2016-080 - Bond Expenditure Agreement

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NOW, THEREFORE, the parties hereto do mutually agree as follows: 1. RECITALS The recitals above are an. integral part of this Agreement and set forth the intentions of the parties and the promises on which the parties have decided to enter into this Agreement. 2. l +or purposes of this Agreement, the following terms strap have the indicated meaning; 21 "Dissolution Law" is defined in Recital D, 12 "Bond Proceeds" is defined in Radial J and also includes (1) proceeds f1•arn'the 2011A Bonds and interest earned thereon, (2) rents, sale proceeds and other revenues generated by properuos acquired and/or improved with proceeds from the 2011A Bonds, (3) interest acrd prhicipal paid an loans Randod by proceeds from the 2011A Bonds, (4) moneys hold by the trustee in connection with the issuance of the 2011A Bonds, and (5) other income or revenues generated from assets acquired or funded with proceeds from the 2011A Bonds, 2.3 "Excess Bond Proceeds" means Bond Proceeds that are not needed to satisfy Enforceable Obligations listed on tin approved POPS and which are available pursuant to Health & Safety Code Section 34191.4(c)(2). 2.4 "hlnibrccabl.e Obligations" mean enforceable obligations, athct than Excess Bond Proceeds obligations, as defrnod under the Dissolution Law, 2.5 ".pond Spending Plan" is defined In Recital K. SUCCESSOR AGENCY OBLIGATIONS The Successor Agenoyshall.have the following obligations under this Agreement, 31 Curroat Excess Bond Proceeds. 'rho Successor Agency shall transfer to the City, as soon as practicable and no later than January 1, 2017, Excess Bond Proceeds currently hold by the Successor Agency in an amount not to exceed (i) $260,695, together with any additional amounts as may be authorized pursuant to Health & Salbly Code Section 34191A(c)(2) (which armnut, as so determined, constitutes the "Base Amount "), and any . intorest accrued thereon., together with (ii) such amounts as ore held by the trustee for the 2011A Bonds which represent any portion of the Base Amount (the 'Trustee Amount' 3.2 Fataro Excess Bond Proceeds, The Strocossor• Agency shall transfer to the City all future Excess Bond Proceed.% hold or received by the Successor Agency. Such future Excess Bond Proceeds shall inoludo, without limitation, (1) Bond Proceeds previously obligated to a ptr)ject orother Enforceable Obligation that become unobligated for any reason, and interest earned thereon, (2) Bond Proceeds that become available in the lbnn of rants, sale proceeds, loan repayments, other income, or other revenues that are generated by properties or other assets acquired and/or improved with Bond Proceeds and that are not otherwise obligated to a project, progr arn, or other Enforceable Obligation, and (3) any other fiuids held by the Successor Agency that qualify as Excess Bond Prooeods under this Agroemarit. Resolution No. 2016 -080 Page 9 of 14