
require bondholder consent.
NOW, THEREFORE, BE IT RESOLVED BY the City Council of the City of Poway,
California, acting as the legislative body of Community Facilities District No. 88-1 of the City of
Poway (Parkway Business Centre) as follows:
Resolution No. 99-063
Page 2
Section 1. Each of the above recitals is true and correct.
Section 2. The Indenture is hereby amended as follows:
Section 1.1 Definitions, definition of "Authorized Investments,"
Subsection 6, "Commercial Paper," is deleted in its entirety and replaced
with the following:
"Commercial paper (having original maturities of not more than 180 days
consisting of 6, 30-day months), rated '%-1+" by S&P and "Prime-1" by Moody's,
which may be provided by means of a forward delivery agreement whereby an entity
meeting the foregoing ratings criteria agrees to supply governmental instruments or
other agreed upon Authorized Investments to be owned by the District, which will be
provided on or before each semiannual debt service payment date for the Bonds
and will mature in at least the par amount thereof on or before the next debt service
payment date for the Bonds, and pursuant to which the provider makes periodic
interest payments to the District for the privilege of providing the Authorized
Investments."
Section 3. The City Manager and any other proper officer and staff person of the
District are hereby directed and authorized, jointly and severally, to do any and all things and
to execute and deliver any and all documents (including, but not limited to, a debt service
reserve fund forward delivery agreement) necessary or proper for carrying out the transactions
contemplated herein and in the Indenture.
PASSED, APPROVED AND ADOPTED by the City Council of the City of Poway at a
regular meeting thereof this 20th day of July, 1999.
ATTEST:
-- Eo~,~ne Peoples, C~y ~.lerk
r
Resolution No. 99-063
Page 3
STATE OF CALIFORNIA )
) SS.
COUNTY OF SAN DIEGO )
I, Lori Anne Peoples, City Clerk of the City of Poway, do hereby certify under penalty of
perjury that the foregoing Resolution No. 99- 063 was duly adopted by the City Council at a
meeting of said City Council held on the 20th day of July, 1999, and that it was so adopted by
the following vote:
AYES: EMERY, GOLDBY, HIGGINSON, REXFORD, CAFAGNA
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
City of Poway