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<br />. <br /> <br />RESOLUTION NO. CRA 2004-07 <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 <br />ASIDE FUNDS IN ORDER TO MAKE THE 2003- <br />2004 PAYMENT TO THE EDUCATIONAL <br />REVENUE AUGMENTATION FUND <br /> <br />BE IT RESOLVED BY THE MEMBERS OF THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, AS FOLLOWS: <br /> <br />Section 1. The Community Redevelopment Agency of the City of Santa Ana <br />hereby finds, determines and declares as follows: <br /> <br />A. As a result of Senate Bill 1045 (SB 1045) implementing the <br />California State Budget for fiscal year 2003-2004, the Community Redevelopment <br />Agency ("Agency") is required to make a $1,830,569 payment to the County Educational <br />Revenue Augmentation Fund ("ERAF") by May 1 0, 2004. <br /> <br />. <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 <br />fiscal year 2003-2004 in order to make this payment. The funds may be borrowed for up <br />to ten years. <br /> <br />C. As a condition of borrowing from the Low and Moderate Income <br />Housing Fund pursuant to Health & Safety Code § 33681, the Agency must make a <br />finding that there are insufficient other moneys to remit the required ERAF payment. <br /> <br />D. The legislation implementing the State's fiscal year 2003-2004 <br />budget authorized the County Auditor/Controller to withhold property tax revenue from the <br />City's general fund to the extent that the $1,830,569 payment is not made by the Agency <br />by May 10, 2004. <br /> <br />E. SB 1045 also includes a provision that allows the legislative body to <br />adopt an ordinance to amend the redevelopment plan extending the time limit on the use <br />of tax increment to repay indebtedness and extend the time limit on the use of tax <br />increment to repay indebtedness and extend the plan effectiveness by one year for a <br />redevelopment agency making an ERAF payment. <br /> <br />Section 2. The Agency hereby finds that borrowing $1,830,569 from the Low and <br />Moderate Income Housing funds is necessary due to the insufficiency of other revenue <br />sources. <br /> <br />. <br /> <br />Resolution No. CRA 2004-07 <br />Page 1012 <br />