SA 2016-003 - Laserfiche WebLink

Home Browse Search

The parties intend that payrnmita of ihnfrc.Excsss Bond Procacdsbe made to the City as soon as possible after such Iixoesa Bond Proceeds become available. 'die transfer Offttture Excess Bond Proceeds to the City shall be made pursuant to as approved :ROP5 within 30 clays of the coiuuxencement or the relevant Ito ?$ podod. The Successor Agency shall be responsible 1. "or ensuring that payment's of fans °e Excess -Bond Proc"& to doe City, as Bach funds become available, are included on tha next possible BOPS, 33 Projects Funded By PXCess Bond Precceds. The Successor Agency assigns to the City all responsibilities in relation to the administration and irrrkilerncntation of any projects or programs funded by Excess Bond Proceeds; provided that a ten percent (10%) reserve will l be bald by the trust e for the 2011A Boards The Successor Agency assigns to the City all contracts outered into by the Successor Agency post - dissolution or the former Agency, pre- di.ssoludon related to the expanditurc ofExceas Bond Proceeds and any activities to be fbaded by Bxceas Bond Proceeds, with the exception of those contracts relating to Enforeeablc Obligations, including the bond documents for the 2011A Bonds, which shall be retaaaed by the Succossof Agency. The transfor of moneys held by the trustee for the 2011 A Bonds shall remain subject to the terms of the indenture of trust prepared in connection with the ksuance of the 2011.A Bons (the "2011 A Indenture" ). 4. CIfvV()BLIGATIONS The City shall have the following obligations under this Agiceniont: 4.1 .rixecss Bond Proceeds, The City shall accept, hold, disburse and adrninistor Iixcess Bond Proceeds taansferrod to the City by the Successor Agency under this Agroonont, iticludaug current Excess Bond Proceeds and future Excess Boni Proceeds. The City shall, retain any :Excess Bond Proceeds that itreceives, such as revenuo generated from propailios acquired cr improved with Excess Bond Proceeds nr payments on loans Auld d from Excess Bond Proceeds, without any Obligation to return Such funds to the Successor Agency, and shall use such hinds for uses consistent with applicable covoaants of the 201 IA Bonds. The City may spend Excess Bond Praccods received or retained tuider this Agreement on any project, program, or activity authorized under the Bond Spending Plan. Notwithstanding anything to the contrary in this Agreement or the Bond Spending Plan, the City shall spend Excess Board Proceeds consistent with al I covenanls of the 2011A Ronde applicable to the particular Excess Bend Proceeds. The City shall be solely responsible for ensuring that Excess Bond Proceeds are maintained and spent in accordance with al.l cavetlauts of the 2011A Bonds and other applicable laws. The City may transfer funds between. approved ,projects, program and activities. The Trustee Amount remains subject to the terms of tho 2011.A Indenture. - - _- - -Thu f Ely° heresy assumes -al'1 ccrxtnavds ntcro<l iutn -er assttmod- by- theSiueecsaorkgeney - past dissolution or entered into by the former Agency pro - dissolution related to the expendinve of Excess Boad Proceeds and any activities to be funded by Excess Bond Proceeds, with the exception of those contracts relating to rmforceable obligations, which shall be retained by fl'ne Successor Agency. '['he City shall perform its obligations hereunder, and under such assumed contracts, in accordance with the applicable provisions of federal, state and local laws, including the obligation to comply with environmental laws such as CEQA and /or NEPA, and shall timely complete the work irquired for each project commenced by the City pursuant to this Agreement and the Bond Spending Plan, 4 Resolution 2016 -003 Page 10 of 14