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RESOLUTION NO. 2009-007
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 2008-2009 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 1389 (SB 1389) implementing the
California State Budget for fiscal year 2008-2009, the Community Redevelopment
Agency ("Agency") is required to make a $3,679,545 payment to the County Educational
Revenue Augmentation Fund ("ERAF") by May 10, 2009.
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 2008-2009 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 § 33681.12, 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 2008-2009
budget also authorized the County Auditor/Controller to withhold property tax revenue
from the City's general fund to the extent that the $3,679,545 payment is not made by the
Agency by May 10, 2009.
Section 2. The Agency hereby finds that borrowing $3,679,545 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
$3,679,545 payment to the County Auditor for deposit into the Educational Revenue
Augmentation Fund on or before May 10, 2009.
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.
Resolution No. CRA 2D09-007
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ADOPTED this 4th day of May, 2009.
APPROVED AS TO FORM:
Joseph W. Fletcher, General Counsel
Lisa E. Storck
Assistant General Counsel
AYES: Boardmembers
NOES: Boardmembers:
ABSTAIN: Boardmembers:
Alvarez. Benavides, Bustamante
Martinez, Sarmiento. Pulido (6)
None (0)
None (0)
NOT PRESENT: Boardmembers: Tinaiero (1)
CERTIFICATION OF ATTESTATION AND ORIGINALITY
I, PATRICIA E. HEALY, Secretary of the Agency, do hereby attest to and certify the
attached Resolution No. CRA 2009-007 to be the original resolution adopted by the
Community Redevelopment Agency of the City of Santa Ana on May 4, 2009.
Date: (f ~I~ ~O~
~u~l L
Secretary
City of Santa Ana
Resolution No. CRA 2009-007
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