8/26/2003 - City Council Minutes - CC Minutes Reg Meeting
APPROVED BY THE DIRECTORS ON SEPTEMBER 9, 2003
ORANGE REDEVELOPMENT AGENCY ORANGE, CALIFORNIA
MINUTES OF A REGULAR MEETING August 26, 2003
4:30 P.M. SESSION
The Orange Redevelopment Agency of the City of Orange, California convened on August 26,
2003 at 4:30 p.m. in a Regular Meeting in the Council Chambers, 300 E. Chapman Avenue,
Orange, California.
1. ROLLCALL
PRESENT - Ambriz, Alvarez, Murphy, Coontz, Cavecche
ABSENT - None
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 August 26, 2003 at Orange Civic Center, City Clerk's Office, north
facing kiosk, Main Library 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 commencement 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 August 5, 7, 14,2003.
ACTION:
Approved.
3.3 Request approval of Redevelopment Agency Minutes, Regular Meeting, August 12, 2003.
ACTION:
Approved.
MOTION
SECOND
AYES
- Cavecche
- Ambriz
- Ambriz, Alvarez, Murphy, Coontz, Cavecche
All items on the Consent Calendar were approved as recommended.
END OF CONSENT CALENDAR
********
4. REPORTS FROM DIRECTORS - None.
5. REPORTS FROM BOARDS, COMMITTEES, AND COMMISSIONS - None.
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ORANGE REDEVELOPMENT AGENCY MINUTES
August 26, 2003
6. REPORTS FROM EXECUTIVE DIRECTOR - None.
7. ADMINISTRATIVE REPORTS
7.1 Report from the Assistant Executive Director regarding a Resolution of the Orange
Redevelopment Agency approving the issuance of its Orange Merged and Amended
Redevelopment Project Area 2003 Tax Allocation Refunding Bonds, approving a first
supplement to trust indenture, an official statement, setting the maximum final terms of the
sale of the bonds and making certain determinations relating thereto.
SUMMARY: Due to a 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 annual debt service payments and provide for a
substantial net present value savings over the life of the bonds.
(See City Council Minutes Item No. 7.1)
RESOLUTION NO. ORA-0428
A Resolution of the Orange Redevelopment Agency approving the issuance of its Orange
Merged and Amended Redevelopment Project Area 2003 Tax Allocation Refunding Bonds,
approving a first supplement to trust indenture, an official statement, setting the maximum final
terms of the sale of the bonds and making certain determinations relating thereto.
MOTION - Coontz
SECOND - Murphy
AYES - Ambriz, Alvarez, Murphy, Coontz, Cavecche
ACTION: Adopted Resolution No. ORA 0428.
FISCAL IMPACT: The proposed Orange Merged and Amended Project Area 2003 Tax
Allocation Refunding Bonds, Series A and Series B would refund the existing 1993 Southwest Tax
Allocation Bonds and the 1993 Northwest Tax Allocation Bonds. By refunding the bonds, the
Agency would not be extending the maturity dates. The total amount of the bond issue will not
exceed $65,000,000, with a projected net present value savings of approximately $3,070,000 over
the remaining lives of the bonds based on bond market conditions as of August 15, 2003. This
amount reflects recent increases in interest rates that have eroded a portion of the anticipated
savings that was noted in the July 22,2003 Staff Report.
8. LEGAL AFFAIRS - None.
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ORANGE REDEVELOPMENT AGENCY MINUTES
August 26, 2003
9. RECESS TO CLOSED SESSION
Note: The Agency did not recess.
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 - Ambriz
SECOND - Alvarez
AYES - Ambriz, Alvarez, Murphy, Coontz, Cavecche
The Redevelopment Agency adjourned at 5: 1 0 p.m.
~~&~/-ALf
CASSANDRA . ATHCART, CLERK
OF THE REDEVELOPMENT AGENCY
MARK 1\. MURPHY, CH AN
OFTHEREDEVELOPMEN AGENCY
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