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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 93-19 <br /> <br />A RESOLUTION OF THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF <br />SANTA ANA MAKING CERTAIN FINDINGS <br />PURSUANT TO SECTION 33334.2 OF THE <br />COMMUNITY REDEVELOPMENT LAW FOR <br />FISCAL YEAR 1993-94. <br /> <br />WHEREAS, section 33334.6 was added to the Community <br />Redevelopment Law (Health and Safety Code sections 33000 et sea.) <br />by Chapter 1135 of the Statutes of 1985 of the State of California <br />(Assembly Bill No. 265); and <br /> <br />WHEREAS, said section 33334.6 has the effect of <br />requiring, subject to certain exceptions, that the Community <br />Redevelopment Agency of the City of Santa Ana (the "Agency") <br />deposit at least 20 percent of the tax increment revenues from its <br />original ("Central city") redevelopment project area (as <br />established by the Santa Ana Redevelopment Plan as amended by <br />Ordinance No. NS-1258 on June 2, 1975) into said Agency's "Low and <br />Moderate Income Housing Fund;" and <br /> <br />WHEREAS, among the exceptions to said requirement is the <br />exception set forth in paragraph (3) of subdivision (a) of section <br />33334.2 of the Community Redevelopment Law, to the effect that the <br />Agency may, in lieu of providing such deposit into the "Low and <br />Moderate Income Housing Fund" from its tax increment revenue from <br />the "Central City" project area, provide an equivalent deposit of <br />funds derived from other sources; and <br /> <br />WHEREAS, the city of Santa Ana has created five <br />redevelopment project areas in addition to the "Central City" <br />redevelopment project area, and the Agency has, in three of these <br />additional project areas, allocated tax increment revenues well in <br />excess of the 20 percent minimum allocation to its "Low and <br />Moderate Income Housing Fund;" and <br /> <br />WHEREAS, the total of such excess allocations exceeds 20 <br />percent of the tax increment revenues derived from the "Central <br />city Project Area" for fiscal year 1993-1994; and <br /> <br />WHEREAS, the Agency has entered into contractual <br />obligations to bondholders prior to 1991 with regard to the <br />"Central city Project Area" in reliance on the ability of the <br />Agency to provide deposits into the Low and Moderated Income Fund" <br />equivalent to 20 percent of the tax increment revenue from that <br />project area from other sources, which obligations would be <br />impaired if the Agency were not able to do so; <br /> <br />1 <br />