RES-8877 Authorizing the Hiring of Firms for Proposed Issuance of 1998 Refunding Certificates of ParticipationRESOLUTION NO. 8877
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ORANGE AUTHORIZING THE ffiRING OF FIRMS
AND PROFESSIONALS FOR THE PROPOSED
ISSUANCE OF THE CITY'S 1998 REFUNDING
CERTIFICATES OF PARTICIPATION
WHEREAS, the City of Orange (the "City") has previously issued its 1989 Certificates
of Participation (the "Prior Certificates") for the purpose of constructing and rehabilitating
various buildings owned by the City; and
WHEREAS, the City staff has determined that the interest rate environment may
warrant the refinancing of the Prior Certificates with the issuance of 1998 refunding Certificates
of Participation in order to create a debt service savings for the City's general fund; and
WHEREAS, the City's staff has made its recommendation to the City Council regarding
the hiring of qualified professionals to assist the City with the issuance of the 1998 Refunding
Certificates of Participation;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Orange
as follows:
Section 1. Recitals True and Correct. Each of the recitals stated above is true and
correct.
Section 2. Bond Counsel. The law firm of Best, Best & Krieger LLP is hereby retained
as Bond Counsel to the City.
Section 3. Disclosure Counsel. The law firm of Richards, Watson & Gershon is hereby
retained as Disclosure Counsel to the City.
Section 4. Financial Advisor. The firm of Fieldman, Rolapp & Associates is hereby
retained as Financial Advisor to the City.
Section 5. Other Acts. The City Manager is hereby authorized and directed to execute
contracts with said firms and professionals for and in the name of the City in a form approved by
the City Attorney. The officers and the employees of the City and the professional firms hired
under this resolution are hereby authorized and directed to commence work on the proposed
refunding of the Prior Certificates and to negotiate the terms for obtaining municipal bond
insurance from municipal bond insurance companies.
Section 6. Effective Date: This Resolution shall take effect from and after its date of
adoption.
ADOPTED this 27th
ATTEST:
I 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 27th day of
January 1998, by the following vote:
AYES:COUNCILMEMBERS: MURPHY, SLATER, COONT Z, SPURGEON,
ALVAREZ
NOES:COUNCILMEMBERS: NONE
ABSENT:COUNCILMEMBERS: NONE
ABSTAIN:COUNCILMEMBERS: NONE
Reso No. 8877 2-HB:cdl