RES-10821 Adopting Tax Advantaged BondsRESOLUTION NO. 10821
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE ADOPTING TAX -
ADVANTAGED BONDS POST - ISSUANCE
COMPLIANCE PROCEDURES.
WHEREAS, the City of Orange, a municipal corporation duly formed and existing
under the laws of the State of California, or one or more of its related entities (the "City ") has
issued bonds or otherwise incurred bonded indebtedness ( "Tax - Exempt Bonds "), the interest
on which is excluded from gross income for owners thereof for federal income tax purposes
pursuant to the Internal Revenue Code of 1986, as amended (the "Code "); and
WHEREAS, the City intends to issue additional Tax - Exempt Bonds from time to
time; and
WHEREAS, the City may also, in the future, issue bonds or incur bonded
indebtedness ( "Tax Credit Bonds," and together with Tax - Exempt Bonds, "Tax- Advantaged
Bonds ") that entitle the City, the owners of the Tax Credit Bonds or another party to either a
credit against federal income tax liability or a refundable credit from the United States
Treasury; and
WHEREAS, issuers of Tax - Advantaged Bonds are required to comply with certain
post issuance requirements in accordance with the Code; and
WHEREAS, the City desires to adopt the Tax - Advantaged Bonds Post - Issuance
Compliance Procedures (the "Procedures "), as set forth in Exhibit A hereto;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ORANGE
DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1. The above recitals, and each of them, are true and correct.
Section 2. The Procedures, as set forth in Exhibit A, are hereby approved and
adopted and shall be made applicable to all Tax - Advantaged Bonds issued by or on behalf of
the City and its related entities (such as, but not limited to, the Successor Agency to the
Orange Redevelopment Agency).
Section 3. The City Manager, in consultation with bond counsel, is hereby
authorized to amend the Procedures from time to time as necessary or appropriate.
Section 4. The City Manager, the Finance Director and all other officers of the City
are hereby authorized and directed, jointly and severally, to do any and all things, to
effectuate the purposes of this Resolution and to implement the Procedures any such actions
previously taken by such officers are hereby ratified and confirmed.
Section 5. This Resolution shall take effect immediately upon adoption.
ADOPTED this 14 day of October, 2014
Teresa k. Smith, Mayor, City of Orange
ATTEST:
Mary F iIu , City Clerk, Cr range
I, MARY E. MURPHY, City Clerk of the City of Orange, California, do hereby
certify that the foregoing Resolution was duly and regularly adopted by the City Council of
the City of Orange at a regular meeting thereof held on the 14 day of October, 2014 by the
following vote:
AYES: COUNCILMEMBERS: Alvarez, Whitaker, Smith, Murphy, Bilodeau
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
ABSTAIN: COUNCILMEMBERS: None
Mary E. ity Clerk, City o Orange
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