10/28/2003 - City Council Minutes - CC Minutes Reg Meeting
APPROVED BY THE DIRECTORS ON NOVEMBER 12, 2003
ORANGE REDEVELOPMENT AGENCY ORANGE, CALIFORNIA
MINUTES OF A REGULAR MEETING October 28, 2003
The Orange Redevelopment Agency of the City of Orange, California convened on October 28,
2003 at 4:30 p.m. in a Regular Meeting in the Council Chambers, 300 E. Chapman Avenue,
Orange, California.
4:30 P.M. SESSION
1. ROLLCALL
PRESENT - Ambriz, Alvarez, Chairman 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 October 28, 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 and Shaffer Park, all ofsaid locations being in the City of Orange and freely
accessible to members of the public at least 72 hours before commencement of said
regnlar meeting.
ACTION: Accepted Declaration of Agency Posting and authorize its retention as a
public record in the Office ofthe City Clerk.
3.2 Request Agency confirmation of warrant registers dated October 2 and 9, 2003.
ACTION:
Approved.
3.3 Request approval of Redevelopment Agency Minutes, Regular Meeting, October 14,
2003.
ACTION:
Approved.
3.4 Update on Issuance of the Orange Merged and Amended Redevelopment Project
Area 2003 Tax Allocation Refunding Bonds in the amount of $57.1 million.
(R3500.0.8)
SUMMARY: Due to a drop in interest rates, the outstanding bonds for the Northwest
and Southwest Redevelopment Project Areas were refunded and new bonds were sold to
replace them. The new bonds, known as the Orange Merged and Amended
Redevelopment Project Area 2003 Tax Allocation Bonds, were sold on September 16,
2003 and will result in savings to the Agency.
ACTION: Received and Filed.
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ORANGE REDEVELOPMENT AGENCY MINUTES
October 28, 2003
3. CONSENT CALENDAR (Continued)
FISCAL IMPACT: The new refunding bonds will reduce the Agency's annual debt
service payments for the next 20 years. This savings will be used to offset the mandated
increase in ERAF payments to the State, which may occur again in future years.
MOTION
SECOND
AYES
- Alvarez
- Ambriz
- Ambriz, Alvarez, Chairman 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.
6. REPORTS FROM EXECUTIVE DIRECTOR - None.
7. ADMINISTRATIVE REPORTS - None.
8. LEGAL AFFAIRS - None.
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 - Alvarez
SECOND - Ambriz
AYES - Ambriz, Alvarez, Chairman Murphy, Coontz, Cavecche
The Agency adjourned at 6:10 p.m.
(~(A1f~
CASSANDRA . ATHCART, CLERK
OF THE REDEVELOPMENT AGENCY
MJt~U~J!!~
OF THE REDEVELOPMENT AGENCY
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