Res F-99-02RESOLUTION NO. F-99- 0 2
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
PURCHASE CONTRACT RELATING TO THE ISSUANCE OF THE AGENCY'S
SUBORDINATED TAX ALLOCATION NOTES AND APPROVING CERTAIN ACTIONS
IN CONNECTION THEREWITH
WHEREAS, the Poway Public Financing Authority (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, for the corporate purposes of the Poway Redevelopment Agency (the
"Agency"), the Agency deems it necessary to issue at this time subordinate tax allocation notes in
a principal amount of approximately Eight Million Five Hundred Thousand Dollars ($8,500,000)
(the "Notes"), and to use the proceeds of such Notes to finance an obligation of the Redevelopment
Fund to the Agency's Low and Moderate Income Housing Fund, to repay a City loan, to pay costs
in connection with the issuance of the Notes and to make certain other deposits as required by the
Indenture of Trust (the "Indenture"); and
WHEREAS, the purposes stated above will be accomplished by the Authority purchasing
such Notes from the Agency and selling such Notes to Miller & Schroeder Financial, Inc. (the
"Underwriter") pursuant to the Marks-Roos Local Bond Pooling Act of 1985 (Government Code
Sections 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 Notes (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 "Official Statement"); and
(3)
a draft of the proposed Note Purchase Contract between the Agency, the Authority
and the Underwriter.
NOW, THEREFORE, BE IT RESOLVED by the Poway Public Financing Authority, as
follows:
Section 1. Subject to the provisions of the Indenture referred to in Section 2 hereof, the
purchase of the Notes in the aggregate principal amount of approximately Eight Million Five
Hundred Thousand Dollars ($8,500,000) on the terms and conditions set forth in, and subject to the
Resolution No. F-99-02
Page 2
limitations specified in, the Indenture and the Note Purchase Contract, is hereby authorized and
approved. The Notes will be dated, will bear interest at the rate, will mature on the date, 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 Note Purchase Contract in substantially the form submitted at this meeting
and made a part hereof as though set forth in full herein are hereby approved. The Executive
Director of the Authority is hereby authorized and directed to execute the Note 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, be and the same is hereby approved
and the use of the Preliminary Official Statement in connection with the offering and sale of the
Notes is hereby authorized and approved.
Section 5. The Chairman of the Authority, the Treasurer, the Secretary of the Authority, and
any other proper officer of the Authority, 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 Note
Purchase Contract, the Official Statement, this Resolution and any such agreements.
Section 6. This Resolution shall take effect immediately upon its adoption.
PASSED, ADOPTED AND APPROVED by the Board of Directors of the Poway Public
Finance Authority at a regular meeting this 30th day of March, 1999.
ATTEST:
L~-ri/~nne e~ples, Secrett[-y v
Michael P. Cafagnff
Resolution No. F-99-0 2
Page 3
STATE OF CALIFORNIA )
) SSo
COUNTY OF SAN DIEGO )
I, Lori Anne Peoples, Secretary of the Poway Public Financing Authority, do hereby certify
under penalty of perjury that the foregoing Resolution No. F- q q- ti ~ was duly adopted by the
Public Financing Authority at a meeting of said Agency held on the 30 dayof March ,1999,
and that it was so adopted by the following vote:
AYES: GOLDBY,
NOES: N 0 N E
ABSTAIN: N 0 N E
Pd~SENT: E M E R Y
HIGGINSON, REXFORD, CAFAGNA
~or~ Anne Peoples, Secretal'y
Poway Public Financing Authority