RES-10257 Approval of Sale and Delivery of Tax Allocation Bonds for Orange Merged and Amended Redevelopment ProjectRESOLUTION NO. 10257
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE APPROVING THE ISSUANCE,
SALE AND DELIVERY BY THE ORANGE
REDEVELOPMENT AGENCY OF ITS TAX
ALLOCATION BONDS FOR THE ORANGE
MERGED AND AMENDED REDEVELOPMENT
PROJECT AREA AND MAKING CERTAIN
FINDINGS PURSUANT TO CALIFORNIA HEALTH
AND SAFETY CODE SECTION 33445.
WHEREAS, the Orange Redevelopment Agency (the Agency) is a redevelopment
agency authorized pursuant to the Community Redevelopment Law of the State of California,
being Part 1 of Division 24 (commencing with Section 33000) of the California Health and
Safety Code, as amended (the Law) to incur indebtedness for the purpose of financing and
refinancing certain redevelopment activities for the benefit of its redevelopment project areas;
and
WHEREAS, pursuant to the Law, the City Council of the City of Orange (the City)
approved and adopted a redevelopment plan (the Redevelopment Plan) for a redevelopment
project area of the Agency known and designated as the Orange Merged and Amended
Redevelopment Project Area (the Project Area) - whichmerged three formerly separate redevelopment
project areas: the Tustin Street Project Area, the Southwest Project Area and the
Northwest Project Area - and all requirements of law for, and precedent to, the adoption and approval
of the Redevelopment Plan have been duly complied with; and WHEREAS, the
Redevelopment Plan contemplates that the Agency would issue from time to
time bonds to finance or refinance a portion of the costs of the redevelopment of the Project Area;
and WHEREAS, the
Agency desires to issue its Orange Merged and Amended Redevelopment Project
Area 2008 Tax Allocation Bonds, Series A (the 2008A Bonds), to finance the
costs of certain projects of benefit to the Project Area, which are currently expected to include
some or all of the acquisition, renovation and improvements listed in Exhibit A (the Projects); and
WHEREAS, Section
33640 of the Law requires the Agency to obtain the approval of the City
Council before the issuance of the 2008A Bonds; and WHEREAS, the
City Council, with the aid of its staff, has reviewed the documentation relating to
the issuance of the 2008A Bonds and desires to approve the issuance, sale and delivery of
the 2008A Bonds by the Agency; and WHEREAS, pursuant
to Section 33679 of the California Health and Safety Code, after notice duly
published in accordance with law, the City Council held a public hearing on this
date with respect to use of tax increment revenues for the proposed Projects to be financed by
the issuance of the 2008A Bonds and received evidence concerning the public benefits
therefrom; and
WHEREAS, there has been made available in the office of the City Clerk for two
weeks prior to such public hearing for public inspection and copying, at a cost not to exceed
the cost of duplication, a summary report (the Summary Report) which includes all of the
following: (i) an estimate of the amount of tax increment revenues allocated to the Agency
which the Agency proposes to use to pay for all or part of the cost of the Projects, including
interest payments; (ii) the facts supporting the determinations required to be made by the
Agency pursuant to California Health and Safety Code Section 33445; and (iii) the
redevelopment purpose for which such tax increment revenues will be used to pay for the
Projects.
NOW, THEREFORE, the City council of the City of Orange hereby finds,
determines, resolves and orders as follows:
Section 1.Recitals. The above recitals, and each of them, are true and correct.
Section 2. Approval of Financing. The issuance, sale and delivery of the 2008A
Bonds by the Agency are hereby approved.
Section 3. Further Findings Regarding Projects. The City Council hereby finds and
determines, based on the Summary Report and other information presented to the City Council
as follows: (i) the Projects are of benefit to the Project Area; (ii) the payment of funds for the
cost of such land acquisition and public capital improvements will assist in the elimination of
one or more blighting conditions inside the Project Area; (iii) the payment of funds for the cost
of the Projects is consistent with the Agency's implementation plan adopted pursuant to Health
and Safety Code Section 33490; and (iv) no other reasonable means of financing such
improvements is available to the City.
Section 4. Approval of Payment by Agency. The City Council hereby approves
payment by the Agency for the cost of the Projects from funds legally available to the Agency,
including tax increment revenues from the Project Area.
Section 5. Other Acts. Each officer of the City is hereby authorized and directed,
jointly and severally, to execute and deliver such documents and instruments and to do such
things which may be necessary or proper for assisting the Agency in connection with the
issuance, sale and delivery of the 2008A Bonds and to effectuate the purposes of this
Resolution, and any such actions previously taken by such officers are hereby ratified and
confirmed.
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Section 6.
adoption.
Effective Date. This Resolution shall take effect immediately upon
ADOPTED this 26th day of February, 2008
ATTEST:
Mary
I, MARY E. MURPHY, City Clerk of the City of Orange, California, do 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 26th day of February, 2008, by the following
vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCILMEMBERS: Smith, Murphy, Dumitru, Bilodeau
COUNCILMEMBERS: Cavecche
COUNCILMEMBERS: None
COUNCILMEMBERS: None
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