Res F-96-01RESOLUTION NO. F-g6-01
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
POWAY PUBLIC FINANCING AUTHORITY WAIVING ITS ANNUAL MEETING
WHEREAS, The Poway Public Financing Authority (the "Authority") was
created on October 8, 1991, pursuant to the Marks-Roos Local Bond Pooling Act
of lg85 and pursuant to Resolution No. 91-116 of the City of Poway (the
"City") and Resolution No. R-91-16 of the Poway Redevelopment Agency (the
"Agency"}; and
WHEREAS, the Board of Directors of the Authority (the "Board"), having
determined that no necessity currently exists for conducting an annual meeting
of the Board, desires, pursuant to the terms of that certain Joint Powers
Agreement by and between the City and the Agency executed on October 29, 1991,
to waive its annual meeting requirement.
NOW THEREFORE BE IT RESOLVED, by the Board of Directors of the Poway
Public Financing Authority as follows:
Section 1. The foregoing statements are true and correct.
Section 2. The Board hereby waives the requirement of an annual
meeting of the Board and determines that, hereafter, all meetings of the Board
shall be held only as and when the Board determines in its sole discretion
that the necessity therefor exists.
PASSED, ADOPTED AND APPROVED, by the Poway Public Financing Authority of
the City of Poway, California, at a meeting thereof this 9th day of January,
1996.
ATTEST:
Don Higginson, ~
marjorie~K. Wahlsten, Secretary
STATE 'OF~CAL I FORN IA )
) $$.
COUNTY OF SAN DIEGO )
I, Marjorie K. Wahlsten, Secretary of the Poway Public Financing
Authority, do hereby certify under penalty of perjury that the foregoing
Resolution No. F-g6- 01 was duly adopted by the Poway Public Financing
Authority at a meeting of said Agency held on the gth day of January, 1996,
and that it was so adopted by the following vote:
AYES:
CAFAGNA, EMERY, REXFORD, HIGGINSON
NOES: NONE
ABSTAIN: NONE
ABSENT: CALLERY
3\wp\resolu\pub.fin
MarjOriO K. Wahlsten, Secretary
PowaY..Pu~lic Financing Authority
RESOLUTION NO. F-91-01
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
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 $7,748,000
promissory note in favor of CF Poway, Limited pursuant to an
action of the Board of Directors of the Agency on April 24,
1990 accepting for Agency acquisition certain improvements
theretofore constructed by CF Poway, Limited, a California
limited partnership (the "Agency Note"); and
WHEREAS, the Agency proposes to issue its not to exceed
$10,250,000 Poway Redevelopment Agency Paguay Redevelopment
Project Subordinated Tax Allocation Refunding Bonds, Issue of
1991 (the "1991 Bonds") to refund the outstanding Agency Note;
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-91-01
Page 2
NOW, THEREFORE, BE IT RESOLVED by the Poway Public
Financing Authority, as follows:
Section 1. Subject to the provisions of Section 2 hereof,
the purchase of the Bonds in an aggregate principal amount not
to exceed Ten Million Two Hundred Fifty Thousand Dollars
($10,250,000) 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.
Section 2. The Indenture, in substantially the form
submitted at this meeting and made a part hereof as though set
forth in full herein, be and the same is hereby approved.
Section 3. The Bond Purchase Contract in substantially the
form submitted at this meeting 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.
Section 4. The Preliminary Official Statement in
substantially the form presented at this meeting 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.
Section 5. 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
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
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7586u/2345-37
Resolution No. F-91-01
Page 3
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, ADOPTED AND APPROVED by the Poway Public Financing
Authority of the City of Poway, California, at a regular meeting
thereof this 8th day of October, 1991.
ATTEST:
Marj~ri~ K. Wahlsten, Secretary
mith, Chairman
STATE OF CALIFORNIA )
) SS.
COUNTY OF SAN DIEGO )
I, Marjorie K. Wahlsten, Secretary of the Poway Public
Financing Authority, do hereby certify the foregoing Resolution No.
F-91-01 was duly adopted by the Poway Public Financing Authority at
a meeting of said Agency on the 8th day of October, 1991, and that
it was so adopted by the following vote:
AYES: EMERY, SNESKO, GOLDSMITH
NOES: NONE
ABSTAIN: MC INTYRE
ABSENT: HIGGINS0N
Marjori~ K. Wahlsten, Secretary
PowaylL~blic Financing Authority
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