HomeMy WebLinkAbout2006-005 CRA
4/24/06 les
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RESOLUTION NO. CRA 2006-005
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 2005-2006
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 Senate Bill 1096 (SB 1096) implementing the California State
Budget for fiscal year 2004-2005, the Community Redevelopment Agency ("Agency") is
required to make a $3,330,894.37 payment to the County Educational Revenue
Augmentation Fund ("ERAF") by May 1 0, 2006.
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
2005-2006 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 9 33681.12, the Agency must make a finding that
there are insufficient other moneys to remit the required ERAF payment.
D. The legislation implementing the State's fiscal year 2004-2005 budget also
authorized the County Auditor/Controller to withhold property tax revenue from the City's
general fund to the extent that the $3,330,894.37 payment is not made by the Agency by
May 10, 2006.
Section 2. The Agency hereby finds that borrowing $3,330,894.37 from the low
and Moderate Income Housing funds is necessary due to the insufficiency of other
revenue sources.
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
$3,330,894.37 payment to the County Auditor for deposit into the Educational Revenue
Augmentation Fund on or before May 10,2006.
Section 4. This Resolution shall take effect immediately upon its adoption by
the City Council, and the Clerk of the Council shall attest to and certify the vote adopting
this Resolution.
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Resolution No. eRA 2006-005
Page 1012
ADOPTED this 1 st day of Mav. 2006.
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APPROVED AS TO FORM:
Joseph W. Fletcher, General Counsel
By:@.:L f. ~L
Lisa E. Storck
Assistant General Counsel
AYES:
Boardmembers: Alvarez. Bis!. Bustamante. Christy. Garcia. Pulido.
Solorio (6)
NOES:
Boardmembers: None (0)
ABSTAIN:
Boardmembers: None (0)
NOT PRESENT: Boardmembers:
None (0)
...,;
CERTIFICATION OF ATTESTATION AND ORIGINALITY
I, PATRICIA E. HEALY, Secretary of the Agency, do hereby attest to and certify the
attached Resolution No. CRA 2006-005 to be the original resolution adopted by the
Community Redevelopment Agency of the City of Santa Ana on Ma 1 06.
Date:
,-.l)- 9 -tJ~
Patricia E. Healy
Secretary
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Resolution No. eRA 2006-005
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