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C. Approval of this Resolution and the transfer of the Excess Bond Proceeds, as <br />more fully described in the 2011 Agreement substantially in the form <br />submitted herewith will facilitate the expenditure of the Excess Bond <br />Proceeds. <br />Section 4. The Successor Agency hereby approves the 2011 Agreement in <br />substantially the form attached hereto as Exhibit A and incorporated herein. <br />Section 5. The Successor Agency hereby approves the 2011 Bond Spending <br />Plan in substantially the form attached hereto as Exhibit B and incorporated herein. The <br />Successor Agency acknowledges that, pursuant to the terms of the 2011 Agreement, <br />the City may amend the 2011 Bond Spending Plan, subject to compliance with all <br />applicable bond covenants. <br />Section 6. The City Manager and Clerk of the Council are hereby authorized <br />and directed as follows: <br />A. Execute the 2011 Agreement substantially in the form presented herewith <br />with such changes, insertions and omissions as may be approved by the City <br />Manager and City Attorney, said execution being conclusive evidence of such <br />approval; <br />B. Transfer all Excess Bond Proceeds to the City for use by the City in <br />accordance with the 2011 Agreement and the 2011 Bond Spending Plan. <br />Section 7. This Resolution shall take effect immediately upon its adoption by <br />the Successor Agency, and the Clerk of the Council shall attest to and certify the vote <br />adopting this Resolution. <br />[Signatures on subsequent page] <br />Resolution 2016 -003 <br />Page 4 of 14 <br />