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RESOLUTION NO. 2012 -001 OB <br />RESOLUTION OF THE OVERSIGHT BOARD <br />FOR THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE <br />CITY OF SAN LEANDRO <br />AGREEING TO A MODIFICATION TO A LOAN PAYABLE BY THE <br />REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO TO THE CITY OF <br />SAN LEANDRO AND AUTHORIZING EXECUTION OF AN AMENDED AND <br />RESTATED PROMISSORY NOTE <br />WHEREAS, pursuant to Resolution 2012 -001, adopted by the City Council of the City of <br />San Leandro on January 9, 2012, the City of San Leandro agreed to serve as the Successor <br />Agency to the Redevelopment Agency of the City of San Leandro ( "Redevelopment Agency ") <br />commencing upon dissolution of the Redevelopment Agency on February 1, 2012 pursuant to <br />Assembly Bill x1 26 ( "AB 26 "); <br />WHEREAS, Health and Safety Code Section 33220 authorized any public body to enter <br />into an agreement with a redevelopment agency for the purpose of aiding and cooperating in the <br />planning, undertaking, construction, or operation of redevelopment projects located within the <br />jurisdiction in which such public body is authorized to act, upon the terms and with or without <br />consideration as such public body determines; <br />WHEREAS, by Resolution No. 2004 -11 adopted June 21, 2004, the City of San Leandro <br />( "City ") confirmed its agreement to advance City general funds in the amount of $4,372,774 <br />"the Joint City /County Project Area Loan ") to the Redevelopment Agency to support <br />redevelopment activities undertaken by the Redevelopment Agency in the City of San <br />Leandro /Alameda County Joint Redevelopment Project Area adopted pursuant to Ordinance No. <br />93 -012, adopted on July 12, 1993 (the "Joint City /County Project Area "); <br />WHEREAS, to evidence its obligation to repay the Joint City /County Project Area Loan, <br />the Redevelopment Agency executed and delivered to City a promissory note dated as of April 8, <br />2004 in the amount of the Joint City /County Project Area Loan (the "Note "); <br />WHEREAS, the Note bears interest at the rate of six percent per annum; <br />WHEREAS, the Note provides for interest -only payments, but permits prepayment of the <br />principal balance at any time; <br />WHEREAS, the current principal balance payable pursuant to the Note is $2,040,797.30; <br />WHEREAS, in accordance with AB 26, the City, acting in its capacity as Successor <br />Agency, prepared a Recognized Obligation Payment Schedule ( "ROPS ") setting forth the <br />schedule of existing Redevelopment Agency obligations, including among others, repayment of <br />the Note; <br />1875667.1 <br />