HomeMy WebLinkAbout2003-04 CRA04/09/03
RESOLUTION NO. 2003-04
A RESOLUTION OF THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF
SANTA ANA MAKING THE FINDING THAT THE
AGENCY MUST BORROW HOUSING SET ASIDE
FUNDS IN ORDER TO MAKE THE 2002-2003
PAYMENT TO THE EDUCATIONAL REVENUE
AUGMENTATION FUND
BE IT RESOLVED BY THE MEMBERS OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA, AS FOLLOWS:
Section 1. The Community Redevelopment Agency of the City of Santa Ana hereby
finds, determines and declares as follows:
A. As a result of legislation implementing the California State Budget for fiscal
year 2002-2003, the Community Redevelopment Agency ("Agency") is required to make a
$1,058,013 payment to the County Educational Revenue Augmentation Fund ("ERAF") by May
10, 2003.
B. The legislation allows the Agency to borrow up to fifty percent of the
amount required to be allocated to the Low and Moderate Income Housing Fund during fiscal
year 2002-2003 in order to make this payment. The funds may be borrowed for up to ten
years.
C. As a condition of borrowing from the Low and Moderate Income Housing
Fund pursuant to Health & Safety Code § 33681, the Agency must make a finding that there
are insufficient other moneys to remit the required ERAF payment.
D. In fiscal year 1992-1993, the State legislature adopted similar legislation
requiring the Agency to make a payment to the ERAF. At that time the Agency borrowed
$1,000,000 from the Low and Moderate Income Housing Fund. Repayment of this loan was
anticipated in the Agency's fiscal year 2002-2003 budget. Health and Safety Code section
33681 (b) 2 allows repayment of the fiscal year 1992-1993 ERAF to be delayed for one
additional year, to fiscal year 2003-2004. The Agency will be using this provision to defer
payment accordingly.
E. The legislation implementing the State's fiscal year 2002-2003 budget
authorized the County Auditor/Controller to withhold property tax revenue from the City's
general fund to the extent that the $1,058,013 payment is not made by the Agency by May 10,
2003.
Section 2. The Agency hereby finds that borrowing $1,058,013 from the Low and
Moderate Income Housing funds is necessary due to the insufficiency of other revenue
sources.
04/09/03
Section 3. The Executive Director of the Agency is hereby authorized to take all
necessary actions and to sign all documents and instruments necessary to make the
$1,058,013 payment to the County Auditor for deposit into the Educational Revenue
Augmentation Fund on or before May 10, 2003.
ADOPTED this 21st dayof April
APPROVED AS TO FORM:
Joseph W. Fletcher, General Counsel
By: ~'~-~'~ ~. ~
Lisa E. Storck
Assistant General Counsel
A1 va rez,
AYES: Boardmembers: Ga rc i a,
NOES: Boardmembers: None (0)
ABSTAIN: Boardmembers: None (0)
NOT PRESENT: Boardmembers: None (.0)
Bist, Christy, Franklin,
Pulido, Solorio (7)
CERTIFICATION OF ATTESTATION AND ORIGINALITY
l, JOHN REEKSTIN, Secretary of the Agency, do hereby attest to and certify the attached
Resolution No. 2003-04 to be the original resolution adopted by the Community
Redevelopment Agency of the City of Santa Ana on Apr13 21, 2003.
Date: August 14, 2003
City of Santa Ana