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RESOLUTION NO. CRA 2010-001
A RESOLUTION OF THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF
SANTA ANA MAKING THE FINDING THAT THE
AGENCY MUST TRANSFER FUNDS IN ORDER TO
MAKE THE 2009-2010 PAYMENT TO THE
SUPPLEMENTAL 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 Assembly Bill 26 (4th Executive Session)("ABx4-26")
implementing the California State Budget for fiscal year 2009-2010, the Community
Redevelopment Agency ("Agency") is required to make a $17,889,256 payment to the County
Supplemental Educational Revenue Augmentation Fund ("SERAF") by May 10, 2010.
B. The legislation allows the Agency to borrow the amount required to be
allocated to the Low and Moderate Income Housing Fund during fiscal year 2009-2010 in order
to make this payment. The funds may be borrowed for up to five years.
C. As a condition of borrowing from the Low and Moderate Income Housing
Fund pursuant to Health & Safety Code § 33690, the Agency must make a finding that there
are insufficient other moneys to remit the required SERAF payment.
D. The legislation allows the Agency to use any funds that are legally
available and not legally obligated for other uses in order to make the allocation of SERAF
funds. The Agency will advance funds in the amount of $6,302,827 from the South Main
Commercial Corridor Fund in order to make the required SERAF payment.
D. As a condition of transferring from the South Main Commercial Corridor
Fund pursuant to Health & Safety Code § 33690, the Agency must make a finding that there
are insufficient other moneys to remit the required SERAF payment.
E. The legislation implementing the State's fiscal year 2009-2010 budget also
authorized the County Auditor/Controller to withhold property tax revenue from the City's
general fund to the extent that the $17,889,256 payment is not made by the Agency by May 10,
2010.
F. The allocation obligations shall be an indebtedness of the individual
project areas within the Merged Project Area which have time limits which still allow them to
incur debt.
Resolution No. CRA 2010-001
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Section 2. The Agency hereby finds that transferring $3,679,546 from the Low and
Moderate Income Housing funds and $6,302,827 from the South Main Commercial Corridor
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
$17,889,256 payment to the County Auditor for deposit into the Supplemental Educational
Revenue Augmentation Fund on or before May 10, 2010.
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.
ADOPTED this 3rd day of May, 2010.
APPROVED AS TO FORM:
Joseph W. Fletcher, General Counsel
By:~, ~ ~'
Lisa E. Storck
Assistant General Counsel
AYES: Boardmembers: Alvarez, Benavides, Bustamante Martinez_
Pulido, Sarmiento Tinajero (7)
NOES: Boardmembers: None (0)
ABSTAIN: Boardmembers: None (0)
NOT PRESENT: Boardmembers: None (0)
CERTIFICATION OF ATTESTATION AND ORIGINALITY
I, Maria D. Huizar, Secretary of the Agency, do hereby attest to and certify the attached
Resolution No. CRA 2010-001 to be the original resolution adopted by the Community
Redevelopment Agency of the City of Santa Ana on Ma 3 2010.
Date: _ S"1 (o /~i o
~-' . ~~
Secretary, Community Redev I pment Agency
City of Santa Ana
Resolution No. CRA 2010-001
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