HomeMy WebLinkAbout1993-10 CRA
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RESOLUTION NO. 93- 1G
A RESOLUTION OF THE COMMUNITY REDEVELOP-
MENT AGENCY OF THE CITY OF SANTA ANA
FINDING THE NECESSITY TO BORROW MONEY
FROM THE LOW- AND MODERATE-INCOME HOUS-
ING FUND TO PAY PART OF THE AGENCY'S RE-
QUIRED ALLOCATION TO THE EDUCATIONAL
REVENUE AUGMENTATION FUND
WHEREAS, on September 14,1992 the State of California enacted
1992 Statutes, Chapter 699 (Senate Bill No. 617), which added
Article 7, "School Finance" (commencing with section 33680) to Part
1, the "Community Redevelopment Law," of Division 24 of the Health
and Safety Code of the State of California; and
WHEREAS, section 33681 of said Article 7, "School Finance,"
requires redevelopment agencies, in the fiscal year 1992-93, to
allocate money to the Educational Revenue Augmentation Fund,
created pursuant to California Revenue and Taxation Code section
97.03, in an amount determined by the State Director of Finance
pursuant to section 33681; and
.
WHEREAS, the Director of Finance has determined that the
allocation due to the Educational Revenue Augmentation Fund from
the Community Redevelopment Agency of the city of Santa Ana is
$4,564,655; and
WHEREAS, subsection (b) of said section 33681 allows a
redevelopment agency to borrow up to 50 percent of the amount in
its Low- and Moderate-Income Housing Fund in order to pay its
allocation to the Educational Revenue Augmentation Fund, if it can
do so without impairing existing contracts and if the agency finds
that there are insufficient other moneys to pay that allocation;
and
WHEREAS, due to the appropriations made by the community
Redevelopment Agency of the City of Santa Ana in the adoption of
its budget for the fiscal year 1992-93 prior to the enactment of
1992 Statutes, Chapter 699, money available to the community
Redevelopment Agency of the City of Santa Ana from sources other
than its Low- and Moderate-Income Housing Fund to pay its Educa-
tional Revenue Augmentation Fund allocation is $1,000,000 less than
the amount of that allocation; and
WHEREAS, $1,000,000 is less than 50 percent of the amount of
money in the Low- and Moderate-Income Housing Fund of the Community
Redevelopment Agency of the City of Santa Ana; and
WHEREAS, the use by the Community Redevelopment Agency of the
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City of Santa Ana of $1,000,000 from its Low- and Moderate-Income
Housing Fund to pay part of its required allocation to the
Educational Revenue Augmentation Fund will not impair any existing
contracts of the community Redevelopment Agency of the City of
Santa Ana;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA as follows:
1. There are insufficient moneys other than moneys in the
Low- and Moderate-Income Housing Fund of the Community Redevelop-
ment Agency of the City of Santa Ana to meet the requirements of
subdivision (a) of section 33681 of the Health and Safety Code of
the State of California that the Community Redevelopment Agency of
the City of Santa Ana allocate $4,564,655 to the Educational
Revenue Augmentation Fund.
2. The Executive Director of the Community Redevelopment
Agency of the city of Santa Ana is authorized to borrow $1,000,000
from the Low- and Moderate-Income Housing Fund of the Community
Redevelopment Agency of the City of Santa Ana to pay part of the
allocation due from the Community Redevelopment Agency of the city
of Santa Ana to the Educational Revenue Augmentation Fund.
ADOPTED this 19th
following vote:
. AYES: Members
NOES: Members
ABSENT: Members
ABSTENTIONS: Members
ATTEST:
/!epL*~
yn hia J. elson
Executive Director
APPROVED AS TO FORM:
aQ1~-
Edward J. Co
Agency Legal Counsel
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day of
April
, 1993, by the
Lutz, Mills, Moreno, Pulido, Richardson, Young
Norton
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Chairman
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