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3. Ratification of Direction to Apply Unspent Proceeds. The City Council acting <br />for the Successor Agency, ratifies and confirms its direction to transfer <br />unspent proceeds of the Series 2011 Bonds in the amount of approximately <br />$5,831,789 (as of August 31, 2018) and/or the amount upon closing of the <br />financial transaction to the respective redemption fund, and to apply such <br />proceeds to defease an equal amount of outstanding Series 2011 Bonds, as <br />specified in its resolution adopted on July 17, 2018, in accordance with <br />Health & Safety Code Section 34191.4(c). <br />4. Other Acts. The officers and staff of the Successor Agency are hereby <br />authorized and directed, jointly and severally, to do any and all things to <br />execute and deliver any and all documents, which in consultation with Orrick, <br />Herrington & Sutcliffe LLP, the Successor Agency's bond counsel, they may <br />deem necessary or advisable in order to consummate the issuance, sale and <br />delivery of the Bonds, or otherwise effectuate the purposes of this Resolution, <br />and any and all such actions previously taken by such officers or staff <br />members are hereby ratified and confirmed. <br />5. Effective Date. This Resolution shall take effect upon adoption. <br />ADOPTED this 2nd day of October, 2018. <br />APPROVED AS TO FORM: <br />Sonia R. Carvalho. <br />City Attorney <br />AYES: <br />NOES: <br />Councilmembers Benavides, Martinez, Pulido, Solorio, Tinalero <br />Villegas (6) <br />Councilmembers <br />ABSTAIN: Councilmembers <br />NOT PRESENT: Councilmembers <br />None (0) <br />None (0) <br />Sarmiento (1) <br />Resolution No. 2018-076 <br />Page 3 of 4 <br />