RES-10256 Approval of Issuance, Sale & Delivery of Redevelopment Agency Tax Allocation Refunding BondsRESOLUTION NO. 10256
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE APPROVING THE ISSUANCE,
SALE AND DELIVERY BY THE ORANGE
REDEVELOPMENT AGENCY OF ITS TAX
ALLOCATION REFUNDING BONDS FOR THE
ORANGE MERGED AND AMENDED
REDEVELOPMENT PROJECT AREA.
WHEREAS, the Orange Redevelopment Agency (the Agency) is a redevelopment
agency authorized pursuant to the Community Redevelopment Law of the State of California,
being Part 1 of Division 24 (commencing with Section 33000) of the California Health and
Safety Code, as amended (the Law) to incur indebtedness for the purpose of financing and
refinancing certain redevelopment activities for the benefit of its redevelopment project areas;
and
WHEREAS, pursuant to the Law, the City Council of the City of Orange (the City)
approved and adopted a redevelopment plan (the Redevelopment Plan) for a redevelopment
project area of the Agency known and designated as the Orange Merged and Amended
Redevelopment Project Area (the Project Area) - which merged three formerly separate redevelopment
project areas: the Tustin Street Project Area, the Southwest Project Area and the
Northwest Project Area - and all requirements of law for, and precedent to, the adoption and approval
of the Redevelopment Plan have been duly complied with; and WHEREAS, the
Redevelopment Plan contemplates that the Agency would issue from time to
time bonds to finance or refinance a portion of the costs of the redevelopment of the Project Area;
and WHEREAS, with
respect to the former Tustin Street Project Area, now a component of the Project
Area, the Agency has previously issued its Tustin Street Redevelopment Project 1997 Taxable
Tax Allocation Parity Bonds, Series B (the 1997B Bonds); and WHEREAS, the
Agency desires to issue its Orange Merged and Amended Redevelopment Project
Area 2008 Taxable Tax Allocation Refunding Bonds, Series B (the 2008B Bonds)
for the purpose of refunding all of the remaining outstanding 1997B Bonds; and WHEREAS, Section
33640 of the Law requires the Agency to obtain the approval of the City
Council before the issuance of the 2008B Bonds; and WHEREAS, the
City Council, with the aid of its staff, has reviewed the documentation relating to
the issuance of the 2008B Bonds and desires to approve the issuance, sale and delivery of
the 2008B Bonds by the Agency.NOW, THEREFORE,
the City Council of the City of Orange hereby finds,determines, resolves
and orders as follows:
Section I.Recitals. The above recitals, and each of them, are true and correct.
Section 2. Approval of Refinancing. The issuance, sale and delivery of the 2008B
Bonds by the Agency are hereby approved.
Section 3. Other Acts. Each officer of the City is hereby authorized and directed,
jointly and severally, to execute and deliver such documents and instruments and to do such
things which may be necessary or proper for assisting the Agency in connection with the
issuance, sale and delivery of the 2008B Bonds and to effectuate the purposes of this
Resolution, and any such actions previously taken by such officers are hereby ratified and
confirmed.
Section 4.
adoption.
Effective Date. This Resolution shall take effect immediately upon
ADOPTED this 1ih day of February, 2008
ATTEST:
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 1ih day of February, 2008, by the following
vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCILMEMBERS: Smith, Murphy, Cavecche, Dumitru, Bilodeau
COUNCILMEMBERS: None
COUNCILMEMBERS: None
COUNCILMEMBERS: None
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