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<br />4/24/06 les <br /> <br />'-' <br /> <br />RESOLUTION NO. CRA 2006-005 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA MAKING THE <br />FINDING THAT THE AGENCY MUST BORROW HOUSING <br />SET ASIDE FUNDS IN ORDER TO MAKE THE 2005-2006 <br />PAYMENT TO THE EDUCATIONAL REVENUE <br />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 1096 (SB 1096) implementing the California State <br />Budget for fiscal year 2004-2005, the Community Redevelopment Agency ("Agency") is <br />required to make a $3,330,894.37 payment to the County Educational Revenue <br />Augmentation Fund ("ERAF") by May 1 0, 2006. <br /> <br />B. The legislation allows the Agency to borrow up to fifty percent of the amount <br />required to be allocated to the low and Moderate Income Housing Fund during fiscal year <br />2005-2006 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 9 33681.12, the Agency must make a finding that <br />there are insufficient other moneys to remit the required ERAF payment. <br /> <br />D. The legislation implementing the State's fiscal year 2004-2005 budget also <br />authorized the County Auditor/Controller to withhold property tax revenue from the City's <br />general fund to the extent that the $3,330,894.37 payment is not made by the Agency by <br />May 10, 2006. <br /> <br />Section 2. The Agency hereby finds that borrowing $3,330,894.37 from the low <br />and Moderate Income Housing funds is necessary due to the insufficiency of other <br />revenue sources. <br /> <br />Section 3. The Executive Director of the Agency is hereby authorized to take all <br />necessary actions and to sign all documents and instruments necessary to make the <br />$3,330,894.37 payment to the County Auditor for deposit into the Educational Revenue <br />Augmentation Fund on or before May 10,2006. <br /> <br />Section 4. This Resolution shall take effect immediately upon its adoption by <br />the City Council, and the Clerk of the Council shall attest to and certify the vote adopting <br />this Resolution. <br /> <br />'-' <br /> <br />Resolution No. eRA 2006-005 <br />Page 1012 <br />