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File Number: 16-469 <br />Oversight Board on September 21, 2016 for approval as an enforceable obligation and <br />subsequent placement on the amended 2016-17 ROPS (Recognized Obligation Payment <br />Schedule). The amended ROPS will be considered at the same Oversight Board meeting and <br />subsequently sent to the DOF for approval. <br />Staff requests that: <br />1)The City Council serving in its capacity as the Board of Directors of the Successor <br />Agency to the Redevelopment Agency of the City of San Leandro (Successor Agency) <br />adopt a Resolution approving an Agreement with the City of San Leandro regarding the <br />expenditure of excess bond proceeds and authorizing the transfer of such proceeds to <br />the City of San Leandro. <br />2)The City Council adopt a Resolution approving an Agreement with the Successor <br />Agency regarding the expenditure of excess bond proceeds and authorizing the <br />acceptance of the transfer of such proceeds from the Successor Agency. <br />Previous Actions <br />·On October 28, 2015, the Successor Agency to the Redevelopment Agency of the City of <br />San Leandro received its Finding of Completion, authorizing the Successor Agency to <br />utilize proceeds derived from bonds issued prior to December 31, 2010 in a manner <br />consistent with the original bond covenants. <br />Legal Analysis <br />This report and the proposed agreement were reviewed by the City Attorney and approved as <br />to form. <br />Fiscal Impacts <br />The $600,000 in excess bond proceeds will be transferred to the City at no cost and will be <br />utilized in a manner consistent with the bond covenants. <br />ATTACHMENT(S) <br />Attachment to Resolutions <br />·Agreement Regarding Expenditure of Excess Bond Proceeds and Authorizing the <br />Acceptance of the Transfer of Excess Bond Proceeds from the Successor Agency to the <br />Redevelopment Agency of the City of San Leandro to the City of San Leandro <br />PREPARED BY: Katie Bowman, Business Development Specialist, Community Development <br />Department <br />Page 3 City of San Leandro Printed on 9/13/2016