2016-079 - Excess Tax Allocation Bond Proceeds

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RECITALS The recitals above are an integral part or this Agreement and set forth the intentions of the parties and the premises on which the pages have decided to enter into this Agreement. 2, DEFINITION$ For purposes of this [Agreement, the following terms shall have the indicated meaning; 11 "Dissolution Law" is defined in Recital D, 2,2 "Bond Proceeds" is dciined in Recital J and also includes (1) proceeds from tax allocation bonds issued on or before December 31, 2010 and interest earned thereon, (2) rents, stile proceeds and other rcvenrtes generated by properties acquired and/or unproved with proceeds from tax allocation bonds issued on or before December 31, 2010,(3) interest and prfneipalpaid onloarts f#mdod by proceeds from tax allocation bonds issued on or Were December 31, 2010, (4) moneys held by the trustee in urnnection with the issuance of the 2003A Bonds, and (5) other income or revenues generated frorn asscls acquired or funded with proceeds from tax allocation boards issued on or before December 31, 2010. 2.3 "Excm Bond ProcecM' rnoans Aond Proceeds that are not needed to satisfy Lnfboocablo Obligations listed on an approved Ropy. 2,4 "Enrorceable Obligations" mean eutorceuble obligations, other than Excess Bond Proceeds obligations, as defined under the Dissolution Low. 2.5 "Bond Spending; Plan" is defined in Recital K, 3, SUMMSSOR AGENCY OPL[GAIIONS The Succt -usor Agency shall have the following obligations under tlus Agroamentr 3.1 CmTent Eveogs Bond Proceeds. The Successor Agency shall transfer to the City, as soon as practicable and no later than January 1, 2017, Excess Bond Proceeds cLaTently held by the Successor Agency in an amount not to exceed (t) $2,515,560.32 (tire '"Hasa Amount" ), together with any interest accrued thereon and (ii) such amounts as tyre held by the trustee far the .2003A Bonds)(the. "Trustee Amown"). 32 Future Excess Bond Proceeds. The UroQsso' Agency shrill transfer to the City all future aoess Bond Proceeds held or received by the Successor Agency. Such future Excess Bond Proceeds shall include, without limitation, (1) Bored Proceeds previously obligated to a projoet or other Enforceable Obligation that become unobli.gated for any reason, and interest earned thereon, (2) Bond Proceeds Hatt become available in the .hbint of rents, sale proceeds, loan repayments, other incomme, or other revenues that are generated by properties or other assets acquired and/or impro'vod with Bond Proceeds and that are not otherwise obligated to a project, program, or other Enforceable Obligation, and (3) any outer funds held by the Successcr Agency that. qualify as Excess Bond Proceeds under this Agreement, The parties intend that payments of fuuture l xcess Bond Proceeds be [Wade to the City as soon as possible after such .Excess Bond Proceeds become available. The transfer of Riture Excess Bond Resolution No. 2016 -079 Page 8 of 13