Res F-93-02RESOLUTION NO. F-93-02
RESOLUTION OF THE POWA¥ 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 SERIES
1993 SUBORDINATED TAX ALLOCATION REFUNDING
BONDS AND APPROVING CERTAIN ACTIONS IN
CONNECTION THEREWITH
WHEREAS, the Authority is a joint powers authority
organized pursuant to Title 1, Division 7, Chapter 5 of the
Government Code of the State of California; and
WHEREAS, the Agency has previously issued its $35,000,000
Paguay Redevelopment Project Subordinated Tax Allocation Bonds,
Series 1989A (the #1989A Bonds') and its $9,330,000 Paguay
Redevelopment Project Tax Allocation Refunding Bonds, Issue of
1991 (the "1991 Bonds"); and
WHEREAS, the Agency proposes to issue its not to exceed
$110,000,000 Poway Redevelopment Agency Paguay Redevelopment
Project Subordinated Tax Allocation Refunding Bonds, Series
1993 (the #1993 Bonds") to refund the Agency's outstanding
1989A Bonds and 1991 Bonds and to finance certain other
redevelopment activities and projects; and
WHEREAS, the purposes stated above will be accomplished by
the Authority purchasing such Bonds from the Agency and selling
such Bonds to PaineWebber Incorporated (the "Underwriter")
pursuant to the Marks-Roos Local Bond Pooling Act of 1985
(Government Code Section 6584 et seq.); and
WHEREAS, there have been prepared and submitted to this
meeting forms of:
(1) a draft of the Indenture of the Agency; and
(2)
a draft of the Preliminary Official Statement of the
Agency to be used in connection with the sale of the
Bonds (such Preliminary Official Statement in the form
presented at this meeting with such changes,
insertions and omissions as are made pursuant to this
Resolution, being referred to herein as "Preliminary
Official Statement"); and
(3) a draft of the proposed Bond Purchase Contract among
the Agency, the Authority and the Underwriter.
Resolution No. F-93-02
Page 2
NOW, THEREFORE, BE IT RESOLVED by the Poway Public
Financing Authority, as follows:
~. Subject to the provisions of Section 2 hereof,
the purchase of the Bonds in an aggregate principal amount not
to exceed One Hundred Ten Million Dollars ($110,000,000) on the
terms and conditions set forth in, and subject to the
limitations specified in, the Indenture and the Bond Purchase
Contract, is hereby authorized and approved. The Bonds will be
dated, will bear interest at the rates, will mature on the
dates, will be issued in the form, will be subject to
redemption, and will be as otherwise provided in the Indenture,
as the same will be completed as provided in this Resolution.
~. The Indenture, in substantially the form
submitted at this meeting with such changes, insertions and
omissions as may be requested by Bond Counsel or the
Underwriter and approved by the Chairman of the Agency, such
approval to be conclusively evidenced by the execution and
delivery thereof and made a part hereof as though set forth in
full herein, be and the same is hereby approved.
~. The Bond Purchase Contract in substantially the
form submitted at this meeting with such changes, insertions
and omissions as may be requested by Bond Counsel or the
Underwriter and approved by the Chairman of the Agency, such
approval to be conclusively evidenced by the execution and
delivery thereof and made a part hereof as though set forth in
full herein is hereby approved. The Executive Director of the
Authority is hereby authorized and directed to execute the Bond
Purchase Contract in the form presented at this meeting with
such changes, insertions and omissions as may be approved by
the Executive Director, said execution being conclusive
evidence of such approval.
~. The Preliminary Official Statement in
substantially the form presented at this meeting with such
changes, insertions and omissions as may be requested by Bond
Counsel or the Underwriter and approved by the Chairman of the
Agency, such approval to be conclusively evidenced by the
execution and delivery thereof and made a part hereof as though
set forth in full herein is hereby approved and the use of the
Preliminary Official Statement in connection with the offering
and sale of the Bonds is hereby authorized and approved.
~. The preparation and delivery of an Official
Statement, and its use by the Underwriter, in connection with
the offering and sale of the Bonds, be and the same is hereby
authorized and approved. The Official Statement shall be in
substantially the form of the Preliminary Official Statement
with such changes, insertions and omissions as may be requested
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Resolution No. F-93-02
Page 3
by Bond Counsel or the Underwriter and approved by the Chairman
of the Agency, such approval to be conclusively evidenced by
the execution and delivery thereof.
Section 6. The Chairman of the Authority, the Treasurer,
the Secretary of the Authority, and any other proper officer of
the Agency, acting singly, be and each of them hereby is
authorized and directed to execute and deliver any and all
documents and instruments, including any agreements with the
Agency relating to the Bonds, and to do and cause to be done
any and all acts and things necessary or proper for carrying
out the transactions contemplated by the Indenture, the Bond
Purchase Contract, the Official Statement, this Resolution and
any such agreements.
Section 7. This Resolution shall take effect immediately
upon its adoption.
PASSED, APPROVED and ADOPTED by the Poway Public Financing
Authority of the City of Poway, California, at a regular
meeting thereof this 4th day of May , 1993.
Don Hig~inson, 'Cha(~n -
(SEAL)
ATTE ST:
Marj6ri~ K. Wahlsten, Secretary
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STATE OF CALIFORNIA )
)
COUNTY OF SAN DIEGO )
SS.
Resolution No. F-93-02
Page 4
I, Marjorie K. Wahlsten, Secretary of the Poway Public
Financing Authority, do hereby certify the foregoing Resolution
No. F-95-O2 was duly adopted by the Poway Public Financing
Authority at a meeting of said Agency on the 4th day of
May , 1993, and that it was so adopted by the following
vote:
AYES:
NOES: NONE
ABSTAIN: NONE
ABSENT: CAFAGNA
CALLERY, EMERY, SNESKO, HIGGINSON
Marj o~i~K. Wahl ~.~en
Secre~_ary Poway Public
Finandi~fg Authority
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