RES-ORA-0305 Proposed Multifamily Revenue Refunding BondsRESOLUTION NO. ORA-
0305
A RESOLUTION OF THE
ORANGE REDEVELOPMENT AGENCY INDICATING ITS
INTENTION TO PROCEED WITH PROPOSED
MULTIFAMILY REVENUE REFUNDING BONDS
PALMYRA APARTMENTS PROJECT)
WHEREAS, the Board of Directors of the Orange Redevelopment Agency (the
Agency") bas previously issued $2,500,000 Orange Redevelopment Agency, Variable
Ra1~ Demand Multifamily Housing Revenue Bonds (Mercury Savings and Loan
As.'IOCiationIPalmyra Seniors Apartments), 1987 Series A (the "Original Bonds") to
finance a multifamily housing project (the "Project") located in the City of Orange; and
WHEREAS, the Agency is authorized to issue and desires to issue refunding
bolm (the "Bonds") for the Project in a private placement to Home Savings of America
the "Purcbaser"); and
WHEREAS, the Board of Directors desire to confirm certain professional services
to 'be utilized in connection with the structuring of the bonds and to direct staff to proceed
with preparation of documents subject to compliance with all legal requirements applicable
thereto; and
NOW, THEREFORE, BE IT RESOLVED by the Orange Redevelopment
Agency as fonows:
SEcrION 1. Subject to receipt from the developer of a deposit sufficient to
cover the estimated out-of-pocket expenses of the refunding bonds, the
Agency hereby expresses its preliminary interest to issue refunding bonds for the Original
Bondsin ao;:ordance with the Purchaser's term sheet dated February 6, 1996. Agency
staff is directed to proceed with documentation of the refunding bonds and
related actions,sulbject to compliance with all applicable legal requirements therefor,
including an appropriate deposit agreement relating to the developer's deposit in a form. to
be approved by the
City
Attorney.SEcrION 1. The firm of Fieldman, Rolapp & Associates is hereby engaged
to act as financial advisor to the Agency in connection with such Bonds in ~rdance
with the tenns of engagement set forth in the letter proposal on file in the office of the
City
Manager.SEcrION 3. Stradling, Y 0Ce&, Carlson & Rauth, a Professional Corporation,
is CClnfirmed to act as bond counsel to the Agency in connection with such Bonds
inac:cordance with counsel's confirming letter on file with the City
Manager.SEcrION 4. The Agency Clerk shall certify to the adoption of this
A.DOPTED this 27th day of February 1996.
f'
I ..... "
L_..
r )....-."
7 \.(....~-t- ~..--rL-(.") -
w ".-~ ,. .ctWrman, Orange
Redevelop..
fient
Agency
A nEST:j4Jht ,:!--Uf.f--(
Aft' ;(/;rdt/
tZ AgencyClerk STATE OFCALIFORNIA )
COUNTY OF
ORANGE )I hereby
certify that the
foregoing Resolution was duly and regularly adopted by the Orange Redevelopment Agency at a
regular meeting thereof held on the 27th day of February . 1996, by the following
vote:AYES: DIRECTORS: MURPHY, BARRERA, CHAIRMAN
COONTZ, SPURGEON, SLATER NOES: DIRECTORS: NONE AIl SENT:
DIRECTORS: NONE ABSTAIN:
DIRECTORS: NONE I 4p/
Ll/J-rltu~~lerk:,
Orange:& elopment AgencyURJ::so.o30'HB:
cd1