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City of San Leandro <br />Meeting Date: January 17, 2017 <br />Resolution - Council <br />Agenda Section:File Number:17-004 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 City Council of San Leandro Approving an Agreement <br />Regarding Expenditure of Excess Bond Proceeds and Authorizing the <br />Acceptance of the Transfer of Excess Bond Proceeds from the Successor <br />Agency to the Redevelopment Agency of the City of San Leandro to the City <br />of San Leandro <br />WHEREAS, pursuant to authority granted under Community Redevelopment Law (California <br />Health and Safety Code Section 33000 et seq.) (the “CRL”), the former Redevelopment Agency of <br />the City of San Leandro (“Redevelopment Agency”) had responsibility to implement the three <br />redevelopment plans for the San Leandro Redevelopment Project Area (collectively, the “Project <br />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, as <br />Trustee (the “Indenture”), the Redevelopment Agency issued Tax Allocation Bonds in the original <br />principal amount of $27,530,000 (the “Bonds”); and <br />WHEREAS, pursuant to Resolution 2012-001, adopted by the City Council of the City of San <br />Leandro (the “City Council”) on January 9, 2012, the City Council agreed to serve as the governing <br />board to the Successor Agency commencing upon dissolution of the Redevelopment Agency on <br />February 1, 2012, pursuant to Assembly Bill x1 26 (as further amended by AB 1484 and SB 107, the <br />“Dissolution Law”); and <br />WHEREAS, pursuant to the Dissolution Law, on October 28, 2015 the Successor Agency <br />was granted a Finding of Completion from the California State Department of Finance (the “DOF”); <br />and <br />WHEREAS, Health and Safety Code Section 34191.4(c) of the Dissolution Law provides that <br />once a successor agency has received a finding of completion, the successor agency is authorized <br />to use the proceeds of bonds issued on or before December 31, 2010, for the purposes for which <br />the bonds were sold and is further authorized to expend bond proceeds in excess of amounts <br />needed to satisfy previously approved enforceable obligations ("Excess Bond Proceeds") in a <br />manner consistent with the original bond covenants; and <br />Page 1 City of San Leandro Printed on 1/10/2017