2016-080 - Bond Expenditure Agreement

Home Browse Search

cowlealts, and further provides that such expenditures shall corrsthuto "excess bond proceeds obligations " that shalt be listed separately on the successor agency's 1?eoognized Obligation Payment Schedule ( "R©PS "). H. The Successor Agency rcQeivcd the finding ITlern the State of California Department of finance dated as of Noveniber 26, 2014, 1. Tho CRL pre-dissolution. provided] for, and the Dissolution Law post-dissolutian continues to provide fur, a cooperative relationship between sponsoring cities tend their redlevelopunent agencies, as well as tlreir successor agencies who have assumed the duties and obligations of the Cberner redevelopment agencies. Under ML Section 39220, a city may aid and cooperate in tite planning, undertaking, constiraotian, or lrpera€ian ofredevclapmetttl>rc�jocts. CRL Section 3322,0(e) specifically authorizes a city to enter into an agmenaent with its redevulopment agency or any other public entity to iirrtaerrcdevelopnaentpsrrpases. Section 34178( a) of the Dissolution Law allows a successor agency and its sponsoring city to enter into agrecrnanta, subject to Oversight Board approval under Section 34180(h) of the Dissolution Lahr. 3, The Successor Agency has and will have proceeds of its Community Redevelopment Agencyof the Cityof Santa Ana, Tax., Allocation Bonds ( Merged Project Area), 2011 Series A ("'20t'IA Bonus ")(together with other funds described in Section It below, "°£loud Pro,0eds ") that axe snot otherwise obligated for a project or other enfarccable obligation. lino Successor Agency desires to trausfer:frean such Bonin Proceeds those amount, to the extent allowed under Section 34191.4(c)(2) of theDissolutian Law (as so deliined, " Lxcess Bond proceeds") to the City to enable the City to expend such Excess Bond Proceeds for, redevelopment and other public: purposes cousistentw"ith all applicable covenants of the 201.1 A Bonds. K. 'Cho Successor ! agency desires to transfer its Excess Bond 'Proceeds to the City to dyeable the City to use such Excess Bond Proceeds In a manner consistent with the covenants of the 2011A Bonds and to undertake projects and progtarns 'that wetw not previously funde d atul abligatad by the former Agencypre- dissolution or by the Successor Ageneypost- diissoludon, or by the City pro - orpost- dissoluli(yat. The City has adopted a spending plan for using such Excess Bond Proceeds ( "Bond Sponding Plan ") to advance the City's community development goals while maximizing fiscal and social. benefits flowing to the affected taxing entities from successful development, The City Council and Successor Agency Board have found that the use of Excess Bond Proceeds are in accordance with the Bond Spending Plan to fiend various capital improvements within and outside the forever Santa Ana Merged Project Area (for which a benefit resolution shall have been adopted by the Successor Agency) and are in aocordanuc with CRL Sections :13445, 31445, 1, and 33679 and other applicable law. L. In order to facilitate the tiso of Excess Bond 'Proceeds consistent with all applicable ti -ans fer of current and future excess bond proceeds by the Successor Agency to the City, and tho City's agreement to use such proceeds consistent with all applicable covenants, conditions, restrictions and obligations under the 201 IA Bonds. The parties intend that this Agreement shall constitute an excess bond proceeds obligation within the meaning of the Dissolution Law to be paid Sion Excess Bond Proceeds. With Oversight Board approval, the Successor Agency has listed this A.gpoment, and the requirement to transfer excess bond proceeds herein, on its R.OPS 2016 -17 as an obligation to be ilinded with Excess Bond Proceeds, and as and if applicable, will list on successive BOPS if required by the Dissolution Law. Resolution No. 2016 -080 Page 8 of 14