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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 /> 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 /> RECITALS <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 /> 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 /> 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 /> 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 /> 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 /> WHEREAS, a loan from the City will be needed to cover the funding shortfall <br /> during the July-December 2015 ROPS period; and <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 />