RES-8066 Electing Not to Receive Repayment of Outstanding Agency IndebtednessRESOLUTION NO. 8066
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE ELECTING NOT TO RECEIVE
REPAYMENT OF OUTSTANDING AGENCY INDEBTED-
NESS ATTRIBUTABLE TO THE TUSTIN STREET
REDEVELOPMENT PROJECT
WHEREAS, the city of Orange (the "city") is authorized
pursuant to the Community Redevelopment Law (California Health
and safety Code section 33000 et sea.) (the "Law") to contribute
funds to the Orange Redevelopment Agency (the "Agency") for the
purpose of assisting the Agency~ and
WHEREAS, the City has previously loaned funds to the Agency
for the Tustin street Redevelopment Project, an amount currently
equal to Three million Dollars ($3.000.000.00)~ and
WHEREAS, the City Council believes it is necessary and
appropriate that the Tustin street Redevelopment Project be
relieved of its obligation to repay this indebtedness for the
benefit of future projects within and of benefit to the Tustin
street Redevelopment Project.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Orange as follows:
1. The foregoing recitals are true and correct.
2. The City Council hereby determines that the Agency
shall be and is hereby relieved of its obligation to repay the
outstanding loan of three million dollars ($3,000,000.00),
inclusive of interest, effective 7/1/92.
3. The Mayor, the City Manager, and other officers and
employees of the City are hereby authorized and directed to take
any further steps as may be required or reasonably requested by
the Agency to implement the determinations made by this
resolution.
4. This resolution shall take effect immediately.
ADOPTED this 13th day of October
ATTEST:
1J1~4<~ ~~J:~~
C1ty Cler th C of Orange
I hereby certify that the foregoing Resolution was duly and
regularly adopted by the City Council of the City of Orange at a
regular meeting thereof held on the 13th day of
1992 by the following vote:
October
AYES: COUNCIL MEMBERS: STEINER, BARRERA, MAYOR BEYER, COONTZ, SPURGEON
NOES: COUNCIL MEMBERS: NONE
ABSENT: COUNCIL MEMBERS: NONE
ABSTAIN: COUNCIL MEMBERS: NONE
U~
Clerk of t ci Orange
Reso No. 8066 2-SSH:dg