HomeMy WebLinkAbout10_28_2003 - ORA MinutesAPPROVED BY THE DIRECTORS ON NOVEMBER 12, 2003
ORANGE REDEVELOPMENT AGENCY ORANGE, CALIFORNIA
MINUTES OF A REGULAR MEETING October 28, 2003
The Orange Redevelopment Agency of the City of Orange, California convened on October 28,
2003 at 4:30 p.m. in a Regular Meeting in the Council Chambers, 300 E. Chapman Avenue,
Orange, California.
4:30 P.M. SESSION
1. ROLLCALL
PRESENT - Ambriz, Alvarez, Chairman Murphy, Coontz, Cavecche ABSENT -
None 2. PUBLIC
COMMENTS - None.3. CONSENT CALENDAR
3.1 Declaration
of the Clerk of the Orange Redevelopment Agency, Cassandra J.Cathcart, declaring posting
of Orange Redevelopment Agency Agenda of a regular meeting of October
28, 2003 at Orange Civic Center, City Clerk's Office, north facing kiosk, Main
Library at 101 N. Center Street, Police facility at 1107 North Batavia and Shaffer
Park, all ofsaid locations being in the City of Orange and freely accessible to members
of the public at least 72 hours before commencement of said regnlar meeting.ACTION:
Accepted Declaration
of Agency Posting and authorize its retention as a public record in
the Office ofthe City Clerk.3.2 Request
Agency confirmation of warrant registers dated October 2 and 9, 2003.ACTION:Approved.3.
3 Request
approval of Redevelopment Agency Minutes, Regular Meeting, October 14,2003.ACTION:Approved.
3.
4 Update
onIssuance of the Orange Merged and Amended Redevelopment Project Area 2003 Tax
Allocation Refunding Bonds in the amount of $57.1 million.R3500.0.8)
SUMMARY: Due to
a drop in interest rates, the outstanding bonds for the Northwest and Southwest Redevelopment
Project Areas were refunded and new bonds were sold to replace them. The
new bonds, known as the Orange Merged and Amended Redevelopment Project Area
2003 Tax Allocation Bonds, were sold on September 16,2003 and will
result in savings to the Agency.ACTION: Received and
Filed.PAGE 1 1 -----~--
ORANGE REDEVELOPMENT AGENCY MINUTES October 28, 2003
3. CONSENT CALENDAR (Continued)
FISCAL IMPACT: The new refunding bonds will reduce the Agency's annual debt
service payments for the next 20 years. This savings will be used to offset the mandated
increase in ERAF payments to the State, which may occur again in future years.
MOTION
SECOND
AYES
Alvarez Ambriz
Ambriz, Alvarez,
Chairman Murphy, Coontz, Cavecche All items on
the Consent Calendar were approved as recommended.END OF CONSENT
CALENDAR 4. REPORTS FROM
DIRECTORS - None.5. REPORTS FROM BOARDS,
COMMITTEES, AND COMMISSIONS - None.6. REPORTS FROM EXECUTIVE DIRECTOR -
None.7. ADMINISTRATIVE REPORTS - None.8. LEGAL
AFFAIRS - None.9. RECESS TO
CLOSED SESSION Note: The Agency
did not recess.a. To
consider and take possible action upon
such other matters as are orally announced by the General Counsel, Executive Director of the Board of
Directors prior to such recess unless the motion to recess indicates any of the matters
will not be considered in Closed Session.10. ADJOURNMENT MOTION - Alvarez SECOND - Ambriz AYES - Ambriz,
Alvarez, Chairman
Murphy, Coontz, Cavecche
The Agency adjourned
at 6:10 p.m.A1f~CASSANDRA . ATHCART,
CLERK OF THE REDEVELOPMENT AGENCY MJt~U~J!!~
OF
THE REDEVELOPMENT AGENCY
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