OSB 15-002RESOLUTION NO. OSB 15 -002
RESOLUTION OF THE OVERSIGHT BOARD TO THE
SUCCESSOR AGENCY OF THE POWAY REDEVELOPMENT AGENCY
APPROVING THE ISSUANCE OF TAX ALLOCATION REFUNDING BONDS
BY THE SUCCESSOR AGENCY TO THE POWAY REDEVELOPMENT AGENCY
AND AUTHORIZING CERTAIN RELATED ACTIONS
WHEREAS, the Poway Redevelopment Agency (the "Prior Agency ") was a public
body, corporate and politic, duly created, established and authorized to transact
business and exercise its powers under and pursuant to the provisions of the
Community Redevelopment Law (Part 1 of Division 24 (commencing with Section
33000) of the Health and Safety Code of the State of California (the "Health and Safety
Code ")) (the "Redevelopment Law "), and the powers of the Prior Agency included the
power to issue bonds for any of its corporate purposes; and
WHEREAS, a Redevelopment Plan for the Paguay Redevelopment Project Area
(the " Paguay Redevelopment Project "), in the City of Poway (the "City "), was adopted
and approved by Ordinance No. 117, adopted by the City Council of the City of Poway
(the "City Council ") on December 13, 1983, and subsequently amended various times in
compliance with all requirements of the Redevelopment Law (as in effect on the
respective dates thereof); and
WHEREAS, the Prior Agency has previously issued its Paguay Redevelopment
Project, Tax Allocation Refunding Bonds, Series 2000 (the "2000 Bonds "); and
WHEREAS, the Prior Agency has previously issued its Paguay Redevelopment
Project, Tax Allocation Bonds, Series 2001 (the "2001 Bonds "); and
WHEREAS, the Prior Agency has previously issued its Paguay Redevelopment
Project, Tax Allocation Bonds, Series 2003 (the "2003 Bonds "); and
WHEREAS, the Prior Agency has previously issued its Paguay Redevelopment
Project, Tax Allocation Refunding Bonds, Series 2007 (the "2007 Bonds "); and
WHEREAS, pursuant to Parts 1.8 (commencing with Section 34161) and 1.85
(commencing with Section 34170) of Division 24 of the Health and Safety Code (as
heretofore amended, the "Dissolution Act "), enacted by AB X1 26 in June 2011, and the
California Supreme Court's decision in California Redevelopment Association, et al. v.
Ana Matosantos, et al., 53 Cal. 4th 231 (2011), the Prior Agency was dissolved as of
February 1, 2012; and
WHEREAS, pursuant to the Dissolution Act, the Successor Agency to the Poway
Redevelopment Agency (the "Successor Agency ") was constituted as a separate public
entity from the City, and an Oversight Board to the Successor Agency (the "Oversight
Board ") was established; and
Resolution No. OSB 15 -002
Page 2
WHEREAS, Section 34177.5(a)(1) of the Dissolution Act specifically authorizes
the issuance of refunding bonds by the Successor Agency to refund outstanding bonds
for the purpose of reducing debt service and providing savings to the Successor
Agency; and
WHEREAS, to refund the 2000 Bonds, the 2001 Bonds, the 2003 Bonds, and the
2007 Bonds, or such portion thereof as the Successor Agency may determine in its
discretion in consultation with its financial advisor (collectively, the "Refunded Bonds "),
for the purpose of reducing debt service and providing savings to the Successor
Agency, the Successor Agency wishes at this time to issue bonds in the approximate
aggregate principal amount of One Hundred Eighty -Five Million Dollars ($185,000,000)
(the "2015 Bonds "), secured by a pledge of property tax revenues authorized by
Sections 34177.5(a) and (g) of the Health and Safety Code, all pursuant to the
provisions of Article 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the California
Government Code (the "Bond Law "); and
WHEREAS, the Successor Agency has previously approved the issuance of the
2015 Bonds and authorized the Successor Agency's execution and delivery of an
Indenture of Trust (substantially in the form presented to the Successor Agency),
pursuant to a resolution approved and adopted by the City Council of the City as
Successor Agency (the "Successor Agency Resolution "); and
WHEREAS, there has been presented to the Oversight Board an analysis of the
potential debt service savings to be achieved as a result of the issuance of the 2015
Bonds to refund the Refunded Bonds; and
WHEREAS, the Oversight Board desires to approve matters relating to the
issuance and sale of the 2015 Bonds as required by Sections 34177.5(f) and 34180 of
the Health and Safety Code.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY
THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE POWAY
REDEVELOPMENT AGENCY, AS FOLLOWS:
1. Each of the foregoing recitals is true and correct and is a substantive part
of this Resolution.
2. The issuance by the Successor Agency to the Poway Redevelopment
Agency of the 2015 Bonds in an aggregate principal amount of approximately One
Hundred Eighty -Five Million Dollars ($185,000,000) for the purposes set forth in the
recitals hereof, and the pledge of property tax revenues to the 2015 Bonds pursuant to
the Indenture of Trust approved by Section 3 of the Successor Agency Resolution (as
authorized by Sections 34177.5(a) and (g) of the Health and Safety Code), are hereby
approved. The 2015 Bonds may be issued as a single issue, or in separate series, as
the Successor Agency shall determine in consultation with Bond Counsel to comply with
federal tax laws.
Resolution No. OSB 15 -002
Page 3
3. This Oversight Board hereby directs the Successor Agency to undertake
the refunding proceedings for the issuance of the 2015 Bonds pursuant to Section
34177.5(a)(1) of the Health and Safety Code.
4. The Chair and members of this Oversight Board and the other officers and
members of staff having responsibility for the affairs of the Successor Agency are
hereby authorized, jointly and severally, to execute such documents and certificates
necessary to assist the Successor Agency in the issuance of the Bonds and to do all
things which they may deem necessary or proper to effectuate the purposes of this
Resolution.
5. This Resolution shall become effective in accordance with Sections
34179(h) and 34177.5(f) of the Health and Safety Code.
PASSED, APPROVED AND ADOPTED this 19th day of March 2015.
Bruce Tarzy, Chair ofIhe Over: ight) oard to
the Successor Agency of the Poway
Redevelopment Agency
ATTEST:
Shei a R. Cobian, C , Secretary of the
Oversig t Board to the Successor Agency
of the Poway Redevelopment Agency
STATE OF CALIFORNIA )
) ss.
COUNTY OF SAN DIEGO )
Resolution No. OSB 15 -002
Page 4
SECRETARY'S CERTIFICATE
RE ADOPTION OF RESOLUTION
I, Sheila R. Cobian, CIVIC, the Secretary of the Oversight Board for the
Successor Agency to the Poway Redevelopment Agency, DO HEREBY CERTIFY that
the foregoing Resolution was duly adopted by the Oversight Board at a Special meeting
of the Oversight Board held on the 19th day of March 2015, and that the same was
passed and adopted by the following vote:
AYES: TARZY, FONG- SAKAI, LADERMAN, LYON, SCOTT
NOES: NONE
ABSENT: TAM, THOLANDI
DISQUALIFIED: NONE
Sheila . Cobian, CIVIC, Secretary of the
Oversight Board to the Successor Agency
of the Poway Redevelopment Agency