FA 1999 03-30 CITY OF POWAY, CALIFORNIA
MINUTES OF THE POWAY PUBLIC FINANCING AUTHORITY
REGULAR MEETING
MARCH 30, 1999
The March 30, 1999, regular meeting of the Poway Public Financing Authority, was
called to order at 7:00 p.m., by Chairman Cafagna at the City Council Chambers, 13325
Civic Center Drive, Poway, California.
DIRECTORS ANSWERING ROLL CALL
Don Higginson, Jay Goldby, Betty Rexford, Mickey Cafagna
DIRECTORS ABSENT AT ROLL CALL
Bob Emery
STAFF MEMBERS PRESENT
James Bowersox Executive Director
Warren Shafer Assistant Executive Director
Lori Anne Peoples Secretary
PLEDGE OF ALLEGIANCE
Director Goldby led the Pledge of Allegiance.
PUBLIC ORAL COMMUNICATIONS
Chairman Cafagna explained the procedure for Public Oral Communications. There was
no one present wishing to speak on the Financing Authority item.
ITEM 6 (405-01 R)
SUBORDINATED TAX ALLOCATION NOTES
Staff report by Executive Director Bowersox. The Board is being requested along with the
City Council and Redevelopment Agency to adopt their respective resolutions authorizing
the issuance of the notes, approve the Indenture of Trust, the Note Purchase Contract, the
Bond Counsel Services Agreement, the Continuing Disclosure Agreement, the Fiscal
Agent Fee Schedule, the Fiscal Consultant's Services and the Primary Official Statement.
This financing issues short term tax allocation notes in the amount of $8,500,000 which
14
Page 2 - CITY OF POWAY PUBLIC FINANCING AUTHORITY - March 30, 1999
will be used to pay the Low and Moderate Income Housing Fund judgement amount of
$5,641,743, and reimburse a portion of the sewer fund loan ($1,128,348) which was used
to make the interest payments. This refunding will reduce the current interest rate paid on
the judgement from 10% to approximately 5.5%, depending upon market conditions at the
time of the bond sale.
Motion by Director Higginson, seconded by Director Goldby, to adopt Resolution No. F-99-
02, entitled, "A Resolution of the Poway Public Financing Authority Approving the Forms
of an Indenture of Trust, A Note Purchase Contract, and an Official Statement and
Authorizing the Execution of the Note Pumhase Contract Relating to the Issuance of the
Agency's Subordinated Tax Allocation Notes and Approving Certain Actions in Connection
Therewith." Motion carried 4-0 with Vice Chairman Emery absent.
ADJOURNMENT
Chairman Cafagna adjourned the meeting at 10:23 p.m. on motion by Director Goldby,
seconded by Director Higginson.
Lori ~,nne Peoples, Secretar~
Poway Public Financing Authority
15