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City of San Leandro <br />Meeting Date: September 19, 2016 <br />Resolution - SA <br />Agenda Section:File Number:16-470 CONSENT CALENDAR <br />Agenda Number: <br />TO:City Council <br />FROM:Chris Zapata <br />City Manager <br />BY:Cynthia Battenberg <br />Community Development Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:RESOLUTION Of The Governing Board Of The Successor Agency To The <br />Redevelopment Agency Of The City Of San Leandro Approving An <br />Agreement Regarding Expenditure Of Excess Bond Proceeds And Authorizing <br />The Transfer Of Excess Bond Proceeds To The City Of San Leandro <br />WHEREAS, pursuant to authority granted under Community Redevelopment Law <br />(California Health and Safety Code Section 33000 et seq.) (the “CRL”), the former <br />Redevelopment Agency of the City of San Leandro (“Redevelopment Agency”) had <br />responsibility to implement the three redevelopment plans for the San Leandro <br />Redevelopment Project (collectively, the “Project Area”); and <br />WHEREAS, pursuant to that certain Indenture of Trust dated as of July 1, 2008 and <br />executed by and between the Redevelopment Agency and U.S. Bank, National Association, <br />as Trustee (the “Indenture”), the Redevelopment Agency issued Tax Allocation Bonds in <br />the original principal amount of $27,530,000 (the “Bonds”); and <br />WHEREAS, pursuant to Resolution 2012-001, adopted by the City Council of the City <br />of San Leandro (the “City Council”) on January 9, 2012, the City Council agreed to serve <br />as the governing board to the Successor Agency commencing upon dissolution of the <br />Redevelopment Agency on February 1, 2012, pursuant to Assembly Bill x1 26 (as further <br />amended by AB 1484 and SB 107, the “Dissolution Law”); and <br />WHEREAS, pursuant to the Dissolution Law, on October 28, 2015 the Successor <br />Agency was granted a finding of completion from the California State Department of <br />Finance (the “DOF”); and <br />WHEREAS, Health and Safety Code Section 34191.4(c) of the Dissolution Law <br />provides that once a successor agency receives a finding of completion, the successor <br />agency is authorized to use the proceeds of bonds issued on or before December 31, 2010, <br />for the purposes for which the bonds were sold and is further authorized to expend bond <br />proceeds in excess of amounts needed to satisfy previously approved enforceable <br />Page 1 City of San Leandro Printed on 9/13/2016