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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. It is in the best interest of the City and the common benefit of <br />residents, employees, business tenants and property owners within the <br />Project Area and the City as a whole for the Projects to be developed and <br />constructed. <br />M. The City Council and Agency have received and heard all oral and <br />written objections to the proposed payments by the Agency to the City for <br />the Projects as described in the Agreement, and to other matters pertaining <br />to this transaction, and all such oral and written objections are hereby <br />overruled. <br />N. The Agency Board hereby finds and determines that the foregoing <br />findings are true and correct. <br />Section 2. The Agency hereby consents to the payment by the Agency of up to <br />$9,455,000.00 in Agency bond and capital funds from the Merged Project Area for these <br />publicly owned improvements, in accordance with that certain Cooperative Agreement to <br />be executed between the Agency and the City. <br />Section 3. The Executive Director of the Agency, or her/his designee, is hereby <br />authorized to execute the Cooperative Agreement on behalf of the Agency, together with <br />such non-substantive changes as may be approved by the Agency Executive Director <br />and the Agency General Counsel. <br />Section 4. The Executive Director of the Agency, or her/his designee, is hereby <br />8OA-41