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BOND PROCFEMS I LYi+,M)[TURE AGREEMENT (2011A Bonds This BOND PROCEEDS EXPENDITURE] AGRE EMENT (2011A Bonds) C'Agreemont'� is entered into as of October 4, 2016, by and between the CITY OF SANTA ANA, a charter city and municipal corporation daly organized and existing under the Constitution anti lawns of the State of California ( "City "), and the SUCCESSOR AGENCY TO THE, FORMER C'OMMUNI'TY REDEVELOPM',ENT AGENCY OF THE CITY OF SANTA ANA, a public body corporate and politic pursuant to Parts 1.8 and L85 ofDivision 24 ofthe CaliforniaHealtr & Safety Code (°'Successor Agency "). RECITALS A. The City is a charter city mul municipal corporation duly organizers sent existing under the Constitution and laws of the State of Catifuroia, B, The Successor Agency is a public body, corporate and politic, organized and operating under Part 1.85 of Division 24 of the Dissolution haw (as d ensued in Recital D below). C. The Community Rodovelopuncnt Agency of the City of Santa Ana ( "farmer Agency") previously was a Califbinda. public body, corporate and politic, duly formed by the City Council of the City ( "City Council ") and was organized, existed and exercised the powers of a community redevelopment agency under the California Community lYedevolopmerrt Law, Health and Safety Code Section 33000, et {seg. ("CRT, $ ). 1). Assonibiy Bill xl 26 ( "AI3 xl 26 "), effective on June 28, 2011, ridded Parts 1,8 rand 1,85 to Division 24 of the California Health and Safety Cade and winch laws wero modified, in part, and determitned constitutional by the California Supreme Court in the petition Cagvrnia Reelevelopament Awociradon, et al. v. Ana dfatosanios, el tai„ Case No. 5194861 ("Mcatustanrns Decision "), which laws and court opinion. Caused the dissolution of all redevel®pment agencies and winding down of the affairs of former redevelopment agencies. Thoreater, such laws were amended farther by Assembly Bill 1484 ( "AB 14114 ) that was effective on hu7.e 27, 2012, and thereafter ilnther attended by subscquaont legislation (together AB xl 26, the Matosantos Decision, AB 1484, and subsequent legislation thereto are refotred to as the "Dissolution Law "), All statutory references herein are to the Dissolution Law unless odrerwise stated. E. As of February 1, 201.2, the former Agency became a dissolved community redevelopment ageneypursuant to the Dissolution Law. F. As of and on and aft," Februuty 1, 2012, the Successor Agency is performing its functions as the successor agency under the Dissolution Law to administer the cnlbrceabla obligations of the former Agency and is engaged sn activities neccssrtry and appropriate to wind clown tho affairs of the former Agency, all subject to the review and approval by a sov©n- member "Oversight Board" formed thereunder. Ll. Section 34191 A(c) of the Dissolution Law allows a successor agency that has received a :Minding of Completion ( "Finding ") to use bond proceeds fruit bonds issued prior to 2011, ns well as a limited portion of bond proceeds foot bonds issued after December :31, 2010, for the purposes for which the bonds were sold, provides that such proceeds in excess of aruouazts :needed to satisfy approved enforceable obligations shall be expended in a manner consistent with the original bond Resolution 2016 -003 Page 7 of 14