Laserfiche WebLink
WHEREAS, Section 34191.4(c) of the Dissolution Law allows a successor <br />agency that has received a finding of completion to use bond proceeds from bonds <br />issued prior to 2011, as well as a limited portion of bond proceeds from bonds issued <br />after December 31, 2010, for the purposes for which the bonds were sold, provides that <br />such proceeds in excess of amounts needed to satisfy approved enforceable <br />obligations shall be expended in a manner consistent with the original bond covenants, <br />and further provides that such expenditures shall constitute "excess bond proceeds <br />obligations" that shall be listed separately on the successor agency's Recognized <br />Obligation Payment Schedule; and <br />WHEREAS, the Successor Agency received its Finding of Completion under <br />Health and Safety Code Section 34179.7 from the California Department of Finance on <br />November 26, 2014; and <br />WHEREAS, the California Community Redevelopment Law (Health and Safety <br />Code Section 33000, et seq.) provides for a cooperative relationship between cities and <br />their redevelopment agencies, as well as their successor agencies who have assumed <br />the duties and obligations of the former redevelopment agencies; and <br />WHEREAS, under Health and Safety Code Section 33220, a city may aid and <br />cooperate in the planning, undertaking, construction, or operation of redevelopment <br />projects; and <br />WHEREAS, Health and Safety Code Section 33220(e) specifically authorizes a <br />city to enter into an agreement with its redevelopment agency or any other public entity <br />to further redevelopment purposes; and <br />WHEREAS, Health and Safety Code Section 34178(a) allows a successor <br />agency and its sponsoring city to enter into agreements, subject to Oversight Board <br />approval pursuant to Health and Safety Code Section 34180(h); and <br />WHEREAS, the Successor Agency has and will have proceeds of its Community <br />Redevelopment Agency of the City of Santa Ana, Tax Allocation Bonds (Merged Project <br />Area), 2011 Series A (the "2011A Bonds ") that are not otherwise obligated for a project <br />or other enforceable obligation as more fully described below; and <br />WHEREAS, the Successor Agency desires to transfer such Excess Bond <br />Proceeds (defined in the 2011 Agreement, as described below) to the City to enable the <br />City to expend such Excess Bond Proceeds for redevelopment purposes consistent with <br />all applicable bond covenants; and <br />WHEREAS, the Successor Agency desires to transfer its Excess Bond Proceeds <br />to the City and City is willing to accept such Excess Bond Proceeds to enable the City to <br />use such Excess Bond Proceeds in a manner consistent with the original bond <br />covenants and to undertake projects and programs that were not previously funded and <br />obligated by the Successor Agency or the City; and <br />Resolution No. 2016 -080 <br />Page 2 of 14 <br />