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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 for the purposes for which the bonds were sold, provides that such <br />proceeds in excess of amounts needed to satisfy approved enforceable obligations shall <br />be expended in a manner consistent with the original bond covenants, and further <br />provides that such expenditures shall constitute "excess bond proceeds obligations" that <br />shall be listed separately on the successor agency's Recognized Obligation Payment <br />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, South Main Street Redevelopment <br />Project, Tax Allocation Bonds, Series 2003A (the "2003A Bonds ") that are not otherwise <br />obligated for a project or other enforceable obligation as more fully described below; <br />and <br />WHEREAS, the Successor Agency desires to transfer such Excess Bond <br />Proceeds (defined in the 2003 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 to enable the City to use such Excess Bond Proceeds in a manner consistent <br />with the original bond covenants and to undertake projects and programs that were not <br />previously funded and obligated by the Successor Agency or the City; and <br />Resolution 2016 -002 <br />Page 2 of 13 <br />