RES-7948 Acquisition for Open Space of Municipal ParkRESOLUTION NO. 7948
A
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ORANGE DETERMINING THAT THE PUBLIC
INTEREST AND NECESSITY DEMAND THE ACQUISITION
AND IMPROVEMENT OF REAL PROPERTY
LYING GENERALLY ALONG SANTIAGO CREEK
BETWEEN HART PARK AND TUSTIN STREET
FOR OPEN SPACE OR A MUNICIPAL PARK
AND THE FINANCING THEREOF THROUGH THE
ISSUANCE OF GENERAL OBLIGATION BONDS RESOLVED,
by the City Council of the City of Orange,California (
the "City"), that WHEREAS,
the City is authorized to issue general obligation bonds
to finance the acquisition and improvement of real property for
public uses pursuant to the provisions of Article 1,commencing
with section 43600, of Chapter 4 of Division 4 of Title 4
of the California Government Code, (the "Act");WHEREAS,
the City intends to issue general obligation bonds under
and pursuant to the Act to finance the acquisition and improvement
of real property for open space or a municipal park in the
area of the City lying generally along Santiago Creek between Hart
Park and Tustin Street (the "Park Facilities"); and WHEREAS,
in order to initiate proceedings under the Act to provide
for the financing of the Park Facilities, this Council must
make certain findings and determinations;NOW,
THEREFORE, IT IS ORDERED AS FOLLOWS:Section
I, The public interest and necessity demand, and it is
the intention of this Council to require, the acquisition,construction
and completion of the Park Facilities and to issue general
obligation bonds of the City to finance the cost thereof,subject
to completion of the proceedings required by the Act.Section
II. The estimated cost of the Park Facilities is not to
exceed $25,000,000, Said estimated costs include provision for legal
and other fees, and the cost of printing of bonds and other costs
and expenses incidental to or connected with the issuance and
sale of general obligation bonds to finance the costs of the Park
Facilities.Section
III.the
costs of the City
greater than This
Council hereby finds and determines that Park
Facilities require an expenditure by the the
amount allowed by the annual tax levy of the
City. The principal amount of general obligation bonds of the
City to be issued for the Park Facilities will not exceed the
estimated cost set forth above for the Park Facilities,
Section IV,
obligations bonds
Act.
This Resolution is adopted, and general
of the City are to be issued, pursuant to the
Section v, This Resolution shall take effect upon its
adoption by two-thirds of all members of the City Council of
the
City.ADOPTED this 11th day of February,
1992.
ATTEST:GENE
BEYER Mayor of the City of
Orange 8.L<L ~~-L<<-/
FRED L. BARRERA, MAYOR PRO TEM
BY:
JJ~;1:r ~/l:r.~City Cler of e 1ty of Orange
I hereby certify that the foregoing
regularly adopted by the City Council of
regular meeting thereof held on the 11th
by the following vote:
Resolution was duly and
the City of Orange at a
day of February 1992,
AYES:
NOES:
ABSENT:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
STEINER, BARRERA, COONTZ, SPURGEON
NONE
MAYOR BEYER
fP7.dA",:~ flc rb~~~/V
City Cler f t ~y of Orange
J9355
2-
Resolution No. 7948