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File Number: 17-004 <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 Obligation <br />Payment Schedule (''ROPS"); and <br />WHEREAS, the Successor Agency currently holds approximately $2,300,000 in available <br />Excess Bond Proceeds that can be used to pay all or a portion of the costs of projects located in the <br />Project Area, as set forth in the redevelopment financing plan; and <br />WHEREAS, Successor Agency staff prepared an Agreement Regarding Expenditure of <br />Excess Bond Proceeds ("Agreement") that provides for a transfer of One Million, Seven Hundred <br />Sixty-Four, Five Hundred Twenty-Six Dollars ($1,764,526) 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 Proceeds <br />is subject to approval by the Successor Agency; and <br />WHEREAS, the execution of the Agreement and the transfer of Excess Bond Proceeds to <br />the City are also subject to approval by the Oversight Board to the Successor Agency. <br />NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of San Leandro <br />that: <br />1.The facts stated in the foregoing Recitals are hereby acknowledged and affirmed. <br />2.The Agreement is approved, and the City Manager or his designee is authorized to <br />execute the Agreement on behalf of the City of San Leandro substantially in the form presented to <br />this Council. <br />3.The City is authorized and directed to accept the transfer of the Excess Bond <br />Proceeds from the Successor Agency to use for purposes consistent with the Agreement, the <br />Bond covenants, and the applicable provisions of the CRL. <br />4.The City Manager and his designees are authorized to take such further actions as <br />may be necessary to carry out the intent of this Resolution. <br />Page 2 City of San Leandro Printed on 1/10/2017