2016-079 - Excess Tax Allocation Bond Proceeds

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Proceeds to the City shall be madep€xsLunit to an approved ROPS within 30 days of the commencement of the relovant BOPS period. The Successor Agency shall be responsible firr onsuring that pnytnonts of future Excess Mond Proceeds to the City, as such funds beco ne available, are included on the next possible BOPS. 3.3 Projects Funded By .Excess Bond Proceeds, The Successor Agency assigns to the City all responsibilities in tolation to the adhnirdanation and implementation of any projeuts or programs fituded by Excess Bond Proceeds, 'rho Successor Agency assigns to the City all contracts entered into by the Successor Agency post - dissolution or the former Agency ,pre- dissolution related to the expenditure of Iixcess Baral 'Proceeds and any activities to be funded by Excess Bond Proceeds, w all the exception of those contracts relating to En,i.'arceable Obligations, including the bond documents for the 2003.A Bonder, which shall be retained by the Successor Agency. 'l'hc trau tfar of moneys hold by the trustee for the 2003A. Bonds shall retusio subject to the tenses of (lie indenture or tears€ provarcd in connection with the issuance of the 2003A Bonds (the "2003A Indenture ") to the extent the 2003A Indenture remains in effect. 4, CITY OBLIGATIONS The City shall have the following obligations under this Agreement: 4.1 Excess Bond Proceeds, 'rho City shall accept, hold, disburse and adcalinister Excoas Bond Proceeds transferred to the City by the Successor :Agency under this Agrcement, including current Exwss Bond Proceeds and future E'xcoss Bond Proceeds, The City shall retain any Excess Bond Proceeds that it receives, such as revenue generated frown properties acquired or improved With Exti.e.5s Bond Proceeds or payments on loans funded frUm Excess Bond Procce(b, without ally obligation to return such fituds to the Successor Agency„ and shall use such Rends for uses consistent with applicable coveruuris of the 2003ABoauls. The City may spwrd Excess Bond Proceeds received or retained uuuler this Agreement on any prcjoot program, or activity authorized under the Bond Spending Plan, Notwithstanding anything; to the contrary ill this Agreement or Cie Bond Spending Plan, the City shall spend Excess Bond Proceeds consistent: wide till oovenants of the 2003A Bonds applicable to the particular Excess Bond Proceeds, The City shall be solely responsible for ensuring that Excess Bond Proceeds ate maintained and spent in accordance with all covenants of the 2003A Bonds and other applicable laws. The City may transfer liaudu' between approval proj cots, programs and activities. The Trustee Amount remains subject to the €erins of the 2003A Indenture, to the extent the 2003A Indenture remains in effeo1. The City hereby assumes all contracts entered into or assumed by the Successor Agency dissolution or entered into by the former Agency pre - dissolution related to the expenditure of of those contracts relating to Enforceable Obligations, which shall be retained by the Successor Agency. The City shall perfortn its obligations bereunder, and under such assutned contracts, in accordance with the applicable provisions of federal, state and local laws, including the obligation to comply with environmental laws such as CEQA and(or NIEPA, and shall timely complete the work required for each project connuencat by the City pursuant to this Agreement and the Bond Spending Plan, 41 BONI) SPLN.I)ING PLAN, Tire City shall be solely responsiblo fbr maintaining, administering, and implementing the Bond Spending, Plan, The City ma,y amend the 1301id Spending Resolution No. 2016 -079 Page 9 of 13