SA Reso 2016-004 - Laserfiche WebLink

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WHEREAS, Successor Agency staff prepared an Agreement Regarding Expenditure of Excess Bond Proceeds ("Agreement") that provides for an initial transfer of Six Hundred Thousand Dollars ($600,000) in Excess Bond Proceeds to the City and commits the City to use the Excess Bond Proceeds for purposes set forth in the Agreement and consistent with the Bond covenants; and WHEREAS, the execution of the Agreement and the acceptance of Excess Bond Proceeds is subject to approval by the City Council by Resolution; and WHEREAS, the execution of the Agreement and the transfer of Excess Bond Proceeds to the City are also subject to approval by the Oversight Board to the Successor Agency. NOW, THEREFORE, IT IS RESOLVED by the Governing Board of the Successor Agency to the Redevelopment Agency of the City of San Leandro that: 1. The facts stated in the foregoing Recitals are hereby acknowledged and affirmed. 2. The Agreement is approved, and the Executive Director or his designee is authorized to execute the Agreement on behalf of the Successor Agency substantially in the form presented to this Board. 3. The Successor Agency is authorized and directed to transfer the Excess Bond Proceeds to the City to use for purposes consistent with the Agreement, the Bond covenants, and the applicable provisions of the CRL. 4. The Executive Director and his designees are authorized to take such further actions as may be necessary to carry out the intent of this Resolution, including without limitation, the listing of the Agreement and the transfer of the Excess Bond Proceeds to the City on the Recognized Obligation Payment Schedule. Introduced by Board Member Prola and passed and adopted this 19th day of September, 2016, by the following vote: Members of the Board: AYES: Members Cox, Lee, Lopez, Prola, Reed, Thomas; Chair Cutter (7) NOES: None (0) ABSENT: None (0) ATTEST: Tamieenwood, Secretary RESOLUTION NO. 2016-003 SA 2