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EXHIBIT 3 The parties intend that payments of future Excess Bond Proceeds be made to the City as soon as possible after such Excess Bond Proceeds become available. The transfer of future Excess Bond Proceeds to the City shall be made pursuant to an approved ROPS within 30 days of the commencement of the relevant ROPS period. The Successor Agency shall be responsible for ensuring that payments of future Excess Bond Proceeds to the City, as such funds become available, are included on the next possible BOPS. 33 Projects Funded By Excess Bond Proceeds. The Successor Agency assigns to the City all responsibilities in relation to the administration and implementation of any projects or programs 'funded by Excess Bond Proceeds; provided that a ten percent (10 %) reserve will be held by the trustee for the 2011A Bonds The Successor Agency assigns to the City all contracts entered into by the Successor Agency post - dissolution or the former Agency pre- dissolution related to the expenditure of Excess Bond Proceeds and any activities to be funded by Excess Bond Proceeds, with the exception of those contracts relating to Enforceable Obligations, including the bond documents for the 2011A Bonds, which shall be retained by the Successor Agency. The transfer of moneys held by the trustee for the 2011A Bonds shall remain subject to the terms of the indenture of trust prepared in connection with the issuance of the 201 IA Bonds (the "2011A Indenture "). 4. CITY OBLIGATIONS The City shall have the following obligations under this Agreement: 4.1 Excess Bond Proceeds. The City shall accept, hold, disburse and administer Excess Bond Proceeds transferred to the City by the Successor Agency under this Agreement, including current Excess Bond Proceeds and future Excess Bond Proceeds. The City shall retain any Excess Bond Proceeds that it receives, such as revenue generated from properties acquired or improved with Excess Bond Proceeds or payments on loans funded, from Excess Bond Proceeds, without any obligation to return such fiends to the Successor Agency, and shall use such funds for uses consistent with applicable covenants of the 2011A Bonds. The City may spend Excess Bond Proceeds received or retained under this Agreement on any project, program, or activity authorized under the Bond Spending Plan. Notwithstanding anything to the contrary in this Agreement or the Bond. Spending Plan, the City shall spend Excess Bond Proceeds consistent with all covenants of the 2011A Bonds applicable to the particular Excess Bond Proceeds. The City shall be solely responsible for ensuring that Excess Bond Proceeds are maintained and spent in accordance with all covenants of the 2011A Bonds and other applicable laws. The City may transfer funds between approved projects, programs and activities. The Trustee Amount remains subject to the terms of the 2011A Indenture. - -- — JPhL—CitTherehy- assumes- all - contracts- entered- intcror- assumed -by- the- Stteeessor- Agency post dissolution or entered into by the former Agency pre - dissolution related to the expenditure of Excess Bond Proceeds and any activities to be funded by Excess Bond Proceeds, with the exception of those contracts relating to Enforceable Obligations, which shall be retained by the Successor Agency. The City shall perform its obligations hereunder, and under such assumed contracts, in accordance with the applicable provisions of federal, state and local laws, including the obligation to comply with environmental laws such as CEQA and /or NEPA, and shall timely complete the work required for each project commenced by the City pursuant to this Agreement and the Bond Spending Plan. 1P .