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obligations" that shall be llowd sepaatcly on the successor agency's Recognized Obligation Payment Schedule H, The Successor Agency received doe Fladling from the State of California Department of Finance dated ns of November 26, 201 A•. T. The t RL pre- dissolutiou provide([ for, and the Dissolution Law post - dissolution continuos to provide for, a conporative relationship between sponsoring cities anal their redevelopment agencies, as well. aS tilnrr SnUCeSSUr A,ettClea Wbo h2tve a93Utned the dntte5 and Uhltgatlotra {).hide former m(hivelopdnent agonies, Under CRL Section 33220, a city may aid and cooperate in the planning, undertaking, construction, or operation of redevelopmentprojects. CRT, Section 33220(0) specifically authorizes a city to enter into an agreement vadtb Its redevelopment agency or any other public entity tafurtirerrcdovatnpmontporposee. Section..i 4i7&( a) oflheDissolution Law allows asucaesaozag0nuy sad its sponsoring city to enter into agreements, subject to Oversight Board approval tinder Section 34180(b) of the Dissolution Law. J. Thu Successor Agency has and will have proceeds of its Community Redevchrpmcat Agency o'tho City of Santa Ana, South Main Street Ecdevelopmcnt Project, Tax Allocation Bonds, Series 2003A C2003A Bon(ls ")(together with other funds described in Section It below, "Bond Pnoceods ") that m-o not otherwise obligated for a project or other enforceable obligation. The Suocessor Agency desires to transfer such Excess Bond Proceeds (defined below) to the City to enable the City to expend such Excess Bond Precouds rot redevelopment and other public purposes consistent with all applicable covenants of the 2003A Bonds. K. The Successor Agency desires to transfer its Excess Bond Proceeds to the City to enable die City to use such ,Vxcess Bond Proceeds in a manner acnslstent with the covenants of the 2003A. Bonds and to uoderfal(e projects and programs that were riot previously' funded and obligated by the former Agency pre-dissolution, nr by the Successor Agencypost- dissolution, or bythe City pre - orpost- dissolution. 'The City has adopted a spending plan for using such Excess Bond Preeeeds ( "Road Spending Plan ") to advance the City's carimunity dovelopment goals while maximizing fiscal and social benzlitro flowing to the affected taxing onti.ties from sueceanthl development. The City Council and Successor Agency Board have iburat that the use of Excess Bond Proceeds are in accordance with the Bond Spending Plant to fund various capital innprovomcnts within and outside the former Santa, Ana South. Main Street Redevelopment Project Area (Par which a benefit resolution shall have been adopted by the Successor Agency) and are in accordance with CPI. Sections 33445, 33445, 1, and 33679 aiul other applicable law, L. In order to facilitate the use of Excess Bond Proceeds consistent with 0,11 applicable bond covenants, the Successor Agency and the City have negotiated this Agreement requiring the transfer ofcurrent and futtue excosalinn�edsmy the Suoe©se61 Agency t fie Ci @y, a, Ecc i C'i. agreement to use such proceeds consistent with all applicable eovelrants, conditions, restrictions and obligations under the 2003A Bonds. 'The patties intend that this Agreement shall constitute an excess bond proceeds obligation within the meaning of the Dissolution Law to be paid from Excess Bond Proceeds, With Oversight Board approval, the 5ucoessor Agettey has lister[ this Agreement, and the rmInhement to transfer excess bond proceeds herein, on its RODS 2016 -17 its an obligation Lobe funded with Excess Bond Proceeds, and as and if applicable, will list on successive ROPE if required by the Dissolution Law. NOW, THERE FORE, the parties hereto do mutually agree as follows: Resolution 2016 -002 Page 7 of 13