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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 <br />and commits the City to use the Excess Bond Proceeds for purposes set forth in the Agreement <br />and 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 City Council by Resolution; 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 Governing Board of the Successor <br />Agency to the Redevelopment Agency of the City of San Leandro that: <br />1. The facts stated in the foregoing Recitals are hereby acknowledged and affirmed. <br />2. The Agreement is approved, and the Executive Director or his designee is <br />authorized to execute the Agreement on behalf of the Successor Agency substantially in the form <br />presented to this Board. <br />3. The Successor Agency is authorized and directed to transfer the Excess Bond <br />Proceeds to the City to use for purposes consistent with the Agreement, the Bond covenants, and <br />the applicable provisions of the CRL. <br />4. The Executive Director and his designees are authorized to take such further actions <br />as may be necessary to carry out the intent of this Resolution, including without limitation, the <br />listing of the Agreement and the transfer of the Excess Bond Proceeds to the City on the <br />Recognized Obligation Payment Schedule ('BOPS"). <br />Introduced by Councilmember Hernandez, seconded by Councilmember Cox, passed and <br />adopted this 17th day of January 2017, by the following vote: <br />Members of the Council: <br />AYES: Councilmembers Ballew, Cox, Hernandez, Lee, Lopez, Thomas (6) <br />NOES: None (0) <br />ABSENT: Mayor Cutter (1) <br />ATTEST: <br />Tamika G enwood, City Clerk <br />RESOLUTION NO. 2017-001 SA 2 <br />