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Resolution, Agreement, and Appropriation Adjustment — Tax Allocation Bonds, Series 2003A October 4, 2016 Page 3 proceeds on the Recognized Obligation Payment Schedule (ROPS) 16 -17 and planned to expend via transfer of funds to the City, as allowed by the Dissolution Law. On May 17, 2016, the State Department of Finance (DOF) pre- authorized the transfer of the remaining Series 2003A bond proceeds to the City, pending final review of the bond expenditure agreement between the City and the Successor Agency approved by the Oversight Board. Upon the City Council and Successor Agency Board's approval of the recommended actions, the bond proceeds expenditure agreement will be submitted to the Oversight Board for approval on October 11, 2016. The City plans to expend the bond proceeds to construct public improvements within the former Agency's South Main Street Redevelopment Project Area, in compliance with the bond covenants (Exhibit B of Exhibits 1 & 2). STRATEGIC PLAN ALIGNMENT Approval of this item assists the City in meeting Goal #4 — City Financial Stability, Objective #1 (Maintain a stable, efficient and transparent financial environment); Goal #6 — Community Facilities & Infrastructure, Objective #1 (Establish and maintain a Community Investment Plan for all City assets), Strategy G (develop and implement the City's Capital Improvement Program in coordination with the Community Investment and Deferred Maintenance Plans (e.g. transit vision, street car, fixed guideway project, SARTC master plan, Bristol Street widening, neighborhood streets, traffic improvements, park facilities, sport fields, soccer fields, senior centers, bike master plan, etc.). FISCAL IMPACT Approval of the appropriation adjustment will recognize $2,515,560.32 in the Successor Agency's 2003 Series A Bonds prior year carry forward account (no. 65218002 - 50001) and appropriate same to the expenditure account (no. 65218020 - 69142). The appropriation adjustment will also recognize $2,515,560.32 in the CDA Capital Projects Fund in revenue account (no. 41818002 - 59899) and appropriate to the following accounts: Account Projected Expenditure in Amount 41818831 -66220 FY 2016 -17 $ 552,183.00 41818831 -69011 FY 2017 -18 $1,963,377.32 Total $2,515,560.32 APPROVED AS TO FUNDS AND ACCOUNTS: Re ortez / __ -. Francisco Gutierrez Z� O Deputy City Mani Executive Director City Manager's Office Finance and Management Services Agency • I .