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80A - JOINT- RESO - 2003 BONDS
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80A - JOINT- RESO - 2003 BONDS
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9/29/2016 3:16:17 PM
Creation date
9/29/2016 2:59:06 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
80A
Date
10/4/2016
Destruction Year
2021
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Resolution, Agreement, and Appropriation Adjustment — <br />Tax Allocation Bonds, Series 2003A <br />October 4, 2016 <br />Page 2 <br />SUCCESSOR AGENCY ACTION <br />1. Adopt a resolution approving a plan for spending excess tax allocation bond proceeds from <br />the 2003 Series A Tax Allocation Bonds, authorizing a bond proceeds expenditure <br />agreement with the City of Santa Ana, directing the transfer of funds to the City, and making <br />certain findings in connection therewith. <br />2. Authorize the City Manager and the Clerk of the Council to execute the Bond Proceeds <br />Expenditure Agreement with the City of Santa Ana to transfer current excess bond proceeds <br />in the amount of $2,515,560.32 and any future excess bond proceeds to the City for capital <br />improvements, subject to non - substantive changes approved by the City Manager and City <br />Attorney. <br />DISCUSSION <br />Pursuant to Part 1.85 of Division 24 of the California Health & Safety Code ( "Dissolution Law "), <br />the City Council on January 9, 2012, elected for the City to act as the "Successor Agency" to the <br />dissolved Community Redevelopment Agency ( "Agency "). On February 1, 2012, in accordance <br />with the Dissolution Law and the California Supreme Court's decision in California <br />Redevelopment Association v. Matosantos, Case No. S194861, the Agency was dissolved and <br />the City began to serve as the "Successor Agency." The City Council serves as the governing <br />body of the Successor Agency under the Dissolution Law as amended by AB 1484, AB 471, and <br />SB 107, to administer the enforceable obligations of the Agency and otherwise unwind the <br />Agency's affairs. All actions of the Successor Agency are subject to the review and approval by <br />the Oversight Board. <br />The Agency previously issued its South Main Street Redevelopment Project, Tax Allocation <br />Bonds, Series 2003A, in the amount of $20,945,000 and Tax Allocation Refunding Bonds, Series <br />2003B, in the amount of $34,145,000. The Series 2003A bonds were issued to fund <br />redevelopment activities of benefit to the South Main Street Redevelopment Project Area. The <br />Series 2003B bonds were issued to refund the Agency's bonds issued in 1993. <br />Of the $20,945,000 in bond proceeds from Series 2003A, the Agency expended the majority of <br />the proceeds in compliance with the bond covenants prior to the dissolution of the Agency. The <br />Dissolution Law prohibited the Agency from creating new debts and incurring any new <br />obligations. Therefore, bond proceeds in the amount of $2,515,560.32 are currently remaining as <br />of August 31, 2016. Health and Safety Code Section 34191.4(c) allows a successor agency that <br />has received a finding of completion to use bond proceeds from bonds issued prior to January 1, <br />2011 for the purposes for which the bonds were sold. <br />The Successor Agency received its Finding of Completion on November 26, 2014, and <br />accordingly it now has authority to expend the proceeds in a manner consistent with the original <br />bond covenants. In order to accomplish this, the Successor Agency included the remaining bond <br />80A -2 <br />
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