OSB 14-010 RESOLUTION NO. OSB 14-010
A RESOLUTION OF THE OVERSIGHT BOARD
TO THE SUCCESSOR AGENCY OF THE POWAY REDEVELOPMENT AGENCY
APPROVING A MARCH 29, 1988 DRAINAGE FUND LOAN BETWEEN
THE CITY OF POWAY AND THE FORMER POWAY REDEVELOPMENT AGENCY
AND MAKING FINDINGS RELATING THERETO
WHEREAS, pursuant to the provisions of the California Community Redevelopment
Law (Health and Safety Code Section 33000 et seq.), the City Council of the City of Poway
("City") activated the Poway Redevelopment Agency ("Redevelopment Agency") and
adopted, and subsequently amended, the Redevelopment Plan for the Paguay
Redevelopment Project Area ("Redevelopment Plan"); and
WHEREAS, in furtherance of its redevelopment activities, the City and
Redevelopment Agency completed a loan, dated March 29, 1988 (March 29, 1988
Drainage Fund Loan; Exhibit A), whereby the City lent to the Redevelopment Agency an
amount equal to $620,000 from the City's Drainage Fund for the purpose of completing
Rattlesnake Creek Improvements at Poway Community Park; and
WHEREAS, Assembly Bill (AB) X1 26, enacted June 2011, and AB 1484, enacted
June 2012 (collectively, the "Dissolution Act") required the dissolution of redevelopment
agencies and established certain procedures and requirement for the wind-down of their
activities; and
WHEREAS, the Successor Agency to the Poway Redevelopment Agency
("Successor Agency") is the successor entity to the Redevelopment Agency and, pursuant
to the Dissolution Act, is responsible for the wind-down affairs of the former
Redevelopment Agency, including without limitation the performance and repayment of all
enforceable obligations of the former Redevelopment Agency; and
WHEREAS, the Oversight Board is the oversight board to the Successor Agency
and, pursuant to the Dissolution Act, is responsible to oversee the actions of the
Successor Agency in the wind-down affairs of the former Redevelopment Agency,
including without limitation the performance and repayment of all enforceable obligations
of the former Redevelopment Agency; and
WHEREAS, Health and Safety Code Section 34171(d)(2) provides, with a few
exceptions, that "enforceable obligation" does not include any agreements, contracts, or
arrangements between the city, county, or city and county that created the redevelopment
agency and the former redevelopment agency; and
WHEREAS, the Dissolution Act further provides that after a successor agency
receives a finding of completion from the Department of Finance ("DOE") pursuant to
Health and Safety Code Section 34179.7, loan agreements entered into between the
redevelopment agency and the city, county, or city and county that created the
redevelopment agency shall be deemed to be enforceable obligations provided that the
oversight board makes a finding that the loan was for legitimate redevelopment purposes;
and
Resolution No. OSB 14-010
Page 2
WHEREAS, the Successor Agency has received a finding of completion from the
DOF on May 24, 2013; and
WHEREAS, in addition to establishing when a loan agreement between the city and
redevelopment agency shall be deemed to be an enforceable obligation, Health and
Safety Code Section 34191.4 further establishes certain restrictions and limitations
concerning loan repayments; and
WHEREAS, the City and Successor Agency have submitted the March 29, 1988
Drainage Fund Loan, together with other information relating thereto, to the Oversight
Board and requested that the Oversight Board approve the March 29, 1988 Drainage
Fund Loan, and find that the loan of funds under the March 29, 1988 Drainage Fund Loan
was for legitimate redevelopment purposes;
NOW, THEREFORE, BE IT RESOLVED by the Oversight Board to the Successor
Agency of the Poway Redevelopment Agency as follows:
Section 1. Recitals. The recitals set forth above are true and correct and are
incorporated into this Resolution by this reference.
Section 2. Findings. The Oversight Board has reviewed the original purpose and use of
the March 29, 1988 Drainage Fund Loan and hereby finds and determines that the loan of
funds by the City to the former Redevelopment Agency under the March 29, 1988
Drainage Fund Loan was for legitimate redevelopment purposes. This finding is based
upon the following:
a) The amounts due and owing to the City under the March 29, 1988 Drainage
Fund Loan reflect the repayment to the City of amounts advanced to or on
behalf of the former Redevelopment Agency in order to assist the
Redevelopment Agency with completing Rattlesnake Creek Improvements at
Poway Community Park to benefit the Paguay Redevelopment Project Area and
the community.
b) Financing public improvements in the Paguay Redevelopment Project Area was
specifically identified in the Redevelopment Plan as activities to be undertaken
by the Redevelopment Agency to further the goals of the Redevelopment Plan.
c) Health and Safety Code Section 33133 authorizes a redevelopment agency to
accept assistance from any public or private source for the redevelopment
agency's activities. Furthermore, the Redevelopment Plan specifically
authorizes the Redevelopment Agency to receive assistance from the City in
forms that include advances and loans.
d) The Redevelopment Agency was established for the purpose of eliminating
blight; stimulating private investment; upgrading commercial and industrial
areas; developing parks and recreation facilities; financing public improvements;
alleviating infrastructure deficiencies; and providing affordable housing in the
Resolution No. OSB 14-010
Page 3
areas constituting the Paguay Redevelopment Project Area pursuant to the
adopted Redevelopment Plan. The Redevelopment Agency entered into the
March 29, 1988 Drainage Fund Loan with the City in order to borrow funds
necessary for the Redevelopment Agency to pay costs associated with
completing Rattlesnake Creek Improvements at Poway Community Park in
accordance with and in implementation of the Redevelopment Plan and the five-
year Implementation Plan adopted by the Redevelopment Agency pursuant to
Health and Safety Code Section 33490.
e) The amounts provided to the Redevelopment Agency under the March 29, 1988
Drainage Fund Loan were loaned to the Redevelopment Agency to further the
Redevelopment Agency's redevelopment activities and goals in accordance with
and in furtherance of the Redevelopment Plan and the Implementation Plan, to
benefit the Paguay Redevelopment Project Area and the surrounding
community.
Section 3. Approval of March 29, 1988 Drainage Fund Loan. The Oversight Board
hereby approves the March 29, 1988 Drainage Fund Loan from the City to the former
Redevelopment Agency, including without limitation the recalculation of interest using the
Local Agency Investment Fund rate as of the quarter ending December 31, 2013, in
accordance with and as set forth in the March 29, 1988 Drainage Fund Loan Repayment
Schedule (Exhibit B). The total principal and interest owed ("Amounts Owed") for the
March 29, 1988 Drainage Fund Loan is $660,905.81. The Oversight Board further
determines that the repayment of Amounts Owed under the March 29, 1988 Drainage
Fund Loan is an enforceable obligation and the Successor Agency is authorized to include
the repayment of the March 29, 1988 Drainage Fund Loan as an enforceable obligation
under its future Recognized Obligation Payment Schedules (ROPS) submitted to the
Oversight Board for approval. As Proposition 218, and other constitutional requirements
that must be met, support the need for repayment of the full amounts loaned to the
Redevelopment Agency from the City's Drainage Fund, the Oversight Board hereby
approves, and authorizes the Successor Agency to take such actions, in cooperation with
the City, to ensure that all monies due and owing under the March 29, 1988 Drainage
Fund Loan are repaid in full to the City's Drainage Fund.
Section 4. Transmittal of March 29, 1988 Drainage Fund Loan to Department of
Finance. The Successor Agency is hereby authorized and directed to take any action
necessary to carry out the purposes of this Resolution, including without limitation,
providing any documentation and evidence to the Department of Finance as necessary to
obtain from the Department of Finance approval of the March 29, 1988 Drainage Fund
Loan as an enforceable obligation.
Resolution No. OSB 14-010
Page 4
PASSED, ADOPTED AND APPROVED by the Oversight Board to the Successor
Agency of the Poway Redevelopment Agency at a meeting thereof this 30th day of April
2014.
AEI
Bruce Tarzy, Ch:it *
ATTEST:
Sheila . Cobian, CMC, Secretary
Resolution No. OSB 14-010
Page 5
STATE OF CALIFORNIA )
) ss.
COUNTY OF SAN DIEGO )
I, Sheila R. Cobian, Secretary of the Successor Agency of the Poway
Redevelopment Agency, do hereby certify under penalty of perjury that the foregoing
Resolution No. OSB 14-010 was duly adopted by the Oversight Board to the Successor
Agency of the Poway Redevelopment Agency at a meeting of said Board held on the 30th
day of April 2014, and that it was so adopted by the following vote:
AYES: TARZY, FONG-SAKAI, LYON, SCOTT, LADERMAN, THOLANDI
NOES: NONE
ABSENT: TAM
DISQUALIFIED: NONE
Shei . Cobian, CMC, Secretary
Attachments:
Exhibit A — March 29, 1988 Drainage Fund Loan Repayment Agreement and
Supporting Budget Documentation
Exhibit B — March 29, 1988 Drainage Fund Loan Repayment Schedule
II19
II CITY OF POWAY
DRAINAGE FUND
1986-1987 1987-1988 1987-1988 1988-1989 1988-1989
ACTUAL BUDGET ESTIMATED PROPOSED APPROVED
IIFUND ACTIVITY. DETAIL
BEGINNING BALAMtE-July 1 $ 891,847 $2,118,318 $ 2,118,318 $ 815,336 $ 815,336.
Prior Years Appropriation - - - - -
Revenues 1,386,433 556,700 628,245 512,600 512,600
TOTAL FUNDS AVAILABLE $2,278,280 $2,675,018 $ 2,746,563 $1,327,936 $1,327,936
EXPENDITURES
Operating Expenses:
Admin. Services $ - $ - $ - $ 8,098 $. 8098
Public Services 159,962 298,010 299,227 234,480 234,480
Total Operating Expenses $ 159,962 $ 298,010 $ 299,227 $ 242,578 $ 242,578
Capital Projects:
1
` Flood Control & Drainage$ - $ - $ - $ - $ -
Total Capital Projects $ - $ - $ - $ - $ -
TOTAL EXPENDITURES $ 159,962 $ 298,010 $ 299,227 $ 242,578 $ 242,578
TRANSFERS/LOANS-In (Out)
Transfer to General Fund $ - $ - $ (792,000) $ - $ -
Transfer from County
Transfer 1 and 2 - - - -
Loan to Redevelopment
Agency - - (840,000) - -
TOTAL TRANSFERS/LOANS $ - $ - $(1,632,000) $ - $ -
TOTAL APPROPRIATIONS - - - - -
ENDING BALANCE-June 30 $2,118,318 $2,377,008 $ 815,336 $1,085,358 $1,085,358
Loan Reconciliation:
}i 9-22-87 Loan $220,000
3-29-88 Loan $620000
Total $840,000
> • Exhibit A
208
AGENCY
REDEVELOPMENT AG E
CAPITAL IMPROVEMENT PROGRAM DETAIL
. 1'
Department: Activity:
REDEVELOPMENT AGENCY FLOOD CONTROL AND DRAINAGE (Cont'd.)
ACTIVITY COMMENTARY
5405 COMMUNITY ROAD STORM DRAIN
This storm drainage project will be bid with the Community Road project to provide
adequate drainage for the Poway Plaza development. The developer will reimburse the
City for a portion of the costs.
Cost Estimate - $400,000
FY 87-88 - $400,000
5406 MIDLAND ROAD DRAINAGE STUDY
This provides funds in FY 1987-88 for a study to determine drainage improvement needs on
Midland Road. Further improvements will be planned for future years.
Cost Estimate - $32,500
FY 87-88 - $32,500
• 5407 RATTLESNAKE CREEK IMPROVEMENTS
This project provides for improvements to Rattlesnake Creek through Community Park.
These improvements protect the future' swimming pool as well as other park improvements
from flood damage.
Cost Estimate - $620,000
,y
FY 87-88 - $620,000
Exhibit A
$ 6.20/ova
AGENDA REPORT ' .1.,
CITY OF POWAY
�y ' riMi
iir
.�4
&'.?.'.?_.!S THE co`-
TO: Honorable Chairman and Members of the Redevelopment Agency
7
• ° FROM: James L. Bowersox, Executive Dire
INITIATED BY: Alan D. Archibald, Director of Public Services klr
J. Bradley Kutzner, Senior Civil Engineer
DATE: March 29, 1988
SUBJECT: Appropriation of Funds for Rattlesnake Creek Improvements at
Poway Community Park
ABSTRACT •
In order to protect the future swimming pool and park improvewments from flood
damage, improvements to a portion of Rattlesnake Creek are needed in Community
Park. It is recommended that $620,000 be appropriated to improve Rattlesnake
• Creek through Community Park.
BACKGROUND
'N The Poway Community Park will soon have a new swimming pool, .a second tennis
court and an adventure playground on both sides of Rattlesnake Creek. When
these projects are complete, access for construction purposes will be very dif-
ficult without major disruptions to those improvements.
Rattlesnake Creek, from Buckley Street to the north boundary of the park, is
unimproved and will not carry 100-year storm flows. To protect both the
upcoming park improvements and the existing residences to the west, channel
improvements will be needed. After evaluating several options, staff proposes
the installation of a riprap lined channel, 105 feet wide with a blanket of
earth placed over it and planted with grass. The channel slopes would be 5:1
and easily maintained. This would .conform to the existing channel alignment
except at the transition to the existing concrete channel near Buckley Street
(Attachment 1). The concept would allow a parklike appearance to the channel
except for an 8-foot wide concrete low-flow swale.
This option provides the needed protection against 100-year storms, minimizes
"drainage channel" appearances, allows adequate room for the surrounding pro-
jects, and if done at this time, could be built without disturbing new improve-
ments planned for the area.
AS-CREEK
ACTION:
1 of 5
MAR 29 1988 ITEM 84).04
Exhibit A
Agenda - March 29, 1988
Appropriation of Funds for Rattlesnake Creek at Community Park
Page 2
FINDINGS
The Redevelopment Agency will construct this project. Funds are available
in the City's Drainage Fund. A loan from the Unappropriated Drainage Fund
in the amount of $620,000 to the Poway Redevelopment Agency is needed to
fund this project.
The Poway Redevelopment Agency and the Poway City Council must make fin-
dings of benefit to the Agency for this project. Attached are resolutions
declaring those findings.
RECOMMENDATIONS
It is recommended that the City Council:
1. Authorize the loan of $620,000 from the Unappropriated Drainage
Fund to the Poway Redevelopment Agency.
2. Approve the attached Resolution of Benefit (Attachment 2).
It is also recommended that the Poway Redevelopment Agency:
1. Accept the loan of $620,000 from the City.
2. Appropriate the money for this project.
3. Approve the attached Resolution of Benefit (Attachment 3).
4. Direct staff to proceed with the project.
•
JLB:ADA:JBK:mh
Attachments:
1. Site Plan
2. Resolution of the City Council
3. Resolution of the Poway Redevelopment Agency
AGCREEK2
2 cf 5 MAR 291988 ITEM 81,
Exhibit A
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CITY OF P0 WAY ITEM : .
6. TITLE : . SITE PLAN
'Nur SCALE : . ATTACHMENT : 1
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Exhibit A
7�r�
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF POWAY, CALIFORNIA,
DETERMINING CERTAIN PUBLIC IMPROVEMENTS TO BE
OF BENEFIT TO THE PAGUAY REDEVELOPMENT PROJECT
WHEREAS, the Poway Redevelopment Agency will undertake the Construction of
Improvements to Rattlesnake Creek in Poway Community Park; and
'WHEREAS, the proposed project is within the Paguay Redevelopment Project and
the installation of the aforesaid improvements is necessary for the execution of
the project under the provisions of the California Community Redevelopment Law
(Health and Safety Code, Section 33000 et seq.), and pursuant to the
Redevelopment Plan for the project, which Redevelopment Plan was adopted on
December 13, 1983 by Ordinance No. 117 of the City Council; and
• NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Poway as
follows:
•
Section 1. It is hereby determined that the Construction of
Improvements to Rattlesnake Creek in Poway Community Park is
of benefit to the Paguay Redevelopment Project.
Section 2. That no other reasonable means of financing the
improvements are available to the community.
Section 3. The Clerk shall certify to the adoption of this
resolution.
PASSED, ADOPTED AND APPROVED, by the City Council of the City of Poway,
•
California, at a regular meeting thereof this 22nd day of ;larch, 1988.
Bob Emery, Mayor
ATTEST:
Marjorie K. Wahlsten, City Clerk
•
•
ATTACHMENT 2
•
4of5 0-(b
MAR 29 1989 ITEM 51.
•
Exhibit A
RESOLUTION NO. R-88-___
A RESOLUTION OF THE POWAY REDEVELOPMENT AGENCY
DETERMINING CERTAIN PUBLIC IMPROVEMENTS TO BE
OF BENEFIT TO THE PAGUAY REDEVELOPMENT PROJECT
WHEREAS, the Poway Redevelopment Agency will undertake the Construction of
Improvements to Rattlesnake Creek in Poway Community Park; and
WHEREAS, the proposed project is within the Paguay Redevelopment Project and
the installation of the aforesaid improvements is necessary for the execution of
the project under the provisions of the California Community Redevelopment Law
(Health and Safety Code, Section 33000 et seq.), and pursuant to the
Redevelopment Plan for the project, which Redevelopment Plan was adopted on
December 13, 1983 by Ordinance No. 117 of the City Council; and
WHEREAS, Section 33445 of the California Health and Safety Code requires the
Agency to determine the issue of benefit to the Paguay Redevelopment Project
prior to construction of the public improvements and that no other reasonable
means of financing are available.
NOW, THEREFORE, BE IT RESOLVED by the Poway Redevelopment Agency as follows:
Section 1. It is hereby determined that the Construction of
` "' Improvements to Rattlesnake Creek in Poway Community Park is
of benefit to the Paguay Redevelopment Project.
Section 2. That no other reasonable means of financing the
improvements area available to the community.
Section 3. The Secretary shall certify to the adoption of this -
resolution.
PASSED, ADOPTED AND APPROVED, by the Poway Redevelopment Agency, at an
adjourned regular meeting thereof this 22nd day of March, 1988.
Bob Emery, Chairman
ATTEST:
Marjorie K. Wahlsten, Secretary
ATTACHMENT .3
5 of 5 �(l
MAR 2 91988 ITEM 3.1
Exhibit A
RESOLUTION NO. R-88- 03
A RESOLUTION OF THE POWAY REDEVELOPMENT AGENCY
DETERMINING CERTAIN PUBLIC IMPROVEMENTS TO BE
OF BENEFIT TO THE PAGUAY REDEVELOPMENT PROJECT
WHEREAS, the Poway Redevelopment Agency will undertake the Construction of
Improvements to Rattlesnake Creek in Poway Community Park; and
WHEREAS, the proposed project is within the Paguay Redevelopment Project and
the installation of the aforesaid improvements is necessary for the execution of
the project under the provisions of the California Community Redevelopment Law
(Health and Safety Code, Section 33000 et seq.), and pursuant to the
Redevelopment Plan for the project, which Redevelopment Plan was adopted on
December 13, 1983 by Ordinance No. 117 of the City Council; and
WHEREAS, Section 33445 of the California Health and Safety Code requires the
Agency to determine the issue of benefit to the Paguay Redevelopment Project
prior to construction of the public improvements and that no other reasonable
means of financing are available.
NOW, THEREFORE, BE IT RESOLVED by the Poway Redevelopment Agency as follows:
Section 1. It is hereby determined that the Construction of
Improvements to Rattlesnake Creek in Poway Community Park is
of benefit to the Paguay Redevelopment Project.
Section 2. That no other reasonable means of financing the
improvements area available to the community.
Section 3. The Secretary shall certify to the adoption of this
resolution.
PASSED, ADOPTED AND APPROVED, by the Poway Redevelopment Agency, at a
regular meeting thereof this 29th day of March, 1988.
Bob Emery, Chairman
ATTEST:
Marjorie Wahlsten, Secretary
Exhibit A
�-. Resolution No. R-88-03
Page 2
STATE OF CALIFORNIA )
) ss.
COUNTY OF SAN DIEGO )
I, Marjorie K. Wahlsten, Secretary of the Poway Redevelopment Agency, do
hereby certify under penalty of perjury that the foregoing Resolution, No.
R-88-03, was duly adopted by the Redevelopment Agency at a meeting of said
Agency on the 29th day of March, 1988, and that it was so adopted
by the following vote:
AYES: Brannon, Higginson, Kruse, Tarzy, Emery
NOES: None -
ABSTAIN: None
ABSENT: None
1
Mar on Wahlsten Secretar y
Poway R de elopment Agency
A--(1
Exhibit A
MARCH 29, 1988 DRAINAGE FUND LOAN 18-YEAR
$620,000 Principal Balance
Annual payment on.6130 of each fiscal year{i8 year repayment) 37,532.99
LAIF Interest'rate 0.26%0;
Pymt# Balances Principal Interest Total
Balance @ 6/30/15 620,000.00 40,905.81 660,905.81
1 I Payment @ 6/30/15 (3,372.82) 40,905.81 37,532.99
Balance @ 7/1/15 623,372.82 - 623,372.82
FY 15-16 Interest - 1,620.77 1,620.77
Balance CO 6/30/16 623,372.82 1,620.77 624,993.59
2 I Payment @ 6/30/16 35,912.22 1,620.77 37,532.99
Balance @ 7/1/16 587,460.60 - 587,460.60
FY 16-17 Interest - 1,527.40 1,527.40
Balance @ 6/30/17 587,460.60 1,527.40 588,988.00
3 I Payment @ 6/30/17 36,005.59 1,527.40 37,532.99
Balance @ 7/1/17 551,455.01 - 551,455.01
FY 17-18 Interest - 1,433.78 1,433.78
Balance @ 6/30/18 551,455.01 1,433.78 552,888.79
4 I Payment @ 6/30/18 36,099.21 1,433.78 37,532.99
Balance @ 7/1/18 515,355.80 - 515,355.80
FY 18-19 Interest - 1,339.93 1,339.93
Balance @ 6/30/19 515,355.80 1,339.93 516,695.73
5 I Payment @ 6/30/19 36,193.06 1,339.93 37,532.99
Balance @ 7/1/19 479,162.74 - 479,162.74
FY 19-20 Interest - 1,245.82 1,245.82
Balance @ 6/30/20 479,162.74 1,245.82 480,408.56
6 I Payment @ 6/30/20 36,287.17 1,245.82 37,532.99
Exhibit B
MARCH 29, 1988 DRAINAGE FUND LOAN 18-YEAR
$620,000 Principal Balance
Continued
Pymt# Balances Principal Interest Total
Balance @ 7/1/20 442,875.57 - 442,875.57
FY 20-21 Interest - 1,151.48 1,151.48
Balance @ 6/30/21 442,875.57 1,151.48 444,027.05
7 I Payment @ 6/30/21 36,381.51 1,151.48 37,532.99
Balance @ 7/1/21 406,494.06 - 406,494.06
FY 21-22 Interest - 1,056.88 1,056.88
Balance @ 6/30/22 406,494.06 1,056.88 407,550.94
8 I Payment @ 6/30/22 36,476.11 1,056.88 37,532.99
Balance @ 7/1/22 370,017.95 - 370,017.95
FY 22-23 Interest - 962.05 962.05
Balance @ 6/30/23 370,017.95 962.05 370,980.00
9 I Payment @ 6/30/23 36,570.94 962.05 37,532.99
Balance @ 7/1/23 333,447.01 - 333,447.01
FY 23-24 Interest - 866.96 866.96
• Balance @ 6/30/24 333,447.01 866.96 334,313.97
10 I Payment @ 6/30/24 36,666.03 866.96 37,532.99
Balance @ 7/1/24 296,780.98 - 296,780.98
FY 24-25 Interest - 771.63 771.63
Balance @ 6/30/25 296,780.98 771.63 297,552.61
11 I Payment @ 6/30/25 36,761.36 771.63 37,532.99
Balance @ 7/1/25 260,019.62 - 260,019.62
FY 25-26 Interest - 676.05 676.05
Balance @ 6/30/26 260,019.62 676.05 260,695.67
12 I Payment @ 6/30/26 36,856.94 676.05 37,532.99
Exhibit B
MARCH 29, 1988 DRAINAGE FUND LOAN 18-YEAR
$620,000 Principal Balance
Continued
Pymt# Balances Principal Interest Total
Balance @ 7/1/26 223,162.68 - 223,162.68
FY 26-27 Interest - 580.22 580.22.
Balance @ 6/30/27 223,162.68 580.22 223,742.90
13 I Payment @ 6/30/27 36,952.77 580.22 37,532.99
Balance @ 7/1/27 186,209.91 - 186,209.91
FY 27-28 Interest - 484.15 484.15
Balance @ 6/30/28 186,209.91 484.15 186,694.06
14 I Payment @ 6/30/28 37,048.84 484.15 37,532.99
Balance @ 7/1/28 149,161.07 - 149,161.07
FY 28-29 Interest - 387.82 387.82
Balance @ 6/30/29 149,161.07 387.82 149,548.89
15 I Payment @ 6/30/29 37,145.17 387.82 37,532.99
Balance @ 7/1/29 112,.015.90 - 112,015.90
FY 29-30 Interest - 291.24 291.24
Balance @ 6/30/30 112,015.90 291.24 112,307.14
16 I Payment @ 6/30/30 37,241.75 291.24 37,532.99
Balance @ 7/1/30 74,774.15 - 74,774.15
FY 30-31 Interest - 194.41 194.41
Balance @ 6/30/31 74,774.15 194.41 74,968.56
17 I Payment @ 6/30/31 37,338.58 194.41 37,532.99
Balance @ 7/1/31 37,435.57 - 37,435.57
FY 31-32 Interest - 97.33 97.33
Balance @ 6/30/32 37,435.57 97.33 37,532.90
18 I Payment @ 6/30/32 37,435.57 97.33 37,532.90
Balance @ 7/1/32 - - 0.00
Exhibit B