80B - JOINT - RESO - 2011 BONDS - Laserfiche WebLink

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EXHIBIT 3 NOW, THEREFORE, the parties hereto do mutually agree as follows: RECITALS The recitals above are an integral part of this Agreement and set fotth the intentions of the parties and the premises on which the parties have decided to enter into this Agreement. 2. DEFINITIONS For purposes of this Agreement, the following terms shall have the indicated meaning: 2.1 "Dissolution Law" is defined in Recital D. 2,2 `Bond Proceeds" is defined in Recital J and also includes (1) proceeds from the 2011A Bonds and interest earned thereon, (2) rents, sale proceeds and other revenues generated by properties acquired and/or improved with proceeds from the 2011A Bonds, (3) interest and principal paid on loans funded by proceeds from the 2011 A Bonds, (4) moneys held by the trustee in connection with the issuance of the 2011 A Bonds, and (5) other income or revenues generated from assets acquired or funded with proceeds from the 2011A Bonds. 2.3 "Excess Bond Proceeds" means Bond Proceeds that are not needed to satisfy Enforceable Obligations listed on an approved ROPS and which are available pursuant to Health & Safety Code Section 34191.4(c)(2). 2.4 "Enforceable Obligations" mean enforceable obligations, other than Excess Bond Proceeds obligations, as defined under the Dissolution Law. 2.5 `Bond Spending Plan" is defined in Recital K. SUCCESSOR AGENCY OBLIGATIONS The Successor Agency shall have the following obligations under this Agreement: 3.1 Current, Excess Bond Proceeds. The Successor Agency shall transfer to the City, as soon as practicable and no later than January 1, 2017, Excess Bond Proceeds currently held by the Successor Agency in an amount not to exceed (i) $260,695, together with any additional arnormts as may be authorized pursuant to Health & Safety Code Section 34191.4(c)(2) (which amount, as so determined, constitutes the `Base Amount "), and any interest accrued thereon, together with (ii) such amounts as are held by the trustee for the 2011A Bonds which represent any portion of the Base Amount (the "Trustee Amount "). 3.2 Future Excess Bond Proceeds. The Successor Agency shall transfer to the City all future Excess Bond Proceeds held or received by the Successor Agency. Such future Excess Bond Proceeds shall include, without limitation, (1) Bond Proceeds previously obligated to a project or other Enforceable Obligation that become unobligated for any reason, and interest earned thereon, (2) Bond Proceeds that become available in the form of rents, sale proceeds, loan repayments, other income, or other revenues that are generated by properties or other assets acquired and /or improved with Bond Proceeds and that are not otherwise obligated to a project, program, or other Enforceable Obligation, and (3) any other funds held by the Successor Agency that qualify as Excess Bond Proceeds under this Agreement. ,. 1 .