2016-079 - Excess Tax Allocation Bond Proceeds

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WHEREAS, City and Successor Agency staff have prepared a spending plan for using such Excess Bond Proceeds ( "2003 Bond Spending Plan ") to advance the City's community development goals while maximizing fiscal and social benefits flowing to the taxing entities from successful development; and WHEREAS, in order to facilitate the use of Excess Bond Proceeds consistent with all applicable bond covenants, the Successor Agency and the City have negotiated the terms of that certain Bond Proceeds Expenditure Agreement ("2003 Agreement ") requiring the transfer of current and future Excess Bond Proceeds by the Successor Agency to the City, and the City's use of such proceeds consistent with all applicable bond covenants; and WHEREAS, upon receiving Oversight Board approval, the Successor Agency will transfer the Excess Bond Proceeds as referenced in the 2003 Agreement to the City; and WHEREAS, the City desires to approve the 2003 Agreement and the 2003 Bond Spending Plan in substantially the form attached hereto as Exhibits A and B, respectively. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: Section 1. Each of the foregoing recitals is true and correct. Section 2. The City Council hereby finds and determines, based on all evidence and testimony contained in the record before it, that the use of Excess Bond Proceeds will be accomplished in accordance with the 2003 Bond Spending Plan to fund projects referenced therein. Section 3. The City Council hereby finds and determines, based on all evidence and testimony contained in the record before it, as follows: A. That the acquisition of land and the installation or construction of the projects will be of benefit to the Successor Agency's redevelopment project area by helping to eliminate one or more blight conditions within the project area; B. That due to fiscal constraints on the City's general fund and various capital projects competing for limited City funds, the City's capital improvement budget is unable to provide funding for the projects, and therefore no other reasonable means of financing the projects are available to the City other than Successor Agency funding; and C. Approval of this Resolution and the transfer of the Excess Bond Proceeds, as more fully described in the 2003 Agreement substantially in the form submitted herewith will facilitate the expenditure of the Excess Bond Proceeds. Resolution No. 2016 -079 Page 3 of 13