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4/8109 les <br />RESOLUTION NO. 2009-007 <br />A RESOLUTION OF THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF SANTA <br />ANA MAKING THE FINDING THAT THE AGENCY MUST <br />BORROW HOUSING SET ASIDE FUNDS IN ORDER TO <br />MAKE THE 2008-2009 PAYMENT TO THE <br />EDUCATIONAL REVENUE AUGMENTATION FUND <br />BE IT RESOLVED BY THE MEMBERS OF THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, AS FOLLOWS: <br />Section 1. The Community Redevelopment Agency of the City of Santa Ana <br />hereby finds, determines and declares as follows: <br />A. As a result of Senate Bill 1389 (SB 1389) implementing the <br />California State Budget for fiscal year 2008-2009, the Community Redevelopment <br />Agency ("Agency") is required to make a $3,679,545 payment to the County Educational <br />Revenue Augmentation Fund ("ERAF") by May 10, 2009. <br />B. The legislation allows the Agency to borrow up to fifty percent of the <br />amount required to be allocated to the Low and Moderate Income Housing Fund during <br />fiscal year 2008-2009 in order to make this payment. The funds may be borrowed for up <br />~„ to ten years. <br />C. As a condition of borrowing from the Low and Moderate Income <br />Housing Fund pursuant to Health & Safety Code § 33681.12, the Agency must make a <br />finding that there are insufficient other moneys to remit the required ERAF payment. <br />D. The legislation implementing the State's fiscal year 2008-2009 <br />budget also authorized the County Auditor/Controller to withhold property tax revenue <br />from the City's general fund to the extent that the $3,679,545 payment is not made by the <br />Agency by May 10, 2009. <br />Section 2. The Agency hereby finds that borrowing $3,679,545 from the Low and <br />Moderate Income Housing funds is necessary due to the insufficiency of other revenue <br />sources. <br />Section 3. The Executive Director of the Agency is hereby authorized to take all <br />necessary actions and to sign all documents and instruments necessary to make the <br />$3,679,545 payment to the County Auditor for deposit into the Educational Revenue <br />Augmentation Fund on or before May 10, 2009. <br />Section 4. This Resolution shall take effect immediately upon its adoption by <br />the City Council, and the Clerk of the Council shall attest to and certify the vote adopting <br />this Resolution. <br />Resolution No. CRA 2D09-007 <br />Page 1 of 2 <br />