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REQUEST FOR COUNCIL SUCCESSOR AGENCY ACTION CITY COUNCIL MEETING DATE: OCTOBER 4, 2016 TITLE: RESOLUTION APPROVING A PLAN FOR SPENDING EXCESS 2003 SERIES A TAX ALLOCATION BONDS AND AUTHORIZING A BOND PROCEEDS EXPENDITURE AGREEMENT; APPROPRIATION ADJUSTMENT TO TRANSFER 2003 SERIES A BOND PROCEEDS TO THE CITY {STRATEGIC PLAN NOS. 4, 1 & 6, 1G) 2' / Z CITY MANAGER RECOMMENDED ACTION CITY COUNCIL ACTION CLERK OF COUNCIL USE ONLY: ❑ As Recommended ❑ As Amended ❑ Ordinance on 1s' Reading ❑ Ordinance on 2"' Reading ❑ Implementing Resolution ❑ Set Public Hearing For CONTINUED TO FILE NUMBER 1. Adopt a resolution approving a plan for spending excess tax allocation bond proceeds from the 2003 Series A Tax Allocation Bonds, authorizing a bond proceeds expenditure agreement with the Successor Agency, and making certain findings in connection therewith. 2. Authorize the City Manager and the Clerk of the Council to execute the Bond Proceeds Expenditure Agreement with the Successor Agency to the former Community Redevelopment Agency to receive current excess bond proceeds in the amount of $2,515,560.32 and any future excess bond proceeds, and to expend the funds for capital improvements, subject to non - substantive changes approved by the City Manager and City Attorney. 3. Approve an appropriation adjustment recognizing $2,515,560.32 in the Successor Agency 2003 Series A Bonds prior year carry forward account (no. 65218002 - 50001) and appropriating same to the expenditure account (no. 65218020 - 69142); approve an appropriation adjustment recognizing $2,515,560.32 in the CDA Capital Projects Fund in revenue account (no. 41818002 - 59899) and appropriating same to expenditure account (nos. 41818831 -66220 and 41818831 - 69011). 3 -1