Res F-01-02RESOLUTION NO. F-01-02
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE POWAY PUBLIC
FINANCING AUTHORITY APPROVING A PURCHASE CONTRACT IN CONNECTION
WITH THE PURCHASE AND SALE OF THE TAX ALLOCATION BONDS FOR THE
POWAY REDEVELOPMENT AGENCY, PAGUAY REDEVELOPMENT PROJECT,
SERIES 2001, AUTHORIZING THE EXECUTIVE DIRECTOR TO SET THE FINAL
TERMS FOR THE PURCHASE AND SALE OF THE BONDS, AUTHORIZING OTHER
OFFICIAL ACTIONS AND PROVIDING FOR OTHER MATTERS PROPERLY
RELATING THERETO
WHEREAS, the City of Poway (the "City") and the Poway Redevelopment
Agency (the "Agency") have heretofore entered into a Joint Exercise of Powers
Agreement establishing the Poway Public Financing Authority (the "Authority") for the
purpose of purchasing and selling bonds to provide financial assistance to the City and
the Agency; and
WHEREAS, the Authority intends to pumhase and sell Poway Redevelopment
Agency, Paguay Redevelopment Project Tax Allocation Bonds, Series 2001 (the
"Bonds") in an aggregate principal amount not-to-exceed $82,000,000, the proceeds of
which will be used to finance redevelopment activities of the Agency, fund a reserve
fund, pay the cost of municipal bond insurance, if any, and pay the costs of issuance of
the Bonds; and
WHEREAS, there has been placed on file with the Authority Secretary a form of
preliminary official statement relating to the Bonds and a form of purchase agreement
among the Authority, the Agency and Sutro & Co. Incorporated (the "Underwriter")
pursuant to which the Underwriter has offered to purchase the Bonds from the Authority,
all on the terms and conditions set forth therein; and
WHEREAS, the City has approved the financing of the projects to be financed by
the Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Poway Public Financing
Authority, as follows:
SECTION 1. Approval of Purchase and Sale of Bonds. The purchase and
sale to the Underwriter of not-to-exceed $82,000,000 principal amount of Poway
Redevelopment Agency, Paguay Redevelopment Tax Allocation Bonds, Series 2001, is
hereby authorized and approved.
SECTION 2. Approval of Purchase Contract. The form of Purchase
Contract (the "Purchase Contract") placed on file with the Authority Secretary among
the Authority, the Agency and the Underwriter and the sale of the Bonds pursuant
thereto upon the terms and conditions set forth therein is hereby approved, and subject
to such approval and subject to the provisions of Section 3 hereof, the Executive
Director is hereby authorized and directed to evidence the Authority's acceptance of the
Resolution No. F-01-02
Page 2
offer made by the Purchase Contract by executing and delivering the Purchase Contract
in said form with such changes therein as the officers executing the same may approve
and such matters as are authorized by Section 3 hereof, such approval to be
conclusively evidenced by the execution and delivery thereof.
SECTION 3. Executive Director Authorized to Establish Final Terms of
Sale of Bonds. The Executive Director, based on such advice of staff as he may deem
necessary, is hereby authorized and directed to act on behalf of the Authority to
establish and determine, subject to the table below (i) the final principal amount of the
Bonds; (ii)the final interest rates on various maturities of the Bonds; and (iii)the
Underwriter's discount (exclusive of original issue discount or premium, if any) for the
purchase of the Bonds:
Maximum Principal Amount
Maximum True Interest Cost
Maximum Underwriter's Discount
$82,000,000
not-to-exceed 6%
.6 of 1 percent
SECTION 4. Other Acts. The officers and staff of the Authority are hereby
authorized and directed, jointly and severally, to do any and all things (including, but not
limited to, securing bond insurance to guarantee payment on the Bonds or applying for
a credit rating), to execute and deliver any and all documents, which in consultation with
staff and Bond Counsel, they may deem necessary or advisable in order to
consummate the issuance, sale and delivery of the Bonds, or otherwise effectuate the
purposes of this Resolution, and any and all such actions previously taken by such
officers or staff members are hereby ratified and confirmed.
SECTION 5. Effective Date. This Resolution shall take effect upon adoption.
PASSED, ADOPTED AND APPROVED by the Poway Public Financing Authority
of the City of Poway, California, at a meeting thereof this 12th day of June 2001.
ATTEST:
L--ori ~,nne Peoples, Sec~t~ry
Micha( ~irman
Resolution No. F-01-02
Page 3
STATE OF CALIFORNIA )
) SS.
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-01- 02 was
duly adopted the Poway Public Financing Authority at a meeting of said Agency held on
the 12th day of June 2001, and that it was so adopted by the following vote:
AYES: EMERY,
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
GOLDBY,
HIGGINSON, REXFORD, CAFAGNA
L~)ri/),hne P~oples, S~cr~t~i"ry-
Poway Public Financing Authority
n:\city\admnserv\director~bonds
resolution approving issuance (authority).doc