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<br />. <br /> <br />RESOLUTION NO. 93- 1G <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOP- <br />MENT AGENCY OF THE CITY OF SANTA ANA <br />FINDING THE NECESSITY TO BORROW MONEY <br />FROM THE LOW- AND MODERATE-INCOME HOUS- <br />ING FUND TO PAY PART OF THE AGENCY'S RE- <br />QUIRED ALLOCATION TO THE EDUCATIONAL <br />REVENUE AUGMENTATION FUND <br /> <br />WHEREAS, on September 14,1992 the State of California enacted <br />1992 Statutes, Chapter 699 (Senate Bill No. 617), which added <br />Article 7, "School Finance" (commencing with section 33680) to Part <br />1, the "Community Redevelopment Law," of Division 24 of the Health <br />and Safety Code of the State of California; and <br /> <br />WHEREAS, section 33681 of said Article 7, "School Finance," <br />requires redevelopment agencies, in the fiscal year 1992-93, to <br />allocate money to the Educational Revenue Augmentation Fund, <br />created pursuant to California Revenue and Taxation Code section <br />97.03, in an amount determined by the State Director of Finance <br />pursuant to section 33681; and <br /> <br />. <br /> <br />WHEREAS, the Director of Finance has determined that the <br />allocation due to the Educational Revenue Augmentation Fund from <br />the Community Redevelopment Agency of the city of Santa Ana is <br />$4,564,655; and <br /> <br />WHEREAS, subsection (b) of said section 33681 allows a <br />redevelopment agency to borrow up to 50 percent of the amount in <br />its Low- and Moderate-Income Housing Fund in order to pay its <br />allocation to the Educational Revenue Augmentation Fund, if it can <br />do so without impairing existing contracts and if the agency finds <br />that there are insufficient other moneys to pay that allocation; <br />and <br /> <br />WHEREAS, due to the appropriations made by the community <br />Redevelopment Agency of the City of Santa Ana in the adoption of <br />its budget for the fiscal year 1992-93 prior to the enactment of <br />1992 Statutes, Chapter 699, money available to the community <br />Redevelopment Agency of the City of Santa Ana from sources other <br />than its Low- and Moderate-Income Housing Fund to pay its Educa- <br />tional Revenue Augmentation Fund allocation is $1,000,000 less than <br />the amount of that allocation; and <br /> <br />WHEREAS, $1,000,000 is less than 50 percent of the amount of <br />money in the Low- and Moderate-Income Housing Fund of the Community <br />Redevelopment Agency of the City of Santa Ana; and <br /> <br />WHEREAS, the use by the Community Redevelopment Agency of the <br /> <br />. <br /> <br />1 <br />