HomeMy WebLinkAbout8_26_2003 - ORA MinutesAPPROVED BY THE DIRECTORS ON SEPTEMBER 9, 2003
ORANGE REDEVELOPMENT AGENCY ORANGE, CALIFORNIA
MINUTES OF A REGULAR MEETING August 26, 2003
4:30 P.M. SESSION
The Orange Redevelopment Agency of the City of Orange, California convened on August 26,
2003 at 4:30 p.m. in a Regular Meeting in the Council Chambers, 300 E. Chapman Avenue,
Orange, California.
1. ROLLCALL
PRESENT - Ambriz, Alvarez, 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 August
26, 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, Shaffer Park,
and available on the City's Website www.cityoforange.org;all of said
locations being in the City of Orange and freely accessible to members of the public at
least 72 hours before commencement of said regular meeting.ACTION: Accepted Declaration
of Agency Posting and authorized its retention as a public record in
the Office of the City Clerk.3.2 Request
Agency confirmation of warrant registers dated August 5, 7, 14,2003.ACTION:Approved.3.
3 Request
approval of Redevelopment Agency Minutes, Regular Meeting, August 12, 2003.ACTION:Approved.MOTION
SECOND AYES
Cavecche
Ambriz
Ambriz,
Alvarez, 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.PAGEl
ORANGE REDEVELOPMENT AGENCY MINUTES August 26, 2003
6. REPORTS FROM EXECUTIVE DIRECTOR - None.7.
ADMINISTRATIVE REPORTS 7.
1 Report from the Assistant Executive Director regarding a Resolution of the Orange Redevelopment
Agency approving the issuance of its Orange Merged and Amended Redevelopment
Project Area 2003 Tax Allocation Refunding Bonds, approving a first supplement
to trust indenture, an official statement, setting the maximum final terms of the sale
of the bonds and making certain determinations relating thereto.SUMMARY:
Due to a drop in bond interest rates, the Agency staff is recommending to refund the outstanding
Tax Allocation Bonds sold for the Northwest and Southwest Redevelopment Project Areas.
This refunding will result in lower annual debt service payments and provide for a substantial
net present value savings over the life of the bonds.See
City Council Minutes Item No. 7.1)RESOLUTION
NO. ORA-0428
A Resolution of the Orange Redevelopment Agency approving the issuance of its Orange
Merged and Amended Redevelopment Project Area 2003 Tax Allocation Refunding Bonds,
approving a first supplement to trust indenture, an official statement, setting the maximum final
terms of the sale of the bonds and making certain determinations relating thereto.
MOTION - Coontz SECOND -
Murphy AYES - Ambriz,
Alvarez, Murphy, Coontz, Cavecche ACTION: Adopted Resolution
No. ORA 0428.FISCAL IMPACT: The
proposed Orange Merged and Amended Project Area 2003 Tax Allocation Refunding Bonds,
Series A and Series B would refund the existing 1993 Southwest Tax Allocation Bonds and
the 1993 Northwest Tax Allocation Bonds. By refunding the bonds, the Agency would not
be extending the maturity dates. The total amount of the bond issue will not exceed $65,000,
000, with a projected net present value savings of approximately $3,070,000 over the remaining lives
of the bonds based on bond market conditions as of August 15, 2003. This amount reflects recent
increases in interest rates that have eroded a portion of the anticipated savings that was
noted in the July 22,2003 Staff Report.8. LEGAL AFFAIRS -
None.PAGE 2
ORANGE REDEVELOPMENT AGENCY MINUTES August 26, 2003
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 - Ambriz SECOND -
Alvarez AYES - Ambriz,
Alvarez, Murphy, Coontz, Cavecche The Redevelopment Agency
adjourned at 5: 1 0 p.m.ALf CASSANDRA . ATHCART,
CLERK
OF THE REDEVELOPMENT
AGENCY MARK 1\. MURPHY,
CH AN OFTHEREDEVELOPMEN AGENCY PAGE
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