RES-10508 Construction Escrow Agreements AuthorizationRESOLUTION NO. 10508
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE AUTHORIZING AND
DIRECTING THE CITY MANAGER TO EXECUTE
ON BEHALF OF THE CITY ALL CONSTRUCTION
ESCROW AGREEMENTS UNDER THE
ACQUISITION AGREEMENT FOR THE CITY OF
ORANGE COMMUNITY FACILITIES DISTRICT
NO. 06-1 (DEL RIO PUBLIC IMPROVEMENTS).
WHEREAS, by the adoption of Resolution No. 10139 adopted on December 12,
2006, this City Council formed the City of Orange Community Facilities District No. 06 -1
Del Rio Public Improvements) (the District), which District was created to enable North
Orange Del Rio Land, LLC (Del Rio), the developer of the Del Rio community, to finance
certain public improvements and facilities; and
WHEREAS, by the adoption of Resolution No. 10420 on January 12, 2010, this City
Council approved an Acquisition Agreement by and between the City, for itself and for the
District, and Del Rio in`order to specify the terms and conditions pursuant to which proceeds
of special tax bonds of the City may be used to finance the construction of the remaining
public improvements and facilities; and
WHEREAS, following adoption by this City Council of its Resolution No. 10495 on
July 13, 2010, special tax bonds of the City for the District designated as "City of Orange
Community Facilities District No. 06 -1 (Del Rio Public Improvements) 2010 Special Tax
Bonds" in an aggregate principal amount not to exceed $27,500,000 were issued and sold;
and
WHEREAS, a portion of the proceeds of the Bonds will be deposited into escrow
accounts established under Construction Escrow Agreements and used to pay costs related to
the construction and completion of all of the remaining public improvements and facilities,
which Construction Escrow Agreements will be entered into by and among Del Rio, the City
and Union Bank, N.A, as the escrow agent; and
WHEREAS, this City Council desires to authorize and direct the City Manager to
execute and deliver on behalf of the City any and all Construction Escrow Agreements
requested by Del Rio in the form attached to the Acquisition Agreement.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ORANGE
DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The City Manager is hereby authorized and directed to execute and
deliver on behalf of the City any and all Construction Escrow Agreements requested by Del
Rio in the form attached to the Acquisition Agreement, together with such additions thereto
or changes therein as are recommended or approved by the City Manager upon consultation
with the City Attorney, the approval of such additions or changes to be conclusively
evidenced by the execution and delivery thereof by the City Manager.
Section 2. Furthermore, the City Manager is authorized and directed to execute on
behalf of the City all documents he may deem necessary and appropriate or advisable to carry
out and implement said Construction Escrow Agreements and to administer the City's
obligations, responsibilities and duties to be performed thereunder.
ADOPTED this 14 day of September, 2010.
v
Mayor, City of Orange
ATTEST
Mary E.y, City of Oran e, City Clerk
1, 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 September, 2010, by
the following vote:
AYES:COUNCILMEMBERS:Smith, Murphy, Cavecche, Dumitru, Bilodeau
NOES:COUNCILMEMBERS:None
ABSENT:COUNCILMEMBERS:None
ABSTAIN:COUNCILMEMBERS:None
vl
Mary E u , City Clerk, Ci Orange
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