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2 <br /> <br /> <br /> <br />I. The Successor Agency desires to transfer One Million, Seven Hundred Sixty-Four, Five Hundred <br />Twenty-Six Dollars ($1,764,526) in Excess Bond Proceeds to the City for improvements to <br />perform capital improvements in the Joint Project Area, including improvements to the Triangle <br />at E. 14th St./Hesperian Blvd./150th St., as well as streetscaping, utility undergrounding, <br />pedestrian, and lighting improvements along north and south portions of East 14th Street. (the <br />“Project”), and to put such request on the ROPS. <br /> <br />J. The execution of this Agreement was approved by the City Council and by the <br />governing board of the Successor Agency by resolutions adopted on January 17, 2017. <br /> <br />K. The execution of this Agreement by the Successor Agency was approved by the <br />Oversight Board to the Successor Agency by resolution adopted on January 18, 2017. <br /> <br />NOW, THEREFORE, in consideration of the mutual covenants, conditions and <br />promises herein contained, the Parties hereby agree as follows. <br /> <br />1. Incorporation of Recitals. The Parties acknowledge the truth of the foregoing Recitals <br />which by this reference are incorporated into this Agreement. <br /> <br />2. Term. The term of this Agreement shall commence on the Effective Date, and shall <br />continue in effect until the date that all Excess Bond Proceeds are expended in accordance with <br />the requirements of this Agreement. <br /> <br />3. Transfer of Excess Bond Proceeds; ROPS Submittal. Successor Agency hereby agrees to <br />transfer One Million, Seven Hundred Sixty-Four, Five Hundred Twenty-Six Dollars ($1,764,526) <br />of Excess Bond Proceeds to the City, for construction of the Project in accordance with the terms, <br />conditions, and purposes set forth in this Agreement. The Successor Agency further agrees to put <br />the Project on the ROPS for approval for financing with the Excess Bond Proceeds. <br /> <br />4. Use of Excess Bond Proceeds. The City agrees that it shall use the Excess Bond <br />Proceeds solely for the purposes identified in this Agreement for construction of the Project, or <br />if otherwise directed at a future date, and with approval of the Oversight Board for other public <br />improvement projects consistent with the Bond covenants and applicable provisions of the CRL. <br />The City shall keep the Excess Bond Proceeds in dedicated accounts separate from the City’s <br />General Fund. The Parties shall cooperate with each other as may be necessary to ensure that the <br />Excess Bond Proceeds are expended in a manner consistent with this Agreement. Unless the City <br />expressly agrees otherwise, the City is not obligated to provide funding for any project, activity, <br />or program in an amount greater than the Excess Bond Proceeds transferred to the City under this <br />Agreement. <br /> <br />5. Project Approvals: Environmental Review. This Agreement is not intended to limit in <br />any manner the discretion of City in connection with the issuance of approvals and entitlements <br />for any projects funded with Excess Bond Proceeds, including without limitation, the <br />undertaking and completion of any required environmental review pursuant to CEQA and <br />NEPA, as applicable, and the review and approval of plans and specifications. <br /> <br />6. Severability. If any term, provision, covenant, or condition set forth in this Agreement is <br />held by the final judgment of a court of competent jurisdiction to be invalid, void, or <br />unenforceable, the remaining provisions, covenants, and conditions shall continue in full force <br />and effect to the extent that the basic intent of the Parties as expressed herein can be <br />accomplished. In addition, the Parties shall cooperate in good faith in an effort to amend or