RES-ORA-0328 Authorizing Hiring of Firms for Proposed Issuance of 1997 Tax Allocation Refunding BondsRESOLUTION NO. ORA 0328
A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE ORANGE REDEVELOPMENT AGENCY
AUTHORIZING THE HIRING OF FIRMS AND
PROFESSIONALS FOR THE PROPOSED ISSUANCE OF
THE AGENCY'S 1997 TAX ALLOCATION REFUNDING
BONDS
WHEREAS, the City of Orange (the "City") has established the Redevelopment Agency
of the City of Orange (the "Agency") and has approved and adopted a redevelopment plan (the
Redevelopment Plan") for a redevelopment project known as the Tustin Street Redevelopment
Project (the "Redevelopment Project") pursuant to the provisions of Section 33000 et seq. of the
California Health and Safety Code (the "Community Redevelopment Law"); and
WHEREAS, the Agency has issued its Tax Allocation Bonds, Issue of 1986, and its
Subordinated Taxable Tax Allocation Notes, Issue of 1992, and is considering the terms and
conditions upon which such bonds and notes may be refunded; and
WHEREAS, the Agency has requested proposals from qualified bond counsel, disclosure
counsel, financial advisors, and fiscal consultants with respect to the refunding of the bonds and
notes; and
WHEREAS, the Agency's staff has made its recommendation to the Board of Directors
of the Agency regarding the hiring of qualified professionals to assist the Agency in refunding the
bonds and notes;
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY
THE BOARD OF DIRECTORS OF THE ORANGE, REDEVELOPMENT AGENCY 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 & Kreiger LLP is hereby
retained as bond counsel on the terms set forth in the proposed letter of said firm on file with the
Agency and either the Executive Director or Finance Director is hereby authorized and directed to
execute said proposal letter for and in the name of the Agency.
Section 3. Disclosure Counsel. The law firm of Richards, Watson & Gershon is
hereby retained as disclosure counsel on the terms set forth in the proposed letter of said firm on
file with the Agency and either the Executive Director or Finance Director is hereby authorized
and directed to execute said proposal letter for and in the name of the Agency.
Section 4. Financial Advisor. The firm of Fieldman, Rolapp & Associates is
hereby retained as financial advisor to the Agency on the terms set forth in the proposed letter of
said firm on file with the Agency and either the Executive Director or Finance Director is hereby
authorized and directed to execute said proposal letter for and in the name of the Agency.
Section 5. Fiscal Consultant. The firm of GRC Associates, Inc., is hereby retained
as fiscal consultant to the Agency on the terms set forth in the proposed letter of said firm on file
with the Agency and either the Executive Director or Finance Director is hereby authorized and
directed to execute said proposal letter for and in the name of the Agency.
Section 6. Other Acts. The professional firms hired under this resolution are
hereby authorized and directed to commence work on the proposed refundings.
Section 7. Effective Date. This Resolution shall take effect upon adoption.
AnOPTED, SIGNED AND APPROVED this ~)tltlay of December 1996.
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h~)
9tayman
of the Orange Redevelop L/
ArrEST:
r'\
I
A,
wll'Clerk
of the Orang I
hereby certify that the foregoing Resolution was duly and regularly adopted by the Orange
Redevelopment Agency at a regular meeting thereof held on theJ.frtl1{layof DecAmhAT 1996
by the following vote:AYES:
DIRECTORS: MURPHY, SLATER, COONTZ, SPURGEON, ALVAREZ NOES:
DIRECTORS: NONE ABSENT:
DIRECTORS: NONE ABSTAIN:
DIRECTORS: NONE