RES-10420 Acquisition Agreement For Community Facilities District 06-1RESOLUTION NO. 10420
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE APPROVING AN ACQUISITION
AGREEMENT FOR THE CITY OF ORANGE
COMMUNITY FACILITIES DISTRICT NO. 06-
1 DEL RIO PUBLIC
IMPROVEMENTS).WHEREAS, this City Council has formed the City of Orange Community
Facilities District No. 06-1 (Del Rio Public Improvements) (the District), pursuant to
Resolution No.10139 adopted by the City Council on December 12, 2006 (the Resolution
of Formation),and the provisions of the Mello-Roos Community Facilities Act of 1982,
as amended, and WHEREAS, the District is authorized to finance certain facilities (
the Facilities) and services referenced in the Resolution
of Formation; and WHEREAS, the City and North Orange Del Rio Land, LLC (
the Master Developer),as successor to Del Rio, LLC, are parties to a Development Agreement, executed
on May 25,2004 (as amended and now in effect, the Development Agreement), pursuant
to which the Master Developer is obligated to construct the Facilities and the City has
agreed to issue bonds for the District (the Bonds) to finance the costs of
the Facilities; and WHEREAS, the Bonds will be payable solely from the proceeds
of special taxes levied on property in the District (the
Special Taxes); and WHEREAS, in order to specify the terms and conditions pursuant
to which proceeds of the Bonds and of the Special Taxes may be used to finance the Facilities,
there has been prepared an Acquisition Agreement (the Acquisition Agreement) to be executed
by the City,for itself and for the District, and the Developer, and the City Council now
desires to approve the Acquisition Agreement and to authorize its
execution and delivery.NOW, THEREFORE, THE CITY COUNCIL OF THE
CITY OF ORANGE DOES HEREBY
RESOLVE AS FOLLOWS:Section 1. Acquisition Agreement. The Acquisition Agreement, in
the form on file with the City Clerk, is hereby approved. The City Manager is
hereby authorized and directed to execute and deliver the Acquisition Agreement in said form,
together with such additions thereto or changes therein as are recommended or approved by
such officer upon consultation with the City Attorney and the City's bond counsel for the
District, the approval of such additions or changes to be conclusively evidenced by the execution
and delivery of the Acquisition Agreement by
Section 2. Inconsistent Provisions. In the event of any inconsistency between
the terms of the Acquisition Agreement and the provisions of Section 5 of the Operating
Memorandum effective as of August 17, 2006, between the City and the Master Developer
relating to the Development Agreement, the provisions of the Acquisition Agreement shall
prevail; and, in particular, the City may advance the amount of the First Installment and the
Additional Payment (as such terms are defined in the Acquisition Agreement) in order to pay
the Master Developer for a portion of the Appraised Valuation of the Sports Park site
referenced in said Section 5 as needed for purposes of Section S.O1C. of the Acquisition
Agreement, all as contemplated by Section 5.01 of the Acquisition Agreement.
Section 3. Effective Date. This Resolution shall take effect upon its adoption.
ADOPTED this 12"' day of January, 2010
t ~
C olyn V vec e, Mayor, Ci of Orange
ATTEST:
C.~~
Mary u City Clerk f Orange
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 12th day of January, 2010, by the
following vote:
AYES:COUNCILMEMBERS:Smith, Murphy, Cavecche, Dumitru, Bilodeau
NOES:COUNCILMEMBERS:None
ABSENT:COUNCILMEMBERS:None
ABSTAIN:COUNCILMEMBERS:None