FA 1991 10-08 CITY OF PO~Y~ CALZFORHIA
NIHUTES OF THE PO~Y PUBLIC FIHAHClI4G AI~ITY
REGULAR NEEYI~
OCTOBER 8, 1991
The October 8, 1991, regular meeting of the Poway Public Financing Authority
was called to order at 8:10 p.m. by Chairman Goldsmith at the City Council
Chambers, 13325 Civic Center Drive, Poway, California.
DIRECTORS AJ~WERIHG ROLL CALL
Bob Emery, Kathy McIntyre, Tony Snesko, Jan Goldsmith
DZRECTQR$ A~EHT AT ROLL CALL
Don Higginson
STAFF NENBER$ PRE~EHT
James Bowersox
John Fitch
Marjorie Wahlsten
Executive Director
Assistant Executive Director
Secretary
PUBLIC ORAL CQMNUHICATIOH$
Chairman Goldsmith explained the procedure
There was no one present wishing to speak.
for Public Oral
Comm~unications.
ITEM 11
BOND ISSUANCE/PROMISSORY NOTE
TO C.F. POWAY, LTD.
Staff report by Executive Director Bowersox. C.F. Poway, Ltd. has constructed
certain public improvements on behalf of the Redevelopment Agency in the
Pomerado Business Park and the Agency has executed a promissory note in the
amount of $8,191,247. Sale of Tax Allocation Refunding Bonds and the formation
of the Poway Public Financing Authority is necessary to pay off the note.
Future tax allocation revenue will be used to service the bonds rather than pay
off the note. Staff recommends approval.
Director McIntyre stated she had not received the package of documents until
today and would abstain since she had not been able to read them.
Motion by Director Emery, seconded by Director Snesko, to adopt Resolution No.
F-91-01 entitled, "A Resolution of the Poway Public Financing Authority
Approving the Form of and Authorizing the Execution of an Indenture of Trust, A
Purchase Contract and an Official Statement Relating to the Issuance of the
Agency's Subordinated Tax Allocation Refunding Bonds and Approving Certain
Actions in Connection Therewith." Motion carried 3-0-0 with Director Higginson
absent and Director McIntyre abstaining.
Page 2 - CITY OF POWAY PUBLIC FINANCING AUTHORITY - October 8. 1991
Chairman Goldsmith ordered the meeting adjourned. The time of adjournment was
8:12 p.m.
MarjoriFe I~. Wahlsten, Secretary
Poway P~ub?',ic Financing Authority
ML/7/FCP1