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File Number: 16-471 <br />proceeds in excess of amounts needed to satisfy previously approved enforceable <br />obligations ("Excess Bond Proceeds") in a manner consistent with the original bond <br />covenants; and <br />WHEREAS, Health and Safety Code Section 34191.4(c) further provides that the <br />expenditure of Excess Bond Proceeds must be listed separately on the Recognized <br />Obligation Payment Schedule (''ROPS"); and <br />WHEREAS, the Successor Agency currently holds approximately $2,300,000 in <br />available Excess Bond Proceeds that can be used to pay all or a portion of the costs of <br />projects located in the Project Area, as set forth in the redevelopment financing plan; and <br />WHEREAS, Successor Agency staff prepared an Agreement Regarding Expenditure <br />of Excess Bond Proceeds ("Agreement") that provides for an initial transfer of Six Hundred <br />Thousand Dollars ($600,000) in Excess Bond Proceeds to the City and commits the City to <br />use the Excess Bond Proceeds for purposes set forth in the Agreement and consistent with <br />the Bond covenants; and <br />WHEREAS, the execution of the Agreement and the acceptance of Excess Bond <br />Proceeds is subject to approval by the Successor Agency; and <br />WHEREAS, the execution of the Agreement and the transfer of Excess Bond <br />Proceeds to the City are also subject to approval by the Oversight Board to the Successor <br />Agency. <br />NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of San <br />Leandro that: <br />1.The facts stated in the foregoing Recitals are hereby acknowledged and <br />affirmed. <br />2.The Agreement is approved, and the City Manager or his designee is <br />authorized to execute the Agreement on behalf of the Successor Agency substantially in <br />the form presented to this Board. <br />3.The City is authorized and directed to accept the transfer of the Excess Bond <br />Proceeds from the Successor Agency to use for purposes consistent with the Agreement, <br />the Bond covenants, and the applicable provisions of the CRL. <br />4.The City Manager and his designees are authorized to take such further <br />actions as may be necessary to carry out the intent of this Resolution. <br />Page 2 City of San Leandro Printed on 9/13/2016