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04/09/03 <br /> <br />RESOLUTION NO. 2003-04 <br /> <br />A RESOLUTION OF THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF <br />SANTA ANA MAKING THE FINDING THAT THE <br />AGENCY MUST BORROW HOUSING SET ASIDE <br />FUNDS IN ORDER TO MAKE THE 2002-2003 <br />PAYMENT TO THE EDUCATIONAL REVENUE <br />AUGMENTATION FUND <br /> <br /> BE IT RESOLVED BY THE MEMBERS OF THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA, AS FOLLOWS: <br /> <br /> Section 1. The Community Redevelopment Agency of the City of Santa Ana hereby <br />finds, determines and declares as follows: <br /> <br /> A. As a result of legislation implementing the California State Budget for fiscal <br />year 2002-2003, the Community Redevelopment Agency ("Agency") is required to make a <br />$1,058,013 payment to the County Educational Revenue Augmentation Fund ("ERAF") by May <br />10, 2003. <br /> <br /> B. The legislation allows the Agency to borrow up to fifty percent of the <br />amount required to be allocated to the Low and Moderate Income Housing Fund during fiscal <br />year 2002-2003 in order to make this payment. The funds may be borrowed for up to ten <br />years. <br /> <br /> C. As a condition of borrowing from the Low and Moderate Income Housing <br />Fund pursuant to Health & Safety Code § 33681, the Agency must make a finding that there <br />are insufficient other moneys to remit the required ERAF payment. <br /> <br /> D. In fiscal year 1992-1993, the State legislature adopted similar legislation <br />requiring the Agency to make a payment to the ERAF. At that time the Agency borrowed <br />$1,000,000 from the Low and Moderate Income Housing Fund. Repayment of this loan was <br />anticipated in the Agency's fiscal year 2002-2003 budget. Health and Safety Code section <br />33681 (b) 2 allows repayment of the fiscal year 1992-1993 ERAF to be delayed for one <br />additional year, to fiscal year 2003-2004. The Agency will be using this provision to defer <br />payment accordingly. <br /> <br /> E. The legislation implementing the State's fiscal year 2002-2003 budget <br />authorized the County Auditor/Controller to withhold property tax revenue from the City's <br />general fund to the extent that the $1,058,013 payment is not made by the Agency by May 10, <br />2003. <br /> <br /> Section 2. The Agency hereby finds that borrowing $1,058,013 from the Low and <br />Moderate Income Housing funds is necessary due to the insufficiency of other revenue <br />sources. <br /> <br /> <br />