Res 00-011RESOLUTION NO. 00- 011
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF POWAY, CALIFORNIA,
APPROVING THE ISSUANCE BY THE POWAY REDEVELOPMENT AGENCY
OF ITS TAX ALLOCATION REFUNDING BONDS, SERIES 2000
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, 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 Council of the City of Poway (the "City Council") 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 by the City Council 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:
A RESOLUTION OF THE POWAY REDEVELOPMENT AGENCY
AUTHORIZING THE ISSUANCE OF TAX ALLOCATION REFUNDING
BONDS, SERIES 2000 OF SAID AGENCY IN A PRINCIPAL AMOUNT OF
NOT TO EXCEED FIFTY MILLION DOLLARS ($50,000,000), 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 Tax Allocation Refunding Bonds, Series 2000 in a
principal amount of not to exceed Fifty Million Dollars ($50,000,000) (the "Bonds") on a
subordinated basis to the 2004 term bond of the Agency's $21,595,000 Paguay
Redevelopment Project, Tax Allocation Refunding Bonds, Series 1990A (the "1990A
Bonds"), and on a parity basis to the Agency's $104,710,000 Paguay Redevelopment
Project, Tax Allocation Refunding Bonds, Sedes 1993 (the "1993 Bonds"), to refinance the
2011 term bond of the 1990A Bonds and certain obligations of the Agency to repay
outstanding owner participation agreements, to pay costs in connection with the issuance
of the Bonds and to make certain other deposits as required by the Indenture.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Poway
as follows:
Resolution No. 00- 011
Page 2
Section 1. The issuance of an aggregate principal amount of not to exceed
$50,000,000 of "Poway Redevelopment Agency, Paguay Redevelopment Project, Tax
Allocation Refunding Bonds, Series 2000" for the purposes stated above, 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 2. This Resolution shall take effect upon adoption.
PASSED, ADOPTED AND APPROVED by the City Council of the City of Poway at
a regular meeting this 22nd day of February 2000.
ATTEST:
Co~ ;Anne Peoples, cit~ (3tTe~-k-
Michael P. Cafat
STATE OF CALIFORNIA )
) SS
CITY OF POWAY )
I, Lori Anne Peoples, Clerk of the City of Poway, do hereby certify under penalty of
perjury that the foregoing Resolution No. 00- 011 was duly adopted by the City Council
at a meeting of said City Council held on the 22nd day of February 2000, and that it was
so adopted by the following vote:
AYES: HIGGINSON, GOLDBY, EMERY, REXFORD, CAFAGNA
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
-[.oti Anne Peoples, City'Clerk
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