RES-8217 Approving Redevelopment Agency Issuance of Tax Allocation Refunding BondsRESOLUTION NO. 8217
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ORANGE, CALIFORNIA, APPROVING THE ISSUANCE BY THE
ORANGE REDEVELOPMENT AGENCY OF NORTHWEST
REDEVELOPMENT PROJECT, TAX ALLOCATION REFUNDING
BONDS, ISSUE OF 1993A AND TAXABLE TAX ALLOCATION
REFUNDING BONDS, ISSUE OF 1993B, AND MAKING CERTAIN
DETERMINATIONS RELATING THERETO
WHEREAS, the Orange Redeyelopment Agency (the" Agency") is a redeyelopment
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 Diyision 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 Redeyelopment Plan known as the "Northwest Redeyelopment Project, As
Amended" has been adopted and approyed 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, haye been duly complied with; and
WHEREAS, the Agency has adopted its Resolution No. ORA-0268
entitled:RESOLUTION OF THE ORANGE REDEVELOPMENT
AGENCY APPROVING THE FORMS OF AND AUTHORIZING
THE EXECUTION OF AN INDENTURE OF TRUST, BOND
PURCHASE CONTRACT, NOTICE INVITING BIDS AND
OFFICIAL STATEMENTS RELATING TO THE ISSUANCE OF THE AGENCY'
S NORTHWEST REDEVELOPMENT PROJECT, TAXABLE
TAX ALLOCATION REFUNDING BONDS, ISSUE OF 1993A; AND
TAX ALLOCATION REFUNDING BONDS, ISSUE OF 1993B
AND APPROVING CERTAIN ACTIONS IN CONNECTION
THEREWITH;
and WHEREAS, under and pursuant to the aboye Resolution, the Agency has authorized
the issuance and sale of $18,000,000 Orange Redevelopment Agency, Northwest
Redevelopment Project, Tax Allocation Refunding Bonds, Issue of 1993B (the " 1993B Bonds") and $11,000,
000 Orange Redevelopment Agency, Taxable Tax Allocation Refunding Bonds, Issue of 1993A (
the 1993A
Bonds").NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by
the City Council of the City of Orange, California, as
follows:Section I. Annroyal of Issuance of Bonds. The issuance of an aggregate
principal amount not to exceed $11,000,000 of the 1993A Bonds and not to exceed $18,000,000 of
the 1993B Bonds, in accordance with the terms of the aboye described Resolution of the Agency,
order to refund all prior notes and bonds of the Agency and to aid in the financing of the
Northwest 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 execute and
deliyer 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 yalue
savings to the Agency.
Section 3. This Resolution shall take effect upon adoption.
ADOPTED this 10th day of Auqust 1993.
ATTEST:
1~AA'r'~~~-n/
City CIerk the C' of ange
2
I hereby cenify that the foregoing Resolution was duly and regularly adopted by the CityCounciloftheCityofOrangeataregularmeetingthereofheldonthe .llll.hday of ~n\ln~t
1993, by the following yote:
A1nES: CO~CIL~~ERS: SPURGEON, BARRERA, MAYOR BEYER, COONTZ,
MURPHY
NOES: CO~CIL ~~ERS: NONE
ABSENT: CO~CIL ~~ERS: NONE
ABSTAIN: CO~CIL ~~ERS: NONE
1ndh';~-' a ~"n/City
Clerk of e Ci~oft0range 3