SA Reso 2017-001 - Laserfiche WebLink

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