2016-080 - Bond Expenditure Agreement

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The parties intend that payrnents of future Excess Bond Proceeds be made to the Cry as soon as possible after such Excess Bond Proceeds become available, 'fhe transfer oriature Excess Bond Proceeds to the City shall be inudelimsuarn to an approved RODS within 30 days of the conrrtteneement Of the relevant BOPS period. The Successor Agency shall be responsible for ensuring that payments of fnnaro Excess -Bond Proceeds to the City, as such fined-, become available, are included on the nest possible ROPS. 3.3 Pruiects Funded By .Excess }fond Proceeds. 'i'be Successor Agency assigns to the City all xosponsibllitfea in relation to the ad- ministration and irnpicmentaton of any projects or programs fttnde,d by Excess Boated Proceeds; provided that a in percent (10 %) reserve will be held by the trustee for the 2011 A Bonds 'The Successor Agency assigns to the City all contracts entered into by the Successor Agency post - dissolution or the former Agcn.cy pre - dissolution related to t e expendituro of Excess Bond Proceeds and any activities to be funded by Excess Bond Procoods, with the exception of those contracts relating to Enforceable Obligations, including, the bond documents for the 2011.A Bonds, which shall be retained by the Successor Agency. The transfer of moneys held by the trustee for the 2011 A Bonds shall remain subject to the terms of the indenture of trust prepared in cormcetiorr, wills the issuance of the 2011A Bonds (the 112011 A fndontum "). 4. CVIT OBLK xi:Pd4ims rite City shall havo rite following obligations under this Agreement: 4.1 Excess Bond Proceeds. The City shall accept, hold;, disburse and administer Hxoess Bond Procceds transferred to the City by the Successor Agency tinder this Agreennont, inahuliug corrent Excess Bond Proceeds end f Jaye Excess Bond Proceeds. `Ibe City sball, retain any Excess Bond Proceeds that it reocivos, such as revenue generated ikon properiics acquired or improved with .Excess Bond Proceeds or payments on loans winded from Excess Bourg Proceeds, without any obligaliun to return such,T"unda to the Successor Agency, and shall use such funds for uses consistent with applicatble covenants of the 201 IA Bonds. The City may spend Pxcesa Dond:Proccods received or retained tinder this Agreement on ally project, program, or activity authorized under the Bond Spending Plan. Notwitlhytrundinarr anytlting to the contrary in this Agreement or the Bond Spending Plante, the City shall spend Exem Bond Proceeds consistent with all covenants of the 2011A Boiuls applicable to the particular Excess Bond Proceeds. 'I'he City shall be solely responsible for ensuring that Excess Bond Proceeds are maintained and spent in accordance with all covenants of the 2011A Bonds and other applicable laws. The City tinny trarndbr funds between approved ,projects, programs and setivities. The Trustee Amount tomsins subject to tine terms of the 2011 A Indenture. - -TPie Cfty- Erarelny <rssurncs -all - cozatraa6s- enter ©d . ill: crar- sssurtfed- by-the Sueeessor>�geney - -- post dissolution or entered into by the former Agency pro - dissolution related to the expenditure of hxae98 Bond Proceeds and any activities to be funded by Excess Bond Prcceedg, with the exception of those contracts relating to Enforceable Obligations, which shall be retained by the Successor Agency. '('he City shall perform its obligations hereunder, and tinder such assumed contracts, in accordance with the atpplieabte provisions of federal, state and local laws, including the obligation to comply with envir•omnental laws such as CEQA and /or NFPA, and shall timely complete the work required for each project commonood by the City pursuant to this Agreement and the Bond Spending Plan. 4 Resolution No. 2016 -080 Page 10 of 14