Res 03-047 RESOLUTION NO.03-047
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF POWAY APPROVING THE
ISSUANCE OF ITS HOUSING REVENUE BONDS, iSSUE OF :2003 (POiNSETTiA
MOBILE HOME PARK PROJECT), AND MAKING CERTAIN DETERMINATIONS
RELATING THERETO
WHEREAS, Poway M J Home Communities, LLC, a limited liability
company (the "Borrower") has entered into a Mobilehome Park Sale and Operating
Agreement with the Agency for the purchase of the Poinsettia Mobilehome Park (the
"Project"); and
WHEREAS, the Borrower has requested that the City of Poway (the "City") issue
its Housing Revenue Bonds, Issue of 2003 (Poinsettia Mobile Home Park Project) (the
"Bonds"); and
WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as
amended (the "Code"), the ' ~ the Bonds is required to be approved, following
a public hearing, by an elected representative of th :the Bonds and an elected
representative of the ~ unit having jurisd the area in which the
Project is located; and
WHEREAS, the Project is located wholly within the geographic jurisdiction of the
City; and
WHEREAS, this City Council is the elected legislative body of the City; and
WHEREAS, the City has caused a notice to be published in a newspaper of
general circulation in the City, at least fourteen days prior to this meeting, to the effect
that a public headng would be held by this City Council on June 10, 2003 regarding the
proposed ' :the Bonds by the City and the nature and location of the Project;
and
WHEREAS, this City Council has conducted a public hearing on this date, at
which time an opportunity was provided to the public to present arguments both for and
against th : the Bonds and th :1 location of the Project.
NOW, THEREFORE, BE IT RESOLVED, determined and ordered BY THE CiTY
COUNCIL OF THE CITY OF POWAY AS FOLLOWS:
Section 1. ~al of I : Bonds. Th : the "City of Poway
Housing Revenue Bonds, Issue of 2003 (Poinsettia Mobile Home Park Project)" in an
amount not to exceed $11,100,000, is hereby authorized and approved pursuant to
Chapter 8 of Part 5 of Division 31 of the Health and Safety Code and Section 147(f) of
the Code. It is the purpose and intent of this City Council that this resolution constitute
Resolution No. 03-047
Page 2
approval of th :the Bonds by the applicable elected representative of the
~ unit having jurisd' ~e area in which the Project is located, all in
accordance with Section 147(f) of the Code.
Section 2. The Mayor of the City, the City Manager of the City, the City Clerk of the
City, and any other proper officer of the City, acting singly, be and each of them hereby
is authorized and directed 1 and deliver any and all d
instruments, and to do and cause to be done any and all acts and thing "y or
proper for carrying out the ! 31ated by the Indenture, Loan
Agreement, the Purchase Contract, the Continuing Disclosure Agreement, the
Administration and Oversight Agreement, the Official Statement, this Resolution and
any other such agreements.
Section 3. Effective Date. This Resolution shall take effect upon adoption.
PASSED, APPROVED AND ADOPTED this 10th day of June 2003.
ATTEST:
LOR[ ANNE PEOPLES, City (~lerk
~a, Mayor
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF POWAY )
CLERK'S CERTIFICATE
RE ADOPTION OF RESOLUTION
I, Lori Anne Peoples, Clerk of the City of Poway, do hereby certify, under the penalty of
perjury, that the foregoing Resolution No.03-047, was duly adopted by the City Council
at a meeting of said City Council held on the 10m of June 2003, and that ir was so
adopted by the following vote:
AYES: EMERY, GOLDBY, HIGGINSON, REXFORD, CAFAGNA
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
Lor' Anne Peoples, City (31erk