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