Item 5 - Second Reading Ordinance 453
- AGENDA REPORT SUMMARY -
TO: Honorable Mayor and Members of the City Council
- FROM: James L. Bowersox, City Man~
,II
INITIATED BY: John D. Fitch, Assistant City Manage~) \
. Marjorie K. Wahlsten, City Clerk ~
DATE: September 19,1995
SUBJECT: Ordinance No. 453 - Second Reading
ABSTRACT
On September 5, 1995, the City Council introduced and had the first reading on Ordinance No.
453 - "An Ordinance of the City of Poway, California, Declaring a Need for the Industrial
Development Authority of the City of Poway." Council member Callery was absent at first reading.
There was no public testimony given at first reading. Staff recommends adoption.
ENVIRONMENTAL REVIEW
This action is not subject to CEQA review.
FISCAL IMPACT
There is no financial impact on the City as the bond is designated as a "conduit" transaction. The
minor cost to administer the bond transactions are reimbursed through loan fees.
ADDmONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
Notice was published in the Powav News Chieftain prior to first reading of the ordinance.
RECOMMENDATION
If the City Council desires to adopt, read title and waive further reading of the Ordinance by
unanimous vote. Pass motion closing public hearing and adopting (roll call vote).
ACTION
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e:\city\legislat\cityclrk\agenda\ord453.sum
1 of 3 SEP 19 1995 ITEM 5A
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CITY OF Po WAY
AGENDA REPORT
TO: Honorable Mayor and Members of the City Council
FROM: James L. Bowersox, City Man~ -!'
INITIATED BY: John D. Fitch, Assistant City Manager ~l~
Marjorie K. Wahlsten, City Clerk
DATE: September 19, 1995
SUBJECT: Ordinance No. 453 - Second Reading
BACKGROUND
On September 5, 1995, the City Council introduced and had the first reading on Ordinance
No. 453 - "An Ordinance of the City of Poway, California, Declaring a Need for the
Industrial Development Authority of the City of Poway." Councilmember Callery was
absent at first reading. There was no public testimony given at first reading. Staff
recommends adoption.
FINDINGS
It is in order to have the second reading and adopt this Ordinance.
FISCAL IMPACT
There is no financial impact on the City as the bond is designated as a "conduit"
transaction. The minor cost to administer the bond transactions are reimbursed through
loan fees.
ENVIRONMENTAL REVIEW
This action is not subject to CEQA review
ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
Notice was published in the Powav News Chieftain prior to the first reading of the
Ordinance.
RECOMMENDATION
If the City Council desires to adopt, read title and waive further reading of the Ordinance by
unanimous vote. Pass motion closing public hearing and adopting (roll call vote).
Attachment: Ordinance
2 of 3 . 9gislat\eityclrklagenda Iord453. rpl SEP 1 9 1995 ITEM 5A
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ORDINANCE NO. 453
-- AN ORDINANCE OF THE CITY OF POWAY DECLARING A NEED FOR THE
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF POWAY
WHEREAS, pursuant to the California Industrial Development Financing Act
(California Government Code Section 91500 et. seq.) (the "Act"), there is in each
city a public, corporate instrumentality of the State of California, known as the
industrial development authority of such city, which authority is authorized to
issue revenue bonds for the public purposes of the Act, including finanCing
industrial and other activities within the city with demonstrated job creation
potential and other public benefit; and
WHEREAS, the City Council of the City of Poway (the "City") wishes to
authorize the authority to transact business and exercise its powers; and
WHEREAS, Section 91520 of the Act prescribes that the authority shall not
transact any business or exercise any powers unless the City Council by ordinance
declares that there is a need for the authority and that the authority shall
function.
NOW, THEREFORE, the City Council of the City of Poway, California does
hereby ordain as follows:
Section 1. The City Council of the City of Poway declares that there is
a need for the industrial development authority of the City of Poway and that the
-- authority shall function.
Section 2. The authority shall be named "Industrial Development Authority
of the City of Poway."
EFFECTIVE DATE: This ordinance shall take effect and be in force thirty
(30) days after the date of its passage; and before the expiration of fifteen
(15) days after its passage, it shall be published once with the names of members
voting for and against the same in the Poway News Chieftain, a newspaper of
general circulation published in the City of Poway.
INTRODUCED AND FIRST READ at a regular meeting of the City Council of the
City of Poway held the 5th day of September, 1995, and thereafter PASSED AND
ADOPTED at a regular meeting of said City Council held the 19th day of September,
1995, by the following roll call vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
Don Higginson, Mayor
ATTEST:
Marjorie K. Wahlsten, City Clerk
3 of 3 SEP 1 9 1995 ITEM 5A