Laserfiche WebLink
File Number: 16-470 <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 City Council by Resolution; 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 Governing Board of the Successor <br />Agency to the Redevelopment Agency of the City of San 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 Executive Director 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 Successor Agency is authorized and directed to transfer the Excess <br />Bond Proceeds to the City to use for purposes consistent with the Agreement, the Bond <br />covenants, and the applicable provisions of the CRL. <br />4.The Executive Director and his designees are authorized to take such further <br />actions as may be necessary to carry out the intent of this Resolution, including without <br />limitation, the listing of the Agreement and the transfer of the Excess Bond Proceeds to <br />the City on the Recognized Obligation Payment Schedule. <br />Page 2 City of San Leandro Printed on 9/13/2016