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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 projects <br />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 <br />Hundred Thousand Dollars ($600,000) in Excess Bond Proceeds to the City and <br />commits the City to use the Excess Bond Proceeds for purposes set forth in the Agreement and <br />consistent with 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 />Introduced by Councilmember Prola and passed and adopted this 19th day of September, <br />2016, by the following vote: <br />Members of the Council: <br />AYES: Councilmembers Cox, Lee, Lopez, Prola, Reed, Thomas; Mayor Cutter (7) <br />NOES: None (0) <br />ABSENT: None f <br />t <br />ATTEST: f <br />Tamika Greenwood, City Clerk <br />RESOLUTION NO. 2016-122 <br />(0) <br />