2016-079 - Excess Tax Allocation Bond Proceeds

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EXHIBIT A BOND PROCEEDS EXPENDITURE AGREEMENT BOND PROCEEDS EXPENDITURE AGRPEi4ITs' 1 l' 0003A BONDS This BOND PROCEEDS EXPENDITURE AGREEMENT (2003A BONDS) ( "Ageement ") is entered into as of October 4, 2016, by and between the CITY OF SANTA ANA, a charter city and rmmieipal corporation duly organized and existing under the Constitution and laws of the State of California ( "City") and t:be SUCCESSOR AGENCY TO THE FORMER COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, apublic body corponato and politic pursuant to Parts L8 and 1.85 of Division 24 of the California Health & Safety Code ("Successor Agency"). I$kn 1,S A. The City is a charter city and municipal corporation duly organized and existing under the Constitution and laws of the State of California. B. The Successor Agency is a public body, corporate aril politic, organized and operating under Put 1.85 of Division 24 of the Dissolution Law (as defined in Recital D below). C, The Cotnrnunity Redevelopment Agency of the City of Santa Ana ("former Agency") previously was a California public body, corporate and politic, duly €'owned by the City Counleil of the City ( "City Council ") and was organized,, existed and exerefsed the powers of a community redevelopment agency under the California Cornmlt,uity Rotlovolopment Law, Health and Safety Code Section 33000, et sey, ( "CRT. "). D, Assmnbly .Bill xl 26 ("AB x1 26 "), effective on June 28, 201.1, tided Parts 1.8 taut 1.85 to Division 24 of the Califamia 1Iealrh and Safety Code and which laws were modified, in part, and dewrrained constitutional by the California Supreme Court In tine petition C.alfanata Redevelopment Associal on, tit al. v. Ana Ahitoxamos, et at„ Case No. 5194861 ( "Mirtosantns Decision"), which laws and court opinion cautsod the dissolution of all redevelopment agencies and winding down of the affairs of former redevelopment agencies. Thoreatter, such laws were amended further by Assembly Bill 1484 ( "AB 1484' ") that was effective on June 27, 2012, Lind. thereafter further amended by subsequent legislation (together AB xI 26, the Matosarttcas Decision, AB 1484, and subsequent legislation thereto are referred tea as ifao "Dissolution Law' ), All statutory references herein are to the DissOha:ion Law unless Otherwise stated. E. ks of February 1, 2012, the former Agency became a dissolved cotnmmnity redevelopment agency pursuant to the Dissolution Law. F. As of and on and after February 1, 2012, the Successor Agency is performing its iluir tions as ilia successor agency under tho Dissolution Law to administer the onforoaable obligations of the tutuner Agoney and is ougagod in activities necessary and appropriator to wind down the affairs of the former Agency, all subject to the review and approval by a seven - member "Oversight Board„ formed thereunder. G. Section 34191.4(c) of the Dissolution Law allows a successor agency that has received a Finding of Completion (°purling ") to use bond pmceals from bonds issued prior to 2011 for the purposes for which the bonds wore sold, provides that such proceeds in excess of` amounts needed to satisfy approved cnGnrccablc obligations shall be expended in a manner consistent whh the original bond covenants, and further provides that such expenditures shall constitute "excess bond proceeds Resolution No. 2016 -079 Page 6 of 13