RES-8970 Authorizing Mailing of Notice Regarding Outstanding Bonds Issued for Assessment District No. 86-1RESOLUTION NO. 8970
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ORANGE AUTHORIZING MAILING OF NOTICE OF
ADVANCEMENT OF MATURITY AND REDEMPTION OF
OUTSTANDING BONDS ISSUED FOR ASSESSMENT
DISTRICT NO. 86-1 (EAST
ORANGE).WHEREAS, on May 12, 1998 the City Council of the City of Orange (the "
City Council") adopted Resolution No, 8930 declaring its intention to refund the outstanding
bonds issued for Assessment District No. 86-1 (East Orange) designated "City of
Orange Improvement Bonds, Assessment District No. 86-1 (East Orange)" and dated December
19, 1986 (the Outstanding Bonds") and to levy reassessments on parcels of property
within such assessment district as security for the
refunding bonds; and WHEREAS, the Director of Finance of the City has advised the
City Council that in order to redeem the Outstanding Bonds on September 2, 1998, which is the
first available date upon which such bonds may be redeemed, it is necessary that a notice of the
advancement of the maturity and the redemption of the Outstanding Bonds be mailed to the owners of
such bonds not later than sixty days (60) prior to such redemption date or by July 3, 1998, and that
if such notice is not mailed by that date the redemption of the Outstanding Bonds cannot occur
until March 2,1999, which is the next available date upon which such bonds may
be redeemed; and WHEREAS, the City Council has determined that it is therefore
necessary that it authorize the mailing of notice of the advancing of the maturity and the
redemption of the Outstanding Bonds to the owners thereof by July 3,1998 so that the Outstanding
Bonds may be redeemed on
September 2, 1998;NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Orange that the City Manager, the Director of Finance and the Fiscal Agent with
respect to the Outstanding Bonds are authorized and directed to mail notice of the advancing
of the maturity and redemption of the Outstanding Bonds not later than sixty (60) days prior
to September 2,1998 notifYing such owners that the maturity of the Outstanding Bonds has
been advanced to September 2, 1998 and that the Outstanding Bonds will be redeemed on that date;
and that such notice shall further provide that the advancement of the maturity and
redemption of the Outstanding Bonds on such date is contingent on the City completing the sale
of refunding bonds for Assessment District No.
86-1 (East Orange).ADOPTED this 23rd
day
ATTEST:
7Afl/1- f5::{A//L4~
Cassandra J. Cathc
City Clerk of the City of Orange
I hereby certify that the foregoing resolution was adopted by the City Council of
the City of Orange at a regular meeting thereof held on the 23rd day of June, 1998 by the
following vote of the Council:
AYES:COUNCIL MEMBERS: MURPHY. SLATER. COONTZ.
SPURGEON, ALVAREZ
NOES:COUNCIL MEMBERS: NONE
ABSENT:COUNCIL MEMBERS: NONE
ABSTAINED:COUNCIL MEMBERS: NONE
do~
Reso No. 8970 2-dg