RES-8131 - Approving Issuance of Redevelopment Agency Tax Allocation Refunding BondsRESOLUTION RO. 8131
A RESOLUTION OJ!' THE CITY COUl'llCIL OJ!' THE
CITY OJ!' ORANGE, CALIJ!'ORRIA, APPROVING THE
ISSUANCE BY THE ORANGE REDEVELOPMENT AGENCY
OJ!' SOUTHWEST REDEVELOPMElIT PROJECT, TAX
ALLOCATION REJ!'U1IIDING BONDS, ISSUE OJ!' 1993A
AND TAXABLE TAX ALLOCATION REJ!'U1IIDING BONDS,
ISSUE OJ!' 1993B, AND MAKING CERTAIN
DETERMINATIONS RELATING THERETO
WHEREAS, the Orange Redevelopment Agency (the .Agency.) is
a redevelopment agency duly created, established and authorized
to transact business and exercise its powers, all under and
pursuant to the Community Redevelopment Law (Part 1 of
Division 24 (commencing with Section 33000) of the Health and
Safety Code of the State of California) and the powers of the
Agency include the power to issue notes for any of its
corporate purposes; and
WHEREAS, a Redevelopment Plan known as the .Southwest
Redevelopment project, As Amended. has been adopted and
approved by an ordinance of the City of Orange (the .City.),
and all requirements of law for and precedent to the adoption
and approval of said Redevelopment Plan, as amended, have been
duly complied with; and
WHEREAS, the Agency has adopted its Resolution No. ORA-
0262
entitled:RESOLUTION OF THE ORANGE
REDEVELOPMElIT AGENCY APPROVING THE FORMS OF
AND AUTHORIZING THE EXECUTION OF A
SUPPLEMENTAL RESOLUTION OF ISSUANCE, BOND
PURCHASE CONTRACT, NOTICE INVITING BIDS AND
OFFICIAL STATEMENTS RELATING TO THE ISSUANCE OF
THE AGENCY'S SOUTHWEST REDEVELOPMENT
PROJECT,TAXABLE TAX ALLOCATION REFUNDING
BONDS,ISSUE OF 1993B; AND TAX ALLOCATION REJ!'
U1IIDING BONDS, ISSUE OF 1993A AND APPROVING
CERTAIN ACTIONS IN CONNECTION THEREWITH;
and WHEREAS, under and pursuant to the above Resolution,
the Agency has authorized the issuance and sale of $32,750,
000 Orange Redevelopment Agency, Southwest Redevelopment
Project,Tax Allocation Refunding Bonds, Issue of 1993A (the .
1993A Bonds") and $11,000,000 Orange Redevelopment Agency,
Taxable Tax Allocation Refunding Bonds, Issue of 1993B (the .
1993B
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by
the City Council of the City of Orange, California, as follows:
Section 1. ADoroval of Issuance of Bonds. The issuance of
an aggregate principal amount not to ezceed $32,750,000 of the
1993A Bonds and not to ezceed $11,000,000 of the 1993B Bonds,
in accordance with the terms of the above described Resolution
of the Agency, in order to refund all prior notes and bonds of
the Agency and to aid in the financing of the Southwest
Redevelopment project, and for other purposes related thereto,
all of which constitute a "redevelopment activity., as such
term is defined in Health and Safety Code Section 33640, is
hereby approved.
Section 2. The City Manager, the Treasurer, the City
Clerk, and any other proper officer of the City, acting singly,
be and each of them hereby is.authorized and directed to
ezecute and deliver any and all documents and instruments
relating to the 1993A Bonds and the 1993B Bonds, and to do and
cause to be done any and all acts and things necessary or
proper for carrying out the transactions contemplated by the
Supplemental Resolution, the Bond Purchase Contract, the
Official Statements, the Escrow Agreement, this Resolution and
any related agreements, including, but not limited to,
obtaining bond insurance which results in a net present value
savings to the Agency.
Section 3. This Resolution shall take effect upon adoption.
ADOPTED this 20th day of April 1993.
ATTEST:
0z 4--?~r Q ~4/~.P'~
Ci ty Clerk f tJ(jr' Ci t:,i/ of Orange
4l23Q/2359/78 2-
I hereby certify that the foregoing Resolution was duly
regularly adopted by the City Council of the City of Orange
a regular meeting thereof held on the 20th day of April
1993. by the following vote:
and
at
AYES: COUNCIL MEMBERS: SPURGEON, BARRERA, MAYOR BEYER COONTZ. MURPHY
NOES: COUNCIL MEMBERS: NONE
ABSENT: COUNCIL MEMBERS: NONE
ABSTAIN: COUNCIL MEMBERS: NONE
A'/7A'/ ~~ ClnrAlJ?4'--Ci ty
Clerk f t i<< of Orange 41230/2359/
783-