7/22/2003 - City Council Minutes - CC Minutes Reg Meeting
APPROVED BY THE DIRECTORS ON AUGUST 12, 2003
ORANGE REDEVELOPMENT AGENCY ORANGE, CALIFORNIA
MINUTES OF A REGULAR MEETlNG July 22,2003
4:30 P.M. SESSION
The Orange Redevelopment Agency of the City of Orange, California convened on July 22, 2003
at 4:30 p.m. in a Regular Meeting in the Council Chambers, 300 E. Chapman Avenue, Orange,
California.
1. ROLL CALL
PRESENT - Ambriz, Alvarez, Chairman Murphy, Coontz
ABSENT - Cavecche
2. PUBLIC COMMENTS - None.
3. CONSENT CALENDAR
3.1 Declaration of the Clerk of the Orange Redevelopment Agency, Cassandra J.
Cathcart, declaring posting of Orange Redevelopment Agency Agenda of a regular
meeting of July 22, 2003 at Orange Civic Center, City Clerk's Office, north facing
kiosk, Main Lihrary at 101 N. Center Street, Police facility at 1107 North Batavia,
Shaffer Park, and available on the City's Website www.cityoforange.org; all of said
locations being in the City of Orange and freely accessible to members of the public
at least 72 hours before commencemeut of said regular meeting.
ACTION: Accepted Declaration of Agency Posting and authorized its retention as a
public record in the Office of the City Clerk.
3.2 Request Agency confirmation of warrant registers dated July 3, 8 and 10, 2003.
ACTION: Approved.
3.3 Request approval of Redevelopment Agency Minutes, Regular Meeting, July 8, 2003.
ACTION: Approved.
MOTION - Alvarez
SECOND - Ambriz
AYES - Ambriz, Alvarez, Chairman Murphy, Coontz
ABSENT - Cavecche
All items on the Consent Calendar were approved as recommended.
END OF CONSENT CALENDAR
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ORANGE REDEVELOPMENT AGENCY MINUTES
July 22, 2003
4. REPORTS FROM DIRECTORS - None.
5. REPORTS FROM BOARDS, COMMITTEES, AND COMMISSIONS - None.
6. REPORTS FROM EXECUTIVE DIRECTOR - None.
7. ADMINISTRATIVE REPORTS
7.1 Report from Assistant Executive Director Linda Boone on Consultant Services
Agreements to support the refunding of outstanding Tax Allocation Bonds for the
Northwest and Southwest Redevelopment Project Areas. (RA2100.0 AGR-4327)
SUMMARY: Due to an historic drop in bond interest rates, the Agency staff is recommending
to refund the outstanding Tax Allocation Bonds sold for the Northwest and Southwest
Redevelopment Project Areas. This refunding will result in lower debt service payments and
provide for a substantial net present value savings over the life of the bonds. In order to initiate
the refunding process, it is necessary to contract with a number of consultants with special
expertise in bond issuance. The bond issuance documents will be presented to the Agency Board
at the August 26, 2003 meeting.
Linda Boone, Assistant Executive Director, provided a report, indicating the proposed refunding
will result in a savings of approximately $300,000 per year or a net present value savings to the
Agency of approximately $5.2 million.
Councilmember Alvarez asked if this proposal had been reviewed by any City Committee.
Ms. Boone indicated it had not been formally reviewed, but staff did talk to members of the
Audit Committee who thought it was an excellent idea.
Chairman Murphy asked when the rates would be locked in.
Tom Johnson, Fieldman, Rolapp & Associates, stated the rates will be locked in on September
16'\ the date of the sale.
MOTION - Alvarez
SECOND - Coontz
AYES - Ambriz, Alvarez, Chairman Murphy, Coontz
ABSENT - Cavecche
ACTION: Approved the Agreements with Fieldman, Rolapp & Associates; Best, Best &
Krieger; Richards, Watson & Greshon; and GRC Associates to provide consultant and legal
services in support of the refunding of the Tax Allocation Bonds for the Northwest and
Southwest Redevelopment Project Areas, and authorized the Chairman and Agency Clerk to
execute on behalf of the Agency.
FISCAL IMP ACT: Fees for the consultant services will be paid from bond proceeds.
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ORANGE REDEVELOPMENT AGENCY MINUTES
8. LEGAL AFFAIRS
9. RECESS TO CLOSED SESSION
July 22, 2003
a. To consider and take possible action upon such other matters as are orally announced by the
General Counsel, Executive Director of the Board of Directors prior to such recess unless the
motion to recess indicates any of the matters will not be considered in Closed Session.
10. ADJOURNMENT
MOTION - Alvarez
SECOND - Coontz
AYES - Ambriz, Alvarez, Chairman Murphy, Coontz
ABSENT - Cavecche
The Redevelopment Agency adjourned at 5:20 p.m
~~~A~ (id//RA'~
CASSAND .CATHCART,CLERK
OF THE REDEVELOPMENT AGENCY
tJ[1N
MA A. MURPHY, CH
OF THE REDEVELOPM
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