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previously incurred obligations and planned projects. <br />J. The Agency approved the sale and issuance of tax allocation bonds <br />which included approximately Six Million One Hundred Thousand <br />($6,100,000) dollars in new debt to finance the proposed Projects. Further, <br />there are 2003 bond proceeds from the South Main Project Area <br />(approximately $2,500,000) which can be used for this capital <br />improvement/construction project, as well as $900,000 from the merged <br />project capital fund which can be of benefit to the Merged Project Area. <br />The actions recommended provide an opportunity to affirm the use of bond <br />proceeds pursuant to the Official Statement and budgeted capital project <br />funds for the improvements mentioned herein. <br />K. The City further finds and determines that the payment of funds for <br />the construction of the publicly owned improvements is consistent with the <br />Implementation Plan adopted pursuant to Health and Safety Code Section <br />33490. <br />L. The City finds that it is in the best interests of the City and the <br />common benefit of residents, employees, business tenants and property <br />owners within the Project Area and the City as a whole for the Projects to <br />be developed and constructed. <br />M. The City Council has received and heard all oral and written <br />objections to the proposed payments by the Agency to the City for the <br />Projects as described in the Agreement, and to other matters pertaining to <br />this transaction, and all such oral and written objections are hereby <br />overruled. <br />N. The City Council hereby finds and determines that the foregoing <br />findings are true and correct. <br />Section 2. The City Council hereby consents to the payment by the Agency of <br />up to $9,445,000.00 in Agency funds from the Merged Project Area as well as bond funds <br />for these publicly owned improvements, in accordance with that certain Cooperative <br />Agreement to be executed between the Agency and the City. <br />Section 3. The City Manager is hereby authorized to take all steps, and to sign <br />all documents and instruments necessary to implement and cant' out the Resolution and <br />Cooperative Agreement on behalf of the City. <br />Section 4. The Clerk of the Council shall attest to and certify the vote adopting <br />this Resolution. <br />3 <br />8OA-37