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the Project Area, as set forth in the redevelopment financing plan; and WHEREAS, Successor Agency staff prepared an Agreement Regarding Expenditure of Excess Bond Proceeds ("Agreement") that provides for a transfer of One Million, Seven Hundred Sixty -Four, Five Hundred Twenty -Six Dollars ($1,764,526) 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 Successor Agency; 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. that: NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of San Leandro The facts stated in the foregoing Recitals are hereby acknowledged and affirmed. 2. The Agreement is approved, and the City Manager or his designee is authorized to execute the Agreement on behalf of the City of San Leandro substantially in the form presented to this Council. 3. The City is authorized and directed to accept the transfer of the Excess Bond Proceeds from the Successor Agency to use for purposes consistent with the Agreement, the Bond covenants, and the applicable provisions of the CRL. 4. The City Manager and his designees are authorized to take such further actions as may be necessary to carry out the intent of this Resolution. Introduced by Councilmember Hernandez, seconded by Councilmember Cox, passed and adopted this 17th day of January 2017, by the following vote: Members of the Council: .AYES: Councilmembers Ballew, Cox, Hernandez, Lee, Lopez, Thomas (6) NOES: None (0) ABSENT: Mayor Cutter (1) ATTEST:-- Tamika Gr enwood, City Clerk RESOLUTION NO. 2017-011 2