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LOAN AGREEMENT BETWEEN THE <br />CITY OF SAN LEANDRO AND THE SUCCESSOR AGENCY TO THE <br />REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO <br /> <br />THIS LOAN AGREEMENT (this “Agreement”) is entered into as of <br />September 21, 2015 (the “Effective date”), by and between the City of San Leandro <br />(the “City”), a California charter city and the Successor Agency to the Redevelopment <br />Agency of the City of San Leandro (the “Successor Agency”). The City and the <br />Successor Agency are hereinafter collective referred to as the “Parties.” <br /> <br />RECITALS <br /> <br /> WHEREAS, on June 29, 2011 the legislature of the State of California (the <br />“State”) adopted Assembly Bill x1 26 (“AB 26”), which amended provisions of the <br />California Redevelopment Law (Cal. Health and Safety Code Sections 33000 et seq.); and <br /> WHEREAS , pursuant to AB 26 and the California Supreme Court decision in <br />California Redevelopment Association, et al. v. Ana Matosantos, et al., which upheld <br />AB 26 (together with AB 1484 the “Dissolution Law”), the Agency was dissolved on <br />February 1, 2012; and <br /> <br />WHEREAS, pursuant to Resolution No. 2012-01, adopted by the City Council of <br />the City of San Leandro on January 9, 2012, the City agreed to serve as Successor <br />Agency to the Redevelopment Agency of the City of San Leandro commencing upon the <br />dissolution of the Agency on February 1, 2012; and <br /> <br />WHEREAS, under the Dissolution Law, the Successor Agency is required to <br />prepare a Recognized Obligation Payment Schedule (“ROPS”) for each six-month period <br />setting forth all enforceable obligations of the Successor Agency; and <br /> <br />WHEREAS, an adjustment made to the Successor Agency ROPS for July- <br />December 2015 by the State Department of Finance (“DOF”) resulted in a reduction in <br />funding that was remitted to the Successor Agency for the payment of enforceable <br />obligations and; and <br /> <br />WHEREAS, the DOF adjustment will result in the Successor Agency having <br />insufficient funds to pay its enforceable obligations for the July-December ROPS period, <br />or result in a negative fund balance at the beginning of the January 1 through June 30, <br />2015 ROPS period; and <br /> <br />WHEREAS, a loan from the City will be needed to cover the funding shortfall <br />during the July-December 2015 ROPS period; and <br /> <br />WHEREAS, Section 34173 (h) of the Dissolution Law allows the City to loan <br />money to the Successor Agency to pay for enforceable obligations and permits the <br />Successor Agency to put repayment of the City loan on a subsequent ROPS; and <br />