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eoveaarus, and (1rib.or provides that such expend.iuires shall constitute "excess bond proceeds obligatons" that shall be listed separately on the successor agency's Recognized Obligation Payment Soliedtile CROPS " ). H. The Successor Agency received the Finding from the State or California Plcpartment of Finance dated as of November 26, 2014, 1, The CRL ;pre - dissolution provided tor, and the Dissolution Law post - dissolution continues to provide :For, a caapeiati e rrilatitrnslaip between sponsorutg cities and their rcileveloF7nre111 agencies, as well as their successor agencies who have assumrxl the duties and Obligations of the rornner redevelopment agencies. Under CTRL Section 33220, a city may aid and cooperate in tht; planning, undertaking, construction, or oblation ofredotlopmentprojects. CRL Section 33220(e) specifically authorizes a city to enter into an a9TWIllent with its rodoveloprrt.ent agency m any other public entity tOfurtitcrredevelopmentpurynoses. SecOun34M( a) ofthe Dissolution Law allows a successor agency and its sponsoring City to enter into agreements, s kl*ct to Oversight Board approval under Section 34180(h) of the Dissolution Lau". J. The Successor Agency has and will have proceeds of its Community Redevelopment Agency of the Cityof Santa Ana, `Pax. Allocation Bonds (Merged Project Area), 2011 Sories A ("`x01.1 A Bonds"'7(together with other funds described in 5ectiou 2.1 holow, "Bond Proceeds ") that are not otherwise obligated for a project or other enforceable; obligation. The Successor Agency desires to transfer Prom such Bond Proceeds those amounts to the extent allowed under Section 34191.4(c)(2) of the Dissoltttlon Law (as so dai'rued, "Excess Bond. Proceeds") to die City to enable tine City to expend such Excess Bond Proceeds for redevelopment and other public purposes consistent with all applicable covenants of the 2011A Bonds, K, The Successor Agency desires to transfer its Excess Bond Proceeds to the City to unable the City to use such Excess Bond Proceeds in a manner consistent with the covenants of the 201 IA Bonds and to undertake projects and;prograins that were not previously Hauled and obligated by the former Agency pre- dissohamn or by the Successor Agency post - dissolution, or by the City pre• or post-dissolution, The City las adopted a spendiag plan for ttaing such Excess Bond Proceeds ("`Bond S'pettiling plan'°) to advance tine City's conmainity development goals while maximizing fiscal and social, benefit,,; flowing to the afreoted taxing entities from successful development, The City Council and Successor: Agency Board have Found that the use of Excess Bond .Proceeds are in accordance with the Bond Spending Platt to find various capital improvements within and outside the former Santa Ana Merged Project Area (for which a benefit resolution shall havo been adopted by the Successor Agency) and are in accordance with CRL Sections 33445, 33x445.1, and 33679 and. other applicable law. L. in order to facilitate the use of Excess 'Bond Proceeds consistent with all transfer ofcttrrant and future excess bond proceeds by the Successor Agency to the City, and the City's agreement to use such proceeds consistent with all applicable covenants, conditions, restrictions =1 obligations rutdcr the 20l lA Bonds. 'rhe parties intend that this Agreement shall constitute an excess bond proceeds obligation within the meanng of disc Dissolution Law to be paid frorxt Excess Bond Proceeds. With Oversight Board approval, the Successor Agency has listed this Agreornen, and the requirement to transfcr excess bondpioceads herein, on its BOPS 2016-17 as an obligation to be tlinded with Excess Bond Proceeds, and as and if applicable, will list on successive BOPS if required by the Dissolution Law. Resolution 2016 -003 Page 8 of 14