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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2015-163 RESOLUTION APPROVING A LOAN TO THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO TO ADVANCE FUNDS FOR THE PAYMENT OF ENFORCEABLE OBLIGATIONS APPROPRIATED FROM THE GENERAL FUND UNRESTRICTED ECONOMIC UNCERTAINTY RESERVE WHEREAS,pursuant to Resolution No. 2012-01, adopted by the City Council of the City of San Leandro on January 9,2012,the City of San Leandro ("City") agreed to serve as Successor Agency to the Redevelopment Agency of the City of San Leandro ("Successor Agency") commencing upon the dissolution of the Agency on February 1, 2012; and WHEREAS,the Successor Agency is required to prepare a Recognized Obligation Payment Schedule ("ROPS") for each six-month period setting forth all enforceable obligations of the Successor Agency; and WHEREAS,an adjustment made to the Successor Agency ROPS for July-December 2015 by the State Department of Finance ("DOF")resulted in a reduction in funding that was remitted to the Successor Agency for the payment of enforceable obligations; and WHEREAS,the DOF adjustment will result in the Successor Agency having insufficient funds to pay its enforceable obligations for the July-December ROPS period, or result in a negative fund balance at the beginning of the January 1 through June 30, 2015 ROPS period; and WHEREAS, a loan from the City will be needed to cover the funding shortfall during the July-December 2015 ROPS period; and WHEREAS, Section 34173 (h) of the California Health and Safety Code allows the City to loan money to the Successor Agency to pay for enforceable obligations and permits the Successor Agency to put repayment of the City loan on a subsequent ROPS; and WHEREAS,the loan will be repaid in full by the Successor Agency as soon as sufficient funding is received from the Redevelopment Property Tax Trust Fund, anticipated to be in January 2016; and WHEREAS, a loan agreement(the "Loan Agreement") in the amount of$779,051.00 has been negotiated between the City of San Leandro and the Successor Agency to the Redevelopment Agency of the City of San Leandro to pay for enforceable obligations of the Successor Agency, a copy of which is attached, and it is presented to this City Council; and WHEREAS,the City Council is familiar with the contents of the Loan Agreement; and WHEREAS,the City Manager recommends approval of the Loan Agreement.