Res 01-046RESOLUTION NO. 01- 046
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF POWAY,
CALIFORNIA, APPROVING THE ISSUANCE BY THE POWAY
REDEVELOPMENT AGENCY OF ITS TAX ALLOCATION BONDS,
SERIES 2001, AND MAKING CERTAIN DETERMINATIONS RELATING
THERETO
WHEREAS, the Poway Redevelopment Agency (the "Agency") is a
redevelopment agency duly created, established and authorized to transact business
and exercise its powers, all under and pursuant to the Community Redevelopment Law
(Part 1 of Division 24 (commencing with Section 33000) of the Health and Safety Code
of the State of California), and the powers of the Agency include the power to issue
bonds for any of its corporate purposes; and
WHEREAS, the Redevelopment Plan for a redevelopment project known and
designated as the "Paguay Redevelopment Project" has been adopted and approved by
Ordinance No. 117 of the City Council of the City of Poway (the "City Council") on
December 13, 1983, and was amended by Ordinance No. 415 adopted by the City
Council on June 15, 1993 and Ordinance No. 439 adopted by the City Council on
December 13, 1994, and all requirements of law for and precedent to the adoption and
approval of the Redevelopment Plan, as amended, have been duly complied with; and
WHEREAS, the Agency has adopted its Resolution (the "Agency Resolution")
entitled:
'% RESOLUTION OF THE POWAY REDEVELOPMENT AGENCY
AUTHORIZING THE ISSUANCE OF TAX ALLOCATION BONDS, SERIES
2001, OF SAID AGENCY IN A PRINCIPAL AMOUNT OF NOT-TO-EXCEED
EIGHTY-TWO MILLION DOLLARS ($82,000,000), APPROVING CERTAIN
DOCUMENTS AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION
THEREWITH"
; and
WHEREAS, under and pursuant to the above Resolution, the Agency has
authorized the issuance and sale of its Tax Allocation Bonds, Series 2001, in a principal
amount of not-to-exceed Eighty-Two Million Dollars ($82,000,000) (the "Bonds") on a
subordinated basis to the Agency's outstanding Paguay Redevelopment Project, Tax
Allocation Bonds, Series 1990A (the "1990A Bonds"), and on a parity basis to the
Agency's outstanding Paguay Redevelopment Project, Tax Allocation Bonds, Series
1993 (the "1993 Bonds"), and its outstanding Paguay Redevelopment Project, Tax
Allocation Refunding Bonds, Series 2000 (the "2000 Bonds"), to finance capital
improvement projects, which may include Iow- and moderate-income housing
developments and certain obligations of the Agency to pay tax sharing agreements, to
fund a reserve, to pay costs of municipal bond insurance, if any, to pay costs in
connection with the issuance of the Bonds and to make certain other deposits as
required by the Indenture (defined in the Agency Resolution).
Resolution No. 01-046
Page 2
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Poway
as follows:
Section 1. Approval of Issuance of Bonds. The issuance of an aggregate
principal amount of not-to-exceed $82,000,000 of "Poway Redevelopment Agency,
Paguay Redevelopment Project, Tax Allocation Bonds, Series 2001" for the purposes
stated above, all of which constitute a "redevelopment activity," as such term is defined
in Health and Safety Code Section 33678, is hereby authorized and approved pursuant
to Health and Safety Code Section 33640.
Section 2. Effective Date. This Resolution shall take effect upon adoption.
PASSED, ADOPTED AND APPROVED by the City Council of the City of Poway
at a regular meeting this 12th day of JuneMichae12001.r ~. ~
ATTEST:
Lori~Anne Peoples, City Cl&k
STATE OF CALIFORNIA )
) SS.
COUNTY OF SAN DIEGO )
Resolution No. 0i-046
Page 3
I, Lori Anne Peoples, City Clerk of the City of Poway, do hereby certify under
penalty of perjury that the foregoing Resolution was duly adopted by the City Council at
a regular meeting of said Council held on the 12th day of June 2001, and that it was so
adopted by the following vote:
AYES:
EMERY, GOLDBY, HIGGINSON, REXFORD, CAFAGNA
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
n:\city\admnserv\director~bonds
resolution of city approving issuance (2345,82)