Res 01-073RESOLUTION NO. 01-073
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
POWAY, CALIFORNIA, APPROVING THE PURCHASE OF
THE CITY'S BOND, ISSUE OF 2001, AND MAKING
CERTAIN DETERMINATIONS RELATING THERETO
WHEREAS, this City Council has taken proceedings under the Municipal
Improvement Act of 1913, Division 12 of the California Streets and Highways Code (the
"Code"), for the formation of Assessment District No. 2001-1 (Old Coach Road
Waterline Project) (the "Assessment District") and has confirmed an assessment, which
assessment and a related diagram were recorded in the office of the City Engineer,
acting as the Superintendent of Streets, and with the County Recorder of the County of
San Diego; and
WHEREAS, the City Council has taken proceedings to issue a bond pursuant to
the Improvement Bond Act of 1915, Division 10 of the Code (the "Act") to represent and
be secured by the unpaid assessments on the parcels within the Assessment District;
and
WHEREAS, this City Council has determined that the assessments upon the
security of which such City of Poway Limited Obligation Improvement Bond, Issue of
2001 Assessment District No. 2001-1 (Old Coach Road Waterline Project) (the "Bond")
is to be issued is not to exceed $290,350.47; and
WHEREAS, pursuant to Section 53635 of the Government Code of the State of
California, the City may invest in bonds of California local agencies, including bonds
issued by the City; and
WHEREAS, the City finds it necessary and desirable to purchase the Bond as an
investment on the terms and conditions herein set forth; and
WHEREAS, the purposes stated above will be accomplished by the City selling
the Bond to the City by negotiated sale pursuant to the authority of Government Code
Section 5903 (relating to taxable bonds);
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Poway
as follows:
SECTION 1. The purchase of the Bond in an aggregate principal amount not to
exceed Two Hundred Ninety Thousand Three Hundred Fifty Dollars and Forty-Seven
Cents ($290,350.47) on the terms and conditions set forth in, and subject to the
limitations specified in Resolution No. 0:[-072 , Resolution of this City Council
Authorizing and Providing for the Issuance of a Bond, adopted on this date (the
"Authorizing Resolution"), is hereby authorized and approved. The Bond will be dated,
will bear interest at the rate (5.75% per annum), will mature on the date, will be issued
in the form, will be subject to redemption, and will be as otherwise provided in the
Authorizing Resolution. Interest and principal on the Bonds will be paid only to the
DOCSOC\835173v1~2468.0017
Resolution No. 01-073
Page 2
extent of assessments of Assessment District No. 2001-1 (Old Coach Road Waterline
Project) received by the City Treasurer, and interest not paid on any Interest Payment
Date will continue to accrue and compound semiannually, until paid in full.
SECTION 2. The City Manager, the Treasurer, the City Clerk, and any other
proper officer of the City, acting singly, be and each of them hereby is authorized and
directed to execute and deliver any and all documents and instruments relating to the
2001 Bond 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 Authorizing Resolution, this
Resolution and any related agreements.
PASSED, ADOPTED AND APPROVED by the City Council of the Cit
at a regular meeting this 31st day of July 2001.
ATTEST: r--..
-~o~ Anne Peoples, City (~lerk -
'of Poway
Michael P. Cafagna~,~
STATE OF CALIFORNIA )
)ss.
COUNTY OF SAN DIEGO )
I, Lori Anne Peoples, City Clerk of the City of Poway, do herby certify under
penalty of perjury that the foregoing Resolution No. 01- 073 was duly adopted by the
City Council at a meeting of said City Council held on the 31st day of July 2001, and
that it was so adopted by the following vote:
AYES:
EMERY, GOLDBY, REXFORD, CAFAGNA
NOES: NONE
ABSTAIN: NONE
ABSENT: HIGGINSON
Lo"ff'A'nn-e Peo~les, City Clerl~
City of Poway
n:\city\admnserv\director\general\agenda\old coach res approving issuance (City).doc
DOCSOC\835173vi'x22468.0017