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BOND PROCEEDS EXPENDITURE AGREEMENT BOND PROCEEDS EXPENDITURE AGREEMENT (2003A BONDS This BOND PROCEEDS EXPENDITURE AGREI MENT (2003A BONDS) ( "Agreoment ") is entered into as of Ootobor 4, 2016, by and between the CITY OF BANTA ANA, s charter city and municipal corporation duly organized and existing under the Constitution and laws of the State of California ( "City'), and the SUCCESSOR AGENCY TO THE FORMER COMMUNITY RLDEVELOPNIENT AGENCY OF 711E CITY OF SANTA ANA, apublic body corporate rand politic pursuant to Parts 1,8 and 1.85 of Division 24 of the California Health Se Safety Code ( "Successor Agoncy" ). A, The City is a charter city and municipal corporation duly organized and existing under the Constitution and laws of the State of California. B. The Successor Agency is a public body, corporate and politic, organized and, operating under Part 1.85 of.DivWon 24 of the Digsolution Law (am defined in Reoital 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 Council of the City ( "City Council") tmd was organized, existed and oxorofsed the powers of a community redevelopment agency under the Callfornia Community Redevelopment Law,11catth and Safety Code Section 33000, et seq ( "CRL"), D, Assembly Bill xl 26 ( "AB xl 26 "), effective on .lute 28, 201L added Parts 1.8 and 1.85 to Division 24 orthe California Health and Safety Code and which laws were modified, in part, anti dotomdned conadhitionai by the California Supreme Court In the petition Galg/bmia Redevelopmant Association, at a1. v. Arta Atalnmanlac, et al„ Care No. 5194861 (" tblatnsantos Decision "), which law% and court opinion caused the dissolution of all redevelopment agencies and winding down of the Waits of former redevelopment agencies. Thereafter, such laws were amended further by Amcrrrbly Bill 1484 ( "AB 1484 ") that was cfrective on June 27, 2012, and thereafler further amended by subsequent legislation (togel7.xor AS x1 26, the Hatosamos Decision, AS 1484, and subsequent legislation thereto ar-e referred to ns the "Dissolution Low"), All statutory references herein are to the Dissolution lame unless otherwiso stated. S, As of February 1, 2012, the Forme' Agency became; a dissolved community redevelopment agotnoypatsunna to the Dissolution Law. F, As of and on and after February 1, 2012, the Saecossor Agency is performing its flfrmetions as the successor agency under the Dissolution Low to administer the enforceable obligations of the former Agency and is engaged in activities necessary and appropriate to wind down the affairs of the former Agency, all subject to the review and approval by a seven - member "Oversight Boar(r" formed thereunder, G. Section 34191,4•(c) of the Diw elution .Law allows a successor agency that has received a Finding of Completion (`"Finding ") to use bond proceeds from bonds issuod prior to 2011 for the purposes 'Pier which The bonds were sold, provides that such proceeds in excess of amounts necdod to satisfy approved onfomcable obligations shall be expanded in a tnannor consistent with the original bond covenants, and fiuther provides that such expenditures shall constihta "excess bond proceeds Resolution 2016 -002 Page 6 of 13