80A - JOINT- RESO - 2003 BONDS - Laserfiche WebLink

Home Browse Search

EXI-IIM r I WHEREAS, Section 34191.4(c) of the Dissolution Law allows a successor agency that has received a finding of completion to use bond proceeds from bonds issued prior to 2011 for the purposes for which the bonds were sold, provides that such proceeds in excess of amounts needed to satisfy approved enforceable obligations shall be expended in a manner consistent with the original bond covenants, and further provides that such expenditures shall constitute "excess bond proceeds obligations" that shall be listed separately on the successor agency's Recognized Obligation Payment Schedule; and WHEREAS, the Successor Agency received its Finding of Completion under Health and Safety Code Section 34179.7 from the California Department of Finance on November 26, 2014; and WHEREAS, the California Community Redevelopment Law (Health and Safety Code Section 33000, et seq.) provides for a cooperative relationship between cities and their redevelopment agencies, as well as their successor agencies who have assumed the duties and obligations of the former redevelopment agencies; and WHEREAS, under Health and Safety Code Section 33220, a city may aid and cooperate in the planning, undertaking, construction, or operation of redevelopment projects; and WHEREAS, Health and Safety Code Section 33220(e) specifically authorizes a city to enter into an agreement with its redevelopment agency or any other public entity to further redevelopment purposes; and WHEREAS, Health and Safety Code Section 34178(a) allows a successor agency and its sponsoring city to enter into agreements, subject to Oversight Board approval pursuant to Health and Safety Code Section 34180(h); and WHEREAS, the Successor Agency has and will have proceeds of its Community Redevelopment Agency of the City of Santa Ana, South Main Street Redevelopment Project, Tax Allocation Bonds, Series 2003A (the °2003A Bonds ") that are not otherwise obligated for a project or other enforceable obligation as more fully described below; and WHEREAS, the Successor Agency desires to transfer such Excess Bond Proceeds (defined in the 2003 Agreement, as described below) to the City to enable the City to expend such Excess Bond Proceeds for redevelopment purposes consistent with all applicable bond covenants; and WHEREAS, the Successor Agency desires to transfer its Excess Bond Proceeds to the City and City is willing to accept such Excess Bond Proceeds to enable the City to use such Excess Bond Proceeds in a manner consistent with the original bond covenants and to undertake projects and programs that were not previously funded and obligated by the Successor Agency or the City; and WHEREAS, City and Successor Agency staff have prepared a spending plan for using such Excess Bond Proceeds ( "2003 Bond Spending Plan ") to advance the City's Resolution No. 2016 -XXX Page 2 of 7 • RM