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4/24/06 les <br />RESOLUTION NO. 2006-60-6r 005 <br />A RESOLUTION OF THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF <br />SANTA ANA MAKING THE FINDING THAT THE <br />AGENCY MUST BORROW HOUSING SET ASIDE <br />FUNDS IN ORDER TO MAKE THE 2005 -2006 <br />PAYMENT TO THE 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 Senate Bill 1096 (SB 1096) implementing the California <br />State 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 Augmentation <br />Fund ( "ERAF ") by May 10, 2006. <br />B. The legislation allows the Agency to borrow up to fifty percent of the <br />amount required to be allocated to the Low and Moderate Income Housing Fund during fiscal <br />year 2005 -2006 in order to make this payment. The funds may be borrowed for up to ten <br />years. <br />C. As a condition of borrowing from the Low and Moderate Income Housing <br />Fund pursuant to Health & Safety Code § 33681.12, the Agency must make a finding that there <br />are insufficient other moneys to remit the required ERAF payment. <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 May <br />10, 2006. <br />Section 2. The Agency hereby finds that borrowing $3,330,894.37 from the Low and <br />Moderate Income Housing funds is necessary due to the insufficiency of other revenue <br />sources. <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 />Section 4. This Resolution shall take effect immediately upon its adoption by the City <br />Council, and the Clerk of the Council shall attest to and certify the vote adopting this <br />Resolution. <br />4 -5 <br />