RES-8772 Approving Issuance of 1997 Tax Allocation Parity Bonds, Series A and Series BRESOLUTION NO. 8772
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ORANGE APPROVING THE ISSUANCE OF THE 1997 TAX
ALLOCATION PARITY BONDS, SERIES A (THE "SERIES A
BONDS") AND THE 1997 TAXABLE TAX ALLOCATION
PARITY BONDS, SERIES B (THE "SERIES B BONDS") BY
THE ORANGE REDEVELOPMENT AGENCY
WHEREAS, the Orange Redevelopment Agency (the "Agency") is authorized
pursuant to Chapter 8 (commencing with Section 33000) of Part 1 of Division 24 of the California
Health and Safety Code (the "Act") to issue bonds for any of its corporate purposes; and
WHEREAS, the Agency has heretofore issued its $4,000,000 original aggregate
principal amount Tustin Street Redevelopment Project ORA-0059 Tax Allocation Bonds Issue
of 1986 (the "1986 Bonds") pursuant to Resolution No. ORA-0059 of the Agency
adoptedon i\ugust 12,
1986; and WHEREAS, the Agency has heretofore issued its Tustin
Street Redevelopment Project Subordinated Taxable Tax Allocation Refunding Notes Issue of 1992 in the
original aggregate principal amount of $7,600,000 (the "1992 Notes" and, together with the 1986 Bonds,
the "Prior Bonds") pursuant to an Indenture of Trust (the "1992 Indenture") dated as of August I, 1992
by and between the Agency and Bank of America National Trust and Savings
Association; and WHEREi\S, the Agency has indicated its intent to issue not to exceed $3,
400,000 principal amount of its Tustin Street Redevelopment Project 1997 Tax Allocation
Parity Bonds,Series A (the "Series A Bonds") and not to exceed $6,600,000 principal amount of its
Tustin Street Redevelopment Project 1997 Taxable Tax Allocation Parity Bonds, Series B (collectively
with the Series A Bonds, the "Bonds"), the proceeds of which will be used to refund and defease
the 1986 Bonds and the 1992 Notes the repayment of which will be secured by tax incremeqt
revenues from the
Project; and NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND
ORDERED by the City Council of Orange, California
as
follows:r SECTION 1. Approval ofIssuance of Bonds. The issuance of the Bonds
and the refunding ofthe Prior Bonds by the Agency are hereby approved. This approval is made in
order to satisfy
theAct.RVPUB\
SECTION 2. Effective Date. This Resolution shall take effect immediately upon
adoption.
ADOPTED this 13thdayof May 1997.
ATI'EST:
14?/?~~ tJ- C #" ~ -44;f-
City Clerk of the cif;! of Orange
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 13th day of Mav 1997,
by the following vote:AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCILMEMBERS:
MURPHY, COONTZ, SPURGEON, ALVAREZ COUNCILMEMBERS:
NONE COUNCILMEMBERS:
SLATER COUNCILMEMBERS:
NONE d&-
k/A/t City
Clerk of the Ci fOrange RVPVB\
JRR\1722S 2-