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WHEREAS, City and Successor Agency staff have prepared a spending plan for <br />using such Excess Bond Proceeds ( "2011 Bond Spending Plan ") to advance the City's <br />community development goals while maximizing fiscal and social benefits flowing to the <br />taxing entities from successful development; and <br />WHEREAS, in order to facilitate the use of Excess Bond Proceeds consistent <br />with all applicable bond covenants, the Successor Agency and the City have negotiated <br />the terms of that certain Bond Proceeds Expenditure Agreement ( "2011 Agreement ") <br />requiring the transfer of current and future Excess Bond Proceeds by the Successor <br />Agency to the City, and the City's use of such proceeds consistent with all applicable <br />bond covenants; and <br />WHEREAS, upon receiving Oversight Board approval, the Successor Agency will <br />transfer the Excess Bond Proceeds as referenced in the 2011 Agreement to the City; <br />and <br />WHEREAS, the City desires to approve the 2011 Agreement and the 2011 Bond <br />Spending Plan in substantially the form attached hereto as Exhibits A and B, <br />respectively. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF SANTA ANA AS FOLLOWS: <br />Section 1. Each of the foregoing recitals is true and correct. <br />Section 2. The City Council hereby finds and determines, based on all <br />evidence and testimony contained in the record before it, that the use of Excess Bond <br />Proceeds will be accomplished in accordance with the 2011 Bond Spending Plan to <br />fund projects referenced therein. <br />Section 3. The City Council hereby finds and determines, based on all <br />evidence and testimony contained in the record before it, as follows: <br />A. That the acquisition of land and the installation or construction of the projects <br />will be of benefit to the Successor Agency's redevelopment project area by <br />helping to eliminate one or more blight conditions within the project area; <br />B. That due to fiscal constraints on the City's general fund and various capital <br />projects competing for limited City funds, the City's capital improvement <br />budget is unable to provide funding for the projects, and therefore no other <br />reasonable means of financing the projects are available to the City other <br />than Successor Agency funding; and <br />C. Approval of this Resolution and the transfer of the Excess Bond Proceeds, as <br />more fully described in the 2011 Agreement substantially in the form <br />submitted herewith will facilitate the expenditure of the Excess Bond <br />Proceeds. <br />Resolution No. 2016 -080 <br />Page 3 of 14 <br />