HomeMy WebLinkAbout2016-079 - Excess Tax Allocation Bond ProceedsRESOLUTION NO. 2016 -079
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA (1) APPROVING A PLAN FOR SPENDING
EXCESS TAX ALLOCATION BOND PROCEEDS (TAX
ALLOCATION BONDS, SERIES 2003A), (2) AUTHORIZING
A BOND EXPENDITURE AGREEMENT WITH THE
SUCCESSOR AGENCY TO THE FORMER COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF SANTA
ANA FOR THE CITY TO RECEIVE SUCH FUNDS FOR
BOND - ELIGIBLE PURPOSES, AND (3) MAKING CERTAIN
FINDINGS IN CONNECTION THEREWITH
WHEREAS, the City of Santa Ana is a charter city and municipal corporation duly
organized and existing under the Constitution and laws of the State of California; and
WHEREAS, the Successor Agency to the former Community Redevelopment
Agency of the City of Santa Ana is a public body, corporate and politic, organized and
operating under Part 1.85 of Division 24 of the Dissolution Law (defined below); and
WHEREAS, the Community Redevelopment Agency of the City of Santa Ana
( "former Agency ") previously was a California 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 Redevelopment Law, Health & Safety Code Section 33000, at seq.; and
WHEREAS, Assembly Bill x1 26 ( "AB x1 26 "), effective on June 28, 2011, added
Parts 1.8 and 1.85 to Division 24 of the California Health & Safety Code and which laws
were modified, in part, and determined constitutional by the California Supreme Court in
the petition California Redevelopment Association, et al. v. Ana Matosantos, et al., Case
No. S194861 ( "Matosantos Decision "), which laws and court opinion caused the
dissolution of all redevelopment agencies and winding down of the affairs of former
redevelopment agencies; thereafter, such laws were amended further by Assembly Bill
1484 ( "AB 1484 ") that was effective on June 27, 2012 and thereafter further amended
by subsequent legislation (together AB x1 26, the Matosantos Decision, AB 1484 and
such subsequent legislation are referred to as the "Dissolution Law "); and
WHEREAS, as of February 1, 2012, the former Agency became a dissolved
community redevelopment agency pursuant to the Dissolution Law; and
WHEREAS, as of and on and after February 1, 2012, the Successor Agency is
performing its functions as the successor agency under the Dissolution Law to
administer the enforceable obligations of the former Agency and is engaged in activities
necessary and appropriate to wind down the affairs of the former Agency, all subject to
the review and approval by a seven - member Oversight Board formed thereunder; and
Resolution No. 2016 -079
Page 1 of 13
WHEREAS, Section 34191.4(c) of the Dissolution Law allows a successor
agency that has received a finding of completion to use bond proceeds from bonds
issued prior to 2011 for the purposes for which the bonds were sold, provides that such
proceeds in excess of amounts needed to satisfy approved enforceable obligations shall
be expended in a manner consistent with the original bond covenants, and further
provides that such expenditures shall constitute "excess bond proceeds obligations" that
shall be listed separately on the successor agency's Recognized Obligation Payment
Schedule; and
WHEREAS, the Successor Agency received its Finding of Completion under
Health and Safety Code Section 34179.7 from the California Department of Finance on
November 26, 2014; and
WHEREAS, the California Community Redevelopment Law (Health and Safety
Code Section 33000, et seq.) provides for a cooperative relationship between cities and
their redevelopment agencies, as well as their successor agencies who have assumed
the duties and obligations of the former redevelopment agencies; and
WHEREAS, under Health and Safety Code Section 33220, a city may aid and
cooperate in the planning, undertaking, construction, or operation of redevelopment
projects; and
WHEREAS, Health and Safety Code Section 33220(e) specifically authorizes a
city to enter into an agreement with its redevelopment agency or any other public entity
to further redevelopment purposes; and
WHEREAS, Health and Safety Code Section 34178(a) allows a successor
agency and its sponsoring city to enter into agreements, subject to Oversight Board
approval pursuant to Health and Safety Code Section 34180(h); and
WHEREAS, the Successor Agency has and will have proceeds of its Community
Redevelopment Agency of the City of Santa Ana, South Main Street Redevelopment
Project, Tax Allocation Bonds, Series 2003A (the "2003A Bonds ") that are not otherwise
obligated for a project or other enforceable obligation as more fully described below;
and
WHEREAS, the Successor Agency desires to transfer such Excess Bond
Proceeds (defined in the 2003 Agreement, as described below) to the City to enable the
City to expend such Excess Bond Proceeds for redevelopment purposes consistent with
all applicable bond covenants; and
WHEREAS, the Successor Agency desires to transfer its Excess Bond Proceeds
to the City and City is willing to accept such Excess Bond Proceeds to enable the City to
use such Excess Bond Proceeds in a manner consistent with the original bond
covenants and to undertake projects and programs that were not previously funded and
obligated by the Successor Agency or the City; and
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WHEREAS, City and Successor Agency staff have prepared a spending plan for
using such Excess Bond Proceeds ( "2003 Bond Spending Plan ") to advance the City's
community development goals while maximizing fiscal and social benefits flowing to the
taxing entities from successful development; and
WHEREAS, in order to facilitate the use of Excess Bond Proceeds consistent
with all applicable bond covenants, the Successor Agency and the City have negotiated
the terms of that certain Bond Proceeds Expenditure Agreement ("2003 Agreement ")
requiring the transfer of current and future Excess Bond Proceeds by the Successor
Agency to the City, and the City's use of such proceeds consistent with all applicable
bond covenants; and
WHEREAS, upon receiving Oversight Board approval, the Successor Agency will
transfer the Excess Bond Proceeds as referenced in the 2003 Agreement to the City;
and
WHEREAS, the City desires to approve the 2003 Agreement and the 2003 Bond
Spending Plan in substantially the form attached hereto as Exhibits A and B,
respectively.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SANTA ANA AS FOLLOWS:
Section 1. Each of the foregoing recitals is true and correct.
Section 2. The City Council hereby finds and determines, based on all
evidence and testimony contained in the record before it, that the use of Excess Bond
Proceeds will be accomplished in accordance with the 2003 Bond Spending Plan to
fund projects referenced therein.
Section 3. The City Council hereby finds and determines, based on all
evidence and testimony contained in the record before it, as follows:
A. That the acquisition of land and the installation or construction of the projects
will be of benefit to the Successor Agency's redevelopment project area by
helping to eliminate one or more blight conditions within the project area;
B. That due to fiscal constraints on the City's general fund and various capital
projects competing for limited City funds, the City's capital improvement
budget is unable to provide funding for the projects, and therefore no other
reasonable means of financing the projects are available to the City other
than Successor Agency funding; and
C. Approval of this Resolution and the transfer of the Excess Bond Proceeds, as
more fully described in the 2003 Agreement substantially in the form
submitted herewith will facilitate the expenditure of the Excess Bond
Proceeds.
Resolution No. 2016 -079
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Section 4. The City Council hereby approves the 2003 Agreement in
substantially the form attached hereto as Exhibit A and incorporated herein.
Section 5. The City Council hereby approves the 2003 Bond Spending Plan in
substantially the form attached hereto as Exhibit B and incorporated herein. The City
may amend the 2003 Bond Spending Plan, subject to compliance with all applicable
bond covenants.
Section 6. The City Manager and the Clerk of the Council are hereby
authorized and directed as follows:
A. Execute the 2003 Agreement substantially in the form presented herewith
with such changes, insertions and omissions as may be approved by the City
Manager and City Attorney, said execution being conclusive evidence of such
approval;
B. Take such other and additional actions as may be necessary or convenient to
the implementation of the 2003 Agreement.
Section 7. This Resolution shall take effect immediately upon its adoption by
the City Council, and the Clerk of the Council shall attest to and certify the vote adopting
this Resolution.
ADOPTED this 4th day of October, 2016.
APPROVED AS TO FORM:
Sonia R. Carvalho
City Attorney
Attorney
Resolution No. 2016 -079
Page 4 of 13
AYES: Councilmembers
NOES: Councilmembers:
ABSTAIN: Councilmembers:
Amezcua, Benavides, Martinez, Pulido, Reyna,
Sarmiento (6)
None (0)
NOT PRESENT: Councilmembers: Tinaiero (1)
CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, MARIA D. HUIZAR, Clerk of the Council, do hereby attest to and certify the attached
Resolution No. 2016 -079 to be the original resolution adopted by the City Council of the
City of Santa Ana on October 4, 2016.
Date:
Maria D. Huizar
Clerk of the Council
City of Santa Ana
Resolution No. 2016 -079
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EXHIBIT A
BOND PROCEEDS EXPENDITURE AGREEMENT
BOND PROCEEDS EXPENDITURE AGRPEi4ITs' 1 l' 0003A BONDS
This BOND PROCEEDS EXPENDITURE AGREEMENT (2003A BONDS)
( "Ageement ") is entered into as of October 4, 2016, by and between the CITY OF SANTA ANA, a
charter city and rmmieipal corporation duly organized and existing under the Constitution and laws of
the State of California ( "City") and t:be SUCCESSOR AGENCY TO THE FORMER
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, apublic body
corponato and politic pursuant to Parts L8 and 1.85 of Division 24 of the California Health & Safety
Code ("Successor Agency").
I$kn 1,S
A. The City is a charter city and municipal corporation duly organized and existing under
the Constitution and laws of the State of California.
B. The Successor Agency is a public body, corporate aril politic, organized and operating
under Put 1.85 of Division 24 of the Dissolution Law (as defined in Recital D below).
C, The Cotnrnunity Redevelopment Agency of the City of Santa Ana ("former Agency")
previously was a California public body, corporate and politic, duly €'owned by the City Counleil of the
City ( "City Council ") and was organized,, existed and exerefsed the powers of a community
redevelopment agency under the California Cornmlt,uity Rotlovolopment Law, Health and Safety Code
Section 33000, et sey, ( "CRT. ").
D, Assmnbly .Bill xl 26 ("AB x1 26 "), effective on June 28, 201.1, tided Parts 1.8 taut
1.85 to Division 24 of the Califamia 1Iealrh and Safety Code and which laws were modified, in part,
and dewrrained constitutional by the California Supreme Court In tine petition C.alfanata
Redevelopment Associal on, tit al. v. Ana Ahitoxamos, et at„ Case No. 5194861
( "Mirtosantns Decision"), which laws and court opinion cautsod the dissolution of all redevelopment
agencies and winding down of the affairs of former redevelopment agencies. Thoreatter, such laws
were amended further by Assembly Bill 1484 ( "AB 1484' ") that was effective on June 27, 2012, Lind.
thereafter further amended by subsequent legislation (together AB xI 26, the Matosarttcas Decision,
AB 1484, and subsequent legislation thereto are referred tea as ifao "Dissolution Law' ), All statutory
references herein are to the DissOha:ion Law unless Otherwise stated.
E. ks of February 1, 2012, the former Agency became a dissolved cotnmmnity
redevelopment agency pursuant to the Dissolution Law.
F. As of and on and after February 1, 2012, the Successor Agency is performing its
iluir tions as ilia successor agency under tho Dissolution Law to administer the onforoaable obligations
of the tutuner Agoney and is ougagod in activities necessary and appropriator to wind down the affairs
of the former Agency, all subject to the review and approval by a seven - member "Oversight Board„
formed thereunder.
G. Section 34191.4(c) of the Dissolution Law allows a successor agency that has received
a Finding of Completion (°purling ") to use bond pmceals from bonds issued prior to 2011 for the
purposes for which the bonds wore sold, provides that such proceeds in excess of` amounts needed to
satisfy approved cnGnrccablc obligations shall be expended in a manner consistent whh the original
bond covenants, and further provides that such expenditures shall constitute "excess bond proceeds
Resolution No. 2016 -079
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obligations" that shall be listed sepurutcly on the successor agency's Recognized Obligation Payment
Sohadulo ("ROES").
H. The Successor Agency received the 17inding flora the State of California Department
of Finance dated as of November 26, 2014,
1. The CRL pre- dissolution, provided for, and the llisaoloriorn Law post - dissolution
continues to provide for, a cooperative telationship between sponsoring cities and their redevcloporium
agencies, as well as their successor agencies who have assumed the duties and obligations of the former
redevelopment agencies. Under CRL Section 33220, a city may aid and cooperate in the planning,
undortal ing, construction, or operation of redevelopment projects. CRT, Section 33220(c) specifically
authorizes a city to enter into an agrok mcnt with its redevelopment agency or any other public entity
to further redevelopment purposes. Section 34178(a) of the Dissolution Law allows a successor agency
and its sponsoring city to eater into agreements, subject to Oversight Board approval trader
Section 3 +4160(h) orthe Dissolution Law,
7, The Successor Agency has and will have p'r'oceeds of its Community Redevelopment
Agency of the City of Santa Ana, South Main Street :Redevelopment Project, Tax Allocation Bonds,
Series 2003A (2003A Bonds ")(together with other funds doscribed in Section 2,1 below,
"Bond Proceeds ") that are not otherwise obligated for a project or other enforceable obligation.
The Successor Agency desires to transfer such Excess Bond Procowds (defined below) to the City to
enable tite City to expend such Excess Bond Proceeds for 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 the City to use such Excess Hand Proceeds in a mrmmer consistent with the covenants OF the
2003A. Bonds and to trnclertalce projects and programs that were not previously funded and obligated
by the farmer Agency pre - dissolution or by the Successor Agency post-dissolution, or by the City pre -
or post- dissolution. The City has adopted a spending plan for using such Excess Bond Proceeds (" Bood
Spending Plan ") to advance file City's community development goals white maximizing fiscal and
social benefits flowing to the affected taxing entities fiom successful development. The City Council
and Successor Agency Board have fonnd that the use of Excess }fond Proceeds are in accordance with
the }fond. Spending Plan to fund various capital intprovements rvltlrhi and outside the former Santa. Ann
South Main Sheri Redevelopment Praicct Area (fbr which abene Et resohition shall have been adopted
by tire Successor Agency) and are in accordance with CRL Sections 33415, 33445,1, and 33679 and
other applicable law.
L. in order to facilitate the use of Excess Bond MOWN consistent with all applicable
bond covenants, the Successor Agency and the City have negotiated this Agreement requiring the
uansicx of cw'rent anmi utirre excess ileac —1 prracaels 6 tty t o- Succor® sari -gency to the City, and the Cil's
agreement to rise such proceeds consistent with all applicable covenants, conditions, restrictions and
obligations under the 2003A Bonds. The parties 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 Ovei'slzhf Board approval, the Successor Agency has listed this Agreement, and the
reclairament to transfer excess bond proceeds herein, on its RODS 2016 -17 its an obligation to be funded
with Excess Bond Proceeds, and as and if applicable, will list on successive BOPS if required by the
Dissolution Law,
PLOW, THEREFORE, the parties horoto do mutually agree as follows:
Resolution No. 2016 -079
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RECITALS
The recitals above are an integral part or this Agreement and set forth the intentions of the
parties and the premises on which the pages have decided to enter into this Agreement.
2, DEFINITION$
For purposes of this [Agreement, the following terms shall have the indicated meaning;
11 "Dissolution Law" is defined in Recital D,
2,2 "Bond Proceeds" is dciined in Recital J and also includes (1) proceeds from tax
allocation bonds issued on or before December 31, 2010 and interest earned thereon, (2) rents, stile
proceeds and other rcvenrtes generated by properties acquired and/or unproved with proceeds from tax
allocation bonds issued on or before December 31, 2010,(3) interest and prfneipalpaid onloarts f#mdod
by proceeds from tax allocation bonds issued on or Were December 31, 2010, (4) moneys held by the
trustee in urnnection with the issuance of the 2003A Bonds, and (5) other income or revenues generated
frorn asscls acquired or funded with proceeds from tax allocation boards issued on or before
December 31, 2010.
2.3 "Excm Bond ProcecM' rnoans Aond Proceeds that are not needed to satisfy
Lnfboocablo Obligations listed on an approved Ropy.
2,4 "Enrorceable Obligations" mean eutorceuble obligations, other than Excess Bond
Proceeds obligations, as defined under the Dissolution Low.
2.5 "Bond Spending; Plan" is defined in Recital K,
3, SUMMSSOR AGENCY OPL[GAIIONS
The Succt -usor Agency shall have the following obligations under tlus Agroamentr
3.1 CmTent Eveogs Bond Proceeds. The Successor Agency shall transfer to the City, as
soon as practicable and no later than January 1, 2017, Excess Bond Proceeds cLaTently held by the
Successor Agency in an amount not to exceed (t) $2,515,560.32 (tire '"Hasa Amount" ), together with
any interest accrued thereon and (ii) such amounts as tyre held by the trustee far the .2003A Bonds)(the.
"Trustee Amown").
32 Future Excess Bond Proceeds. The UroQsso' Agency shrill transfer to the City all
future aoess Bond Proceeds held or received by the Successor Agency. Such future Excess Bond
Proceeds shall include, without limitation, (1) Bored Proceeds previously obligated to a projoet or other
Enforceable Obligation that become unobli.gated for any reason, and interest earned thereon, (2) Bond
Proceeds Hatt become available in the .hbint of rents, sale proceeds, loan repayments, other incomme, or
other revenues that are generated by properties or other assets acquired and/or impro'vod with Bond
Proceeds and that are not otherwise obligated to a project, program, or other Enforceable Obligation,
and (3) any outer funds held by the Successcr Agency that. qualify as Excess Bond Proceeds under this
Agreement,
The parties intend that payments of fuuture l xcess Bond Proceeds be [Wade to the City as soon
as possible after such .Excess Bond Proceeds become available. The transfer of Riture Excess Bond
Resolution No. 2016 -079
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Proceeds to the City shall be madep€xsLunit to an approved ROPS within 30 days of the commencement
of the relovant BOPS period. The Successor Agency shall be responsible firr onsuring that pnytnonts
of future Excess Mond Proceeds to the City, as such funds beco ne available, are included on the next
possible BOPS.
3.3 Projects Funded By .Excess Bond Proceeds, The Successor Agency assigns to the
City all responsibilities in tolation to the adhnirdanation and implementation of any projeuts or
programs fituded by Excess Bond Proceeds, 'rho Successor Agency assigns to the City all contracts
entered into by the Successor Agency post - dissolution or the former Agency ,pre- dissolution related to
the expenditure of Iixcess Baral 'Proceeds and any activities to be funded by Excess Bond Proceeds,
w all the exception of those contracts relating to En,i.'arceable Obligations, including the bond
documents for the 2003.A Bonder, which shall be retained by the Successor Agency. 'l'hc trau tfar of
moneys hold by the trustee for the 2003A. Bonds shall retusio subject to the tenses of (lie indenture or
tears€ provarcd in connection with the issuance of the 2003A Bonds (the "2003A Indenture ") to the
extent the 2003A Indenture remains in effect.
4, CITY OBLIGATIONS
The City shall have the following obligations under this Agreement:
4.1 Excess Bond Proceeds, 'rho City shall accept, hold, disburse and adcalinister
Excoas Bond Proceeds transferred to the City by the Successor :Agency under this Agrcement,
including current Exwss Bond Proceeds and future E'xcoss Bond Proceeds, The City shall retain any
Excess Bond Proceeds that it receives, such as revenue generated frown properties acquired or improved
With Exti.e.5s Bond Proceeds or payments on loans funded frUm Excess Bond Procce(b, without ally
obligation to return such fituds to the Successor Agency„ and shall use such Rends for uses consistent
with applicable coveruuris of the 2003ABoauls.
The City may spwrd Excess Bond Proceeds received or retained uuuler this Agreement on any
prcjoot program, or activity authorized under the Bond Spending Plan, Notwithstanding anything; to
the contrary ill this Agreement or Cie Bond Spending Plan, the City shall spend Excess Bond Proceeds
consistent: wide till oovenants of the 2003A Bonds applicable to the particular Excess Bond Proceeds,
The City shall be solely responsible for ensuring that Excess Bond Proceeds ate maintained and spent
in accordance with all covenants of the 2003A Bonds and other applicable laws. The City may transfer
liaudu' between approval proj cots, programs and activities. The Trustee Amount remains subject to the
€erins of the 2003A Indenture, to the extent the 2003A Indenture remains in effeo1.
The City hereby assumes all contracts entered into or assumed by the Successor Agency
dissolution or entered into by the former Agency pre - dissolution related to the expenditure of
of those contracts relating to Enforceable Obligations, which shall be retained by the Successor
Agency. The City shall perfortn its obligations bereunder, and under such assutned 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 NIEPA, and shall timely complete the work
required for each project connuencat by the City pursuant to this Agreement and the Bond Spending
Plan,
41 BONI) SPLN.I)ING PLAN, Tire City shall be solely responsiblo fbr maintaining,
administering, and implementing the Bond Spending, Plan, The City ma,y amend the 1301id Spending
Resolution No. 2016 -079
Page 9 of 13
Plan as the City deems reasonably necessary in its sole discretion, Any amendments to the adopted
Bond Spending Plan will consider uses that advance the City's comummity development goals while
maximizing fiscal and social benefits flowing to the affected taxing entities ftorn successful
development Notwithstanding arty contrary provision hereof, unless the City cxpres.sly agrees
otherwise, the City shall not be obligated to provide funding for any program or project in an amount
exceeding the Excess Bond Proceeds provided to the City pursuant to this Agreement.
5. (ENTIRE AGREEMENT; WAIVERS; AND AMENDMENTS
5,1 This Agreement couatihrtes tlxe entire uudcrstand.ing and agreement of the parties with
respect to the transfer and use of Excess Bond Proceeds. This Agreement integrates all of the terms
and conditions mentioned herein or htcidental hereto, and supersedes all negotiations or previous
agreements between the parties w ith respect to the subject mattcr of this Agreement.
52 This Agreement is intondect solely for the benefit of the City and the Successor Agency,
Notwithstanding any rotbronco in this Agreement to persons or entities other titan the City and rho
Successor Agency, there shall be no thinl party bmufici.aries under this AgrCcracro,
53 All waivers of the provisions of this Agreement and all amendments to this Agreement
must be in writlnq and signed by the authorized representatives of the parties.
6. SEVERABILITY
Tf any term, provision, covenant or condition of this Agreement is.held by a court of competent
jutisdk�Lion to be invalid, void or unenforceable, therornainder of the Provisions shall continue in fall
force and offect unless the rights and obligations of the parties havo boor, materially altered or abridged
by such invaUtlatiora, voisi rxg ox am nforceability. In addition, the parties shall Cooperate in good faith
in an effort to anroad or modify this Agreement in a manner such that the purpose of any invalidated
tn' voided provision, covenant, or condition can be accomplished to the maximum extent legally
permissible.
7. DEFAULT
If oitber party fails to adequately perform an obligation required by this Agreement within
ehlaty (30) calendar days of receiving written notice Pfom the non - defaulting party, the party fhiUng to
porrorm slrra.11 be in dofaull. hereundor. In the event of default, the non - defaulting party will have all
the rights and remedies available to it at law or in equity to enforce the provisions of this comraot,
including without limitation the tight to sue For damages for breach of contract or to sack specific
performance. The rights and remedies of the non - defaulting party entunerated in this pa ragrapb are
cunt €lative and shall nrot limit the non-defiud.trug party's tights under any other prevision of this
Agreement, or otherwise waive or deny any right or remedy, at law or in equity, existing as of the date
of the Agreement or heteinatler enacted or established, that may be available to the non - defaulting
party against the defaulting party.
B. BINDING ON SUCCESSORS
This Agreement shall be binding oil and shall inure to the benefit al' all successors and assigns
of the parties, whether by agreement or operation of law.
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9. NON-LIABILITY OF NIC ATHER9, OfFICULS, EMPLOYEES AND AGENTS; NON-
RifCOURSE OBLIGATION
No member, ofztoer, official, employce, agent or reprtsentativo of the Successor Agoacy or the
City shall he personally liable for perfortnanc by the Successor Agency or City hereunder, .for breach
or do fault by the City or Successor Agency hereunder, for any amounts which they be payable or
become duc hereundet, or for any judgment or executior, thereon entered In any action.
10. FURTHERASSURANCE3
Each party agrees to execute, acknowledge and deliver all additional doetmtents and
inctrumants, amd to take such ocher actions as may he reasonably necessary to carry out the intuut of
this Agreement.
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Resolution No. 2016 -079
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In witness wheraot, the undersigned parties have executed this Bond Proceeds Expenditure
Agreement as of the dale first above wriucu.
ATTEST.
MARIA D, HUIZAR
Clerk of the Council
APPROVED AS TO FORM:
S(R
Cary
6y:
ATTESTt
MAFcIA . %IC7tDATt - _....__ `-- -_ �._
Clerk of the Council
APPROVED AS TO FORM:
SONI.A m VA 140
City At rttt y
Dy
Resolution No. 2016 -079
Page 12 of 13
"CITY"
CITY OF SANTA .ANA
DAVID CAVAZOS
City manager
"SUCCESSOR AC >ENCYI,
SUCCESSOR AGENCY TO THE
I<ORMER COMMUNITY
REDEVELOPMENT AGENCY OT THE
CITY OIL SANTA ANA
DAVID CAVAZOS
City Manager
EXHIBIT B
BOND SPENDING PLAN
Community Redevelopment Agency of the City of Santa Ana, South Main Street
Redevelopment Project, Tax Allocation Bonds, Series 2003A
Project Description Estimated Costs
Capital improvements within the South Main Street
Redevelopment Project Area, including but not limited to,
public facilities, streets, drains, sewers, parks, sidewalks, $2,515,560.32
streetscapes, landscaping and lighting located on public
property or in public rights -of -way.
Total $2,515,560.32
Resolution No. 2016 -079
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