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EXHIBIT 3 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 ( "ROPS "). H. The Successor Agency received the Finding from the State of California Department of Finance dated as of November 26, 2014. I. The CRL pre - dissolution provided for, and the Dissolution Law post - dissolution continues to provide for, a cooperative relationship between sponsoring cities and their redevelopment agencies, as well as their successor agencies who have assumed the duties and obligations of the former redevelopment agencies. Under CRL Section 33220, a city may aid and cooperate in the planning, undertaking, construction, or operation of redevelopment projects. CRL Section 33220(c) specifically authorizes a city to enter into an agreement with its redevelopment agency or any other public entity tofurtheu •redevelopmentpttrposes. Section 34178(a) of the Dissolution Law allows a successor agency and its sponsoring city to enter into agreements, subject to Oversight Board approval under Section 34180(h) of the Dissolution Law. I The Successor Agency has and will have proceeds of its Community Redevelopment Agency of the City of Santa Ana, Tax Allocation Bonds (Merged Proj Oct Area), 2011 Series A ( "2011 A Bonds ")(together with other finds described in Section 2.1 below, "Bond Proceeds ") that are not otherwise obligated for a project or other enforceable obligation. The Successor Agency desires to transfer from such Bond Proceeds those amounts to the extent allowed under Section 34191.4(c)(2) of the Dissolution Law (as so defined, "Excess Bond Proceeds ") to the City to enable the City to expend such Excess Bond Proceeds for redevelopment and other public purposes consistent with all applicable covenants of the 2011A Bonds. K. The Successor Agency desires to transfer its Excess Bond Proceeds to the City to enable the City to use such Excess Bond Proceeds in a manner consistent with the covenants of the 201 IA Bonds and to undertake projects and programs that were not previously funded and obligated by the former Agency pre - dissolution or by the Successor Agency post - dissolution, or by the City pre - or post - dissolution. The City has adopted a spending plan for using such Excess Bond Proceeds ( "Bond Spending Plan") to advance the City's community development goals while maximizing fiscal and social benefits flowing to the affected taxing entities from successfid development. The City Council and Successor Agency Board have found that the use of Excess Bond Proceeds are in accordance with the Bond Spending Plan to fiord various capital improvements within and outside the former Santa Ana Merged Project Area (for which a benefit resolution shall have been adopted by the Successor Agency) and are in accordance with CRL Sections 33445, 33445, 1, and 33679 and other applicable law. L. In order to facilitate the use of Excess Bond Proceeds consistent with all applicable - — bond- (vmrtnts, the-Successo -- Agemiyanzl- the - City- have - negotiated- this-A-grcement- requiiing -the transfer of current and future excess bond proceeds by the Successor Agency to the City, and the City's agreement to use such proceeds consistent with all applicable covenants, conditions, restrictions and obligations under the 2011A Bonds. The parties intend that this Agreement shall constitute an excess bond proceeds obligation within the meaning of the Dissolution Law to be paid from Excess Bond Proceeds, With Oversight Board approval, the Successor Agency has listed this Agreement, and the requirement to transfer excess bond proceeds herein, on its ROPS 2016 -17 as an obligation to be funded with Excess Bond Proceeds, and as and if applicable, will list on successive ROPS if required by the Dissolution Law. ,. 1 .