HomeMy WebLinkAboutORD-15-96 Approve Public Lease Back of Certain FacilitiesORDINANCE NO. 15-
96 AN ORDINANCE OF THE CITY COUNCIL OF
THE CITY OF ORANGE APPROVING THE PUBLIC
LEASE BACK OF CERTAIN FACILITIES WITH
THE COUNTYWIDE PUBLIC FINANCING
AUTHORITY.THE CITY COUNCIL OF THE CITY OF ORANGE HEREBY ORDAINS
AS
FOLLOWS:SECTION
I:Pursuant to Section 54241 of the California Government Code, the City of Orange
is hereby authorized to enter into a formal agreement with the Countywide Public
Financing Authority with respect to the public leaseback of certain facilities and the real property
on which such improvements are situated, more particularly described in Exhibit "A"
attached hereto, so long as the principal amount of the Lease Agreement does not
exceed 3,900,000, so long as the maximum annual lease payments to be paid by the City does
not exceed $530,000 and so long as the term of the Lease Agreement does not exceed 10
years.This ordinance is subject to the provisions for referendum applicable to the City of
Orange.This ordinance shall be published in the manner required by law for ordinances of the
City of Orange
generally.SECTION
II:A summary of this Ordinance shall be published and a certified copy of the full
text of this Ordinance shall be posted in the Office of the City Clerk at least five (5) days
prior to the City Council meeting at which this Ordinance is to be adopted. A summary of
this Ordinance shall also be published once within fifteen (15) days after this Ordinance'
s passage in a newspaper of general circulation, published, and circulated in the City
of Orange. The City Clerk shall post in the Office of the City Clerk a certified copy of
the full text of such adopted Ordinance along with the narnes of those City Council
members voting for :and against the Ordinance in accordance with Government Code Section
36933.This Ordinance shall take effect thirty (30) days from and after the date of its final
passage.ADOPTED this 11 th day of June
1996.
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4~/m(~
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or of the City of Orange
ST:
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City Clerk of ~ ity of Orange
STATE OF CALIFORNIA)
COUNTY OF ORANGE )
CITY OF ORANGE )
I,
CASSANDRA J. CATHCART, City Clerk of the City of Orange, California, do hereby
certify that the foregoing Ordinance was introduced at the regular meeting of the City
Council held on the 28th day of May , 1996, and thereafter at the regular meeting
of said City Council du1y held on the ~t.D- day of June. 1996, was du1y passed
and adopted by the following vote, to wit:AYES:
COUNCIL MEMBERS: Murphy I Barret=a I Coontz, spurgeon, Slater NOES:
COUNCIL MEMBERS: None ABSENT:
COUNCIL MEMBERS: None ABSTAIN:
COUNCIL MEMBERS: None II
Cd.'
City
Clerk of Ord
No. IS-96 2 Finance:ajj
EXHIBIT "A"
DESCRIPTION OF LEASED PROPERTY
City Hall Complex, located at 300 East Chapman Avenue, Orange, California.
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