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4/26110 les <br />RESOLUTION NO. CRA 2010-001 <br />A RESOLUTION OF THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF <br />SANTA ANA MAKING THE FINDING THAT THE <br />AGENCY MUST TRANSFER FUNDS IN ORDER TO <br />MAKE THE 2009-2010 PAYMENT TO THE <br />SUPPLEMENTAL EDUCATIONAL REVENUE <br />AUGMENTATION FUND <br />BE IT RESOLVED BY THE MEMBERS OF THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA, AS FOLLOWS: <br />Section 1. The Community Redevelopment Agency of the City of Santa Ana hereby <br />finds, determines and declares as follows: <br />A. As a result of Assembly Bill 26 (4th Executive Session)("ABx4-26") <br />implementing the Callifornia State Budget for fiscal year 2009-2010, the Community <br />Redevelopment Agency ("Agency") is required to make a $17,889,256 payment to the County <br />Supplemental Educational Revenue Augmentation Fund ("SERAF") by May 10, 2010. <br />B. The legislation allows the Agency to borrow the amount required to be <br />allocated to the Low and Moderate Income Housing Fund during fiscal year 2009-2010 in order <br />to make this payment. 'The funds may be borrowed for up to five years. <br />C. As a condition of borrowing from the Low and Moderate Income Housing <br />Fund pursuant to Health & Safety Code § 33690, the Agency must make a finding that there <br />are insufficient other moneys to remit the required SERAF payment. <br />D. The legislation allows the Agency to use any funds that are legally <br />available and not legally obligated for other uses in order to make the allocation of SERAF <br />funds. The Agency will advance funds in the amount of $6,302,827 from the South Main <br />Commercial Corridor Fund in order to make the required SERAF payment. <br />D. As a condition of transferring from the South Main Commercial Corridor <br />Fund pursuant to Health & Safety Code § 33690, the Agency must make a finding that there <br />are insufficient other moneys to remit the required SERAF payment. <br />E. The legislation implementing the State's fiscal year 2009-2010 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 $17,889,256 payment is not made by the Agency by May 10, <br />2010. <br />F. The allocation obligations shall be an indebtedness of the individual <br />project areas within the! Merged Project Area which have time limits which still allow them to <br />incur debt. <br />EXHIBIT 1 <br />Resolution No. CRA 2010-001 <br />Page 1 of 2 <br />4-3