2016-079 - Excess Tax Allocation Bond Proceeds

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obligations" that shall be listed sepurutcly on the successor agency's Recognized Obligation Payment Sohadulo ("ROES"). H. The Successor Agency received the 17inding flora the State of California Department of Finance dated as of November 26, 2014, 1. The CRL pre- dissolution, provided for, and the llisaoloriorn Law post - dissolution continues to provide for, a cooperative telationship between sponsoring cities and their redevcloporium agencies, as well as their successor agencies who have assumed the duties and obligations of the former redevelopment agencies. Under CRL Section 33220, a city may aid and cooperate in the planning, undortal ing, construction, or operation of redevelopment projects. CRT, Section 33220(c) specifically authorizes a city to enter into an agrok mcnt with its redevelopment agency or any other public entity to further redevelopment purposes. Section 34178(a) of the Dissolution Law allows a successor agency and its sponsoring city to eater into agreements, subject to Oversight Board approval trader Section 3 +4160(h) orthe Dissolution Law, 7, The Successor Agency has and will have p'r'oceeds of its Community Redevelopment Agency of the City of Santa Ana, South Main Street :Redevelopment Project, Tax Allocation Bonds, Series 2003A (2003A Bonds ")(together with other funds doscribed in Section 2,1 below, "Bond Proceeds ") that are not otherwise obligated for a project or other enforceable obligation. The Successor Agency desires to transfer such Excess Bond Procowds (defined below) to the City to enable tite City to expend such Excess Bond Proceeds for redevelopment and other public purposes consistent with all applicable covenants of the 2003A Bonds. K. The Successor Agency desires to transfer Its Excess Bond Proceeds to the City to enable the City to use such Excess Hand Proceeds in a mrmmer consistent with the covenants OF the 2003A. Bonds and to trnclertalce projects and programs that were not previously funded and obligated by the farmer Agency pre - dissolution or by the Successor Agency post-dissolution, or by the City pre - or post- dissolution. The City has adopted a spending plan for using such Excess Bond Proceeds (" Bood Spending Plan ") to advance file City's community development goals white maximizing fiscal and social benefits flowing to the affected taxing entities fiom successful development. The City Council and Successor Agency Board have fonnd that the use of Excess }fond Proceeds are in accordance with the }fond. Spending Plan to fund various capital intprovements rvltlrhi and outside the former Santa. Ann South Main Sheri Redevelopment Praicct Area (fbr which abene Et resohition shall have been adopted by tire Successor Agency) and are in accordance with CRL Sections 33415, 33445,1, and 33679 and other applicable law. L. in order to facilitate the use of Excess Bond MOWN consistent with all applicable bond covenants, the Successor Agency and the City have negotiated this Agreement requiring the uansicx of cw'rent anmi utirre excess ileac —1 prracaels 6 tty t o- Succor® sari -gency to the City, and the Cil's agreement to rise such proceeds consistent with all applicable covenants, conditions, restrictions and obligations under the 2003A Bonds. The parties intend that this Agreement shall constitute an excess bond proceeds obligation within the meaning of the Dissolution Law to be paid from Excess Bond Proceeds. with Ovei'slzhf Board approval, the Successor Agency has listed this Agreement, and the reclairament to transfer excess bond proceeds herein, on its RODS 2016 -17 its an obligation to be funded with Excess Bond Proceeds, and as and if applicable, will list on successive BOPS if required by the Dissolution Law, PLOW, THEREFORE, the parties horoto do mutually agree as follows: Resolution No. 2016 -079 Page 7 of 13