2016-080 - Bond Expenditure Agreement

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.BOND PROCEEDS XXJ?ENDITURE AGREE CHEW f2011A Bonds This BOND PROCEEDS EXPENDITURE AGREEMENT (2011A Bonds) ( "Agreemont") is entered into as of October 4, 2016, by and between the CITY OF SANTA ANA, a charter city and municipal corporation duly organized and existing under the Constitution and laws of fhe State of California ( "City„), and the SUCCESSOR AGENCY TO TIM V01MER CON MUNITY REDEVELOPMENT AGENCY OF THE CITY Oi+ SANTA ANA, a public body corporate and politic, pursuant to Patti 1,8 and 1.85 of Division 24 ofthe CalifoialaHealth & Safety Code ( "Successor Agency "). RECITALS A. The City Is a charter city and municipal corporation duly organized and existing under the, Constitution and laws ofthe State of California, B. The Successor Agency is a public body, corporate and politic, organized and oporating under Part 1.85 o1'Division 24 of the Dissolution haw (as dofmod in Recital D below). C. The Community Redevelopment Agency of the City of Santa Ana ( "former Agency") previously was a California public body, corporate and politic, duly formed by the City Cotmcil of the City ( "C "ity Council') and was organized, existed and exercised the powers of a community redevelopment agency under the California Community Redevelopment Law, Health anti Safety Code Section 33000, et sea. D. Assembly Bili xl 26 ( "AB x1 26 "), efl'edive on June 28, 2011, added Parts 1,8 and L85 to Division 24 of the California Health and Safety Code axed which laws wero modified, hi part, and d,ewnnincd constitutional by lite Califlinaia Supreme, Court in the petition Calprna Redevelv„r:mem Association, ed al. v, Ana Matosatntos, at a4, Case No, 5194861 {"Matosanrvs 'Decision "), which laws and coma opinion, caused the dissolution of all redevelopment agencies and winding down of the affairs of Former redevelopment agencics. Thorcafter, inch laws were amended liirther'by Assembly Bill 1484 ( "AB 1484 ) that was effective an Aine 27, 2012, and thereafter further amended by subsequent legislation (together AB xi 26, the Matosantav .Decioien, AB 1484, and subsequent legislation thereto are referred to as the "Dissolution haw "). All statutory references heroin arc to the Dissolution Law unless otborwise stated.. L. As of February 1, 2012, the Former Agency became a dissolved community redovelopment agency pursuant to the Dissolution Law. F. As of and on and after February 1, 2012, the ;Successor Agency is performing its functions as the successor agency under the Dissolution Luw to administer the cuforeeahle obligations of the former Agonoy turd is engaged in activities necessnuwy and oplrropriato to wind down the affairs of tine former Agency, all subject to the review and approval by a seven- member "Oversight Hoard" formed thorounder. Cl. Section 34191 A(c) of the Dissolution Law allows a successor agency (list has received a Finding of Completioa ( "Finding ") to Use bond proceeds From bonds issued prior to 2011, as well as a limited portion of bond proceeds from bands issued after December 31., 2010, for the purposes for which the bonds were sold, provides that such proceeds in excess of amounts needed to satisfy approved enforceable obligations shall be expended in a manacr consistent with the original bond Resolution No. 2016 -080 Page 7 of 14