10A Action Items 2018 0402 - Laserfiche WebLink

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4 Controller”). See “SECURITY FOR THE 2018 BONDS - Tax Revenues” for the complete definition of “Tax Revenues.” The Dissolution Act requires the County Auditor-Controller to determine the amount of property taxes that would have been allocated to the Former Agency from the Project Area had the Former Agency not been dissolved, using current assessed values on the last equalized roll on August 20, and to deposit that amount in the Redevelopment Property Tax Trust Fund. The Dissolution Act provides that any bonds authorized thereunder to be issued by the Successor Agency will be considered indebtedness incurred by the dissolved Former Agency, with the same lien priority and legal effect as if the bonds had been issued prior to the effective date of AB 1X 26, in full conformity with the applicable provisions of the Redevelopment Law that existed prior to that date, and will be included in the Successor Agency’s Recognized Obligation Payment Schedules (see “SECURITY FOR THE 2018 BONDS – Recognized Obligation Payment Schedules”). The Dissolution Act further provides that property tax revenues pledged to any bonds authorized under the Dissolution Act, such as the 2018 Bonds, are taxes allocated to the Successor Agency pursuant to the provisions of the Redevelopment Law and the State Constitution. Property tax revenues will be allocated to the Successor Agency on a semi-annual basis based on a Recognized Obligation Payment Schedule submitted by the Successor Agency to an oversight board established for the Successor Agency (the “Oversight Board”) and the State Department of Finance (the “DOF”). The County Auditor-Controller will distribute funds from the Redevelopment Property Tax Trust Fund for each six-month period in the order specified in the Dissolution Act. See “SECURITY FOR THE 2018 BONDS – Recognized Obligation Payment Schedules.” The Successor Agency has no power to levy property taxes and must rely on the allocation of taxes as described above. See “RISK FACTORS.” Pass-Through Agreements; Project Area Agreement The Project Area is subject to several fiscal agreements that were negotiated with taxing entities during the plan adoption process for the Project Area. These agreements (collectively, the “Pass-Through Agreements”) are briefly summarized in this Official Statement. Amounts payable under the Pass-Through Agreements have not been subordinated to the payment of debt service on the 2018 Bonds and are, therefore, payable senior to the 2018 Bonds. In addition, certain amounts of tax increment generated in the Project Area are payable to the County, or required to be spent within that portion of the Project Area outside of the City limits, pursuant to the Agreement Regarding Alameda County – City of San Leandro Redevelopment Project dated as of July 1, 1993, between the Agency and the County (the “Project Area Agreement”). For additional information on the Pass-Through Agreements and the Project Area Agreement, see “SECURITY FOR THE 2018 BONDS – Pass-Through Agreements” and “– Project Area Agreement.” 109