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HomeMy WebLinkAboutSA 2016-003SUCCESSOR AGENCY RESOLUTION NO. 2016 -003 A RESOLUTION OF THE SUCCESSOR AGENCY TO THE FORMER COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA (1) APPROVING A PLAN FOR SPENDING EXCESS TAX ALLOCATION BOND PROCEEDS (TAX ALLOCATION BONDS, 2011 SERIES A), (2) AUTHORIZING A BOND EXPENDITURE AGREEMENT WITH THE CITY OF SANTA ANA TO TRANSFER SUCH FUNDS TO THE CITY FOR BOND - ELIGIBLE PURPOSES, (3) DIRECTING THE TRANSFER OF SUCH FUNDS TO THE CITY, AND (4) MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH WHEREAS, the City of Santa Ana is a charter city and municipal corporation duly organized and existing under the Constitution and laws of the State of California; and WHEREAS, the Successor Agency is a public body, corporate and politic, organized and operating under Part 1.85 of Division 24 of the Dissolution Law (defined below); and WHEREAS, the Community Redevelopment Agency of the City of Santa Ana ( "former Agency ") previously was a California public body, corporate and politic, duly formed by the City Council of the City ( "City Council ") and was organized, existed and exercised the powers of a community redevelopment agency under the California Community Redevelopment Law, Health & Safety Code Section 33000, et seq.; and WHEREAS, Assembly Bill x1 26 ( "AB x1 26 "), effective on June 28, 2011, added Parts 1.8 and 1.85 to Division 24 of the California Health & Safety Code and which laws were modified, in part, and determined constitutional by the California Supreme Court in the petition California Redevelopment Association, et al. v. Ana Matosantos, et al., Case No. S194861 ( "Matosantos Decision "), which laws and court opinion caused the dissolution of all redevelopment agencies and winding down of the affairs of former redevelopment agencies; thereafter, such laws were amended further by Assembly Bill 1484 ( "AB 1484 ") that was effective on June 27, 2012 and thereafter further amended by subsequent legislation (together AB x1 26, the Matosantos Decision, AB 1484 and such subsequent legislation are referred to as the "Dissolution Law "); and WHEREAS, as of February 1, 2012, the former Agency became a dissolved community redevelopment agency pursuant to the Dissolution Law; and WHEREAS, as of and on and after February 1, 2012, the Successor Agency is performing its functions as the successor agency under the Dissolution Law to administer the enforceable obligations of the former Agency and is engaged in activities necessary and appropriate to wind down the affairs of the former Agency, all subject to the review and approval by a seven - member Oversight Board formed thereunder; and Resolution 2016 -003 Page 1 of 14 WHEREAS, Section 34191.4(c) of the Dissolution Law allows a successor agency that has received a finding of completion to use bond proceeds from bonds issued prior to 2011, as well as a limited portion of bond proceeds from bonds issued after December 31, 2010, for the purposes for which the bonds were sold, provides that such proceeds in excess of amounts needed to satisfy approved enforceable obligations shall be expended in a manner consistent with the original bond covenants, and further provides that such expenditures shall constitute "excess bond proceeds obligations" that shall be listed separately on the successor agency's Recognized Obligation Payment Schedule; and WHEREAS, with respect to bonds issued after December 31, 2010, only those amounts identified under Section 34191.4(c)(2) are treated as "excess bond proceeds obligations "; and WHEREAS, the Successor Agency received its Finding of Completion under Health and Safety Code Section 34179.7 from the California Department of Finance on November 26, 2014; and WHEREAS, the California Community Redevelopment Law (Health and Safety Code Section 33000, et seq.) provides for a cooperative relationship between cities and their redevelopment agencies, as well as their successor agencies who have assumed the duties and obligations of the former redevelopment agencies; and WHEREAS, under Health and Safety Code Section 33220, a city may aid and cooperate in the planning, undertaking, construction, or operation of redevelopment projects; and WHEREAS, Health and Safety Code Section 33220(e) specifically authorizes a city to enter into an agreement with its redevelopment agency or any other public entity to further redevelopment purposes; and WHEREAS, Health and Safety Code Section 34178(a) allows a successor agency and its sponsoring city to enter into agreements, subject to Oversight Board approval pursuant to Health and Safety Code Section 34180(h); and WHEREAS, the Successor Agency has and will have proceeds of its Community Redevelopment Agency of the City of Santa Ana, Tax Allocation Bonds (Merged Project Area), 2011 Series A (the "2011A Bonds ") that are not otherwise obligated for a project or other enforceable obligation as more fully described below; and WHEREAS, the Successor Agency desires to transfer such Excess Bond Proceeds (defined in the 2011 Agreement as described below) to the City to enable the City to expend such Excess Bond Proceeds for redevelopment purposes consistent with all applicable bond covenants; and WHEREAS, the Successor Agency desires to transfer its Excess Bond Proceeds to the City to enable the City to use such Excess Bond Proceeds in a manner consistent Resolution 2016 -003 Page 2 of 14 with the original bond covenants and to undertake projects and programs that were not previously funded and obligated by the Successor Agency or the City; and WHEREAS, City and Successor Agency staff have prepared a spending plan for using such Excess Bond Proceeds ( "2011 Bond Spending Plan ") to advance the City's community development goals while maximizing fiscal and social benefits flowing to the taxing entities from successful development; and WHEREAS, in order to facilitate the use of Excess Bond Proceeds consistent with all applicable bond covenants, the Successor Agency and the City have negotiated the terms of that certain Bond Proceeds Expenditure Agreement ("2011 Agreement ") requiring the transfer of current and future Excess Bond Proceeds by the Successor Agency to the City, and the City's use of such proceeds consistent with all applicable bond covenants; and WHEREAS, the Successor Agency, upon receiving Oversight Board approval, will transfer the Excess Bond Proceeds referenced in the 2011 Agreement to the City; and WHEREAS, the Successor Agency desires to approve the 2011 Agreement and the 2011 Bond Spending Plan in substantially the form attached hereto as Exhibits A and B, respectively. NOW, THEREFORE, BE IT RESOLVED BY THE SUCCESSOR AGENCY TO THE FORMER COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA: Section 1. Each of the foregoing recitals is true and correct. Section 2. The Successor Agency hereby finds and determines, based on all evidence and testimony contained in the record before it, that the use of Excess Bond Proceeds will be accomplished in accordance with the Bond Spending Plan to fund projects referenced therein. Section 3. The Successor Agency hereby finds and determines, based on all evidence and testimony contained in the record before it, as follows: A. That the acquisition of land and the installation or construction of the projects will be of benefit to the Successor Agency's redevelopment project area by helping to eliminate one or more blight conditions within the project area; B. That due to fiscal constraints on the City's general fund and various capital projects competing for limited City funds, the City's capital improvement budget is unable to provide funding for the projects, and therefore no other reasonable means of financing the projects are available to the City other than Successor Agency funding; and Resolution 2016 -003 Page 3 of 14 C. Approval of this Resolution and the transfer of the Excess Bond Proceeds, as more fully described in the 2011 Agreement substantially in the form submitted herewith will facilitate the expenditure of the Excess Bond Proceeds. Section 4. The Successor Agency hereby approves the 2011 Agreement in substantially the form attached hereto as Exhibit A and incorporated herein. Section 5. The Successor Agency hereby approves the 2011 Bond Spending Plan in substantially the form attached hereto as Exhibit B and incorporated herein. The Successor Agency acknowledges that, pursuant to the terms of the 2011 Agreement, the City may amend the 2011 Bond Spending Plan, subject to compliance with all applicable bond covenants. Section 6. The City Manager and Clerk of the Council are hereby authorized and directed as follows: A. Execute the 2011 Agreement substantially in the form presented herewith with such changes, insertions and omissions as may be approved by the City Manager and City Attorney, said execution being conclusive evidence of such approval; B. Transfer all Excess Bond Proceeds to the City for use by the City in accordance with the 2011 Agreement and the 2011 Bond Spending Plan. Section 7. This Resolution shall take effect immediately upon its adoption by the Successor Agency, and the Clerk of the Council shall attest to and certify the vote adopting this Resolution. [Signatures on subsequent page] Resolution 2016 -003 Page 4 of 14 ADOPTED this 4th day of October, 2016. APPROVED AS TO FORM: Sonia R. Carvalho City AttoynVy AYES: NOES: ABSTAIN: nt Oa''ty Attorney Councilmembers: Amezcua, Benavides, Martinez, Pulido Reyna Sarmiento (6) Councilmembers: Councilmembers: NOT PRESENT: Councilmembers: None (0) None (0) Tinaiero (1) CERTIFICATE OF ATTESTATION AND ORIGINALITY I, MARIA D. HUIZAR, Clerk of the Council, do hereby attest to and certify the attached Resolution No. 2016 -XXX to be the original resolution adopted by the Successor Agency on October 4, 2016. Date: 101Ja 'xa/(® Clerk of the Council City of Santa Ana Resolution 2016 -003 Page 5 of 14 EXHIBIT A BOND PROCEEDS EXPENDITURE AGREEMENT Resolution 2016 -003 Page 6 of 14 BOND PROCFEMS I LYi+,M)[TURE AGREEMENT (2011A Bonds This BOND PROCEEDS EXPENDITURE] AGRE EMENT (2011A Bonds) C'Agreemont'� is entered into as of October 4, 2016, by and between the CITY OF SANTA ANA, a charter city and municipal corporation daly organized and existing under the Constitution anti lawns of the State of California ( "City "), and the SUCCESSOR AGENCY TO THE, FORMER C'OMMUNI'TY REDEVELOPM',ENT AGENCY OF THE CITY OF SANTA ANA, a public body corporate and politic pursuant to Parts 1.8 and L85 ofDivision 24 ofthe CaliforniaHealtr & Safety Code (°'Successor Agency "). RECITALS A. The City is a charter city mul municipal corporation duly organizers sent existing under the Constitution and laws of the State of Catifuroia, B, The Successor Agency is a public body, corporate and politic, organized and operating under Part 1.85 of Division 24 of the Dissolution haw (as d ensued in Recital D below). C. The Community Rodovelopuncnt Agency of the City of Santa Ana ( "farmer Agency") previously was a Califbinda. public body, corporate and politic, duly formed by the City Council of the City ( "City Council ") and was organized, existed and exercised the powers of a community redevelopment agency under the California Community lYedevolopmerrt Law, Health and Safety Code Section 33000, et {seg. ("CRT, $ ). 1). Assonibiy Bill xl 26 ( "AI3 xl 26 "), effective on June 28, 2011, ridded Parts 1,8 rand 1,85 to Division 24 of the California Health and Safety Cade and winch laws wero modified, in part, and determitned constitutional by the California Supreme Court in the petition Cagvrnia Reelevelopament Awociradon, et al. v. Ana dfatosanios, el tai„ Case No. 5194861 ("Mcatustanrns Decision "), which laws and court opinion. Caused the dissolution of all redevel®pment agencies and winding down of the affairs of former redevelopment agencies. Thoreater, such laws were amended farther by Assembly Bill 1484 ( "AB 14114 ) that was effective on hu7.e 27, 2012, and thereafter ilnther attended by subscquaont legislation (together AB xl 26, the Matosantos Decision, AB 1484, and subsequent legislation thereto are refotred to as the "Dissolution Law "), All statutory references herein are to the Dissolution Law unless odrerwise stated. E. As of February 1, 201.2, the former Agency became a dissolved community redevelopment ageneypursuant to the Dissolution Law. F. As of and on and aft," Februuty 1, 2012, the Successor Agency is performing its functions as the successor agency under the Dissolution Law to administer the cnlbrceabla obligations of the former Agency and is engaged sn activities neccssrtry and appropriate to wind clown tho affairs of the former Agency, all subject to the review and approval by a sov©n- member "Oversight Board" formed thereunder. Ll. Section 34191 A(c) of the Dissolution Law allows a successor agency that has received a :Minding of Completion ( "Finding ") to use bond proceeds fruit bonds issued prior to 2011, ns well as a limited portion of bond proceeds foot bonds issued after December :31, 2010, for the purposes for which the bonds were sold, provides that such proceeds in excess of aruouazts :needed to satisfy approved enforceable obligations shall be expended in a manner consistent with the original bond Resolution 2016 -003 Page 7 of 14 eoveaarus, and (1rib.or provides that such expend.iuires shall constitute "excess bond proceeds obligatons" that shall be listed separately on the successor agency's Recognized Obligation Payment Soliedtile CROPS " ). H. The Successor Agency received the Finding from the State or California Plcpartment of Finance dated as of November 26, 2014, 1, The CRL ;pre - dissolution provided tor, and the Dissolution Law post - dissolution continues to provide :For, a caapeiati e rrilatitrnslaip between sponsorutg cities and their rcileveloF7nre111 agencies, as well as their successor agencies who have assumrxl the duties and Obligations of the rornner redevelopment agencies. Under CTRL Section 33220, a city may aid and cooperate in tht; planning, undertaking, construction, or oblation ofredotlopmentprojects. CRL Section 33220(e) specifically authorizes a city to enter into an a9TWIllent with its rodoveloprrt.ent agency m any other public entity tOfurtitcrredevelopmentpurynoses. SecOun34M( a) ofthe Dissolution Law allows a successor agency and its sponsoring City to enter into agreements, s kl*ct to Oversight Board approval under Section 34180(h) of the Dissolution Lau". J. The Successor Agency has and will have proceeds of its Community Redevelopment Agency of the Cityof Santa Ana, `Pax. Allocation Bonds (Merged Project Area), 2011 Sories A ("`x01.1 A Bonds"'7(together with other funds described in 5ectiou 2.1 holow, "Bond Proceeds ") that are not otherwise obligated for a project or other enforceable; obligation. The Successor Agency desires to transfer Prom such Bond Proceeds those amounts to the extent allowed under Section 34191.4(c)(2) of the Dissoltttlon Law (as so dai'rued, "Excess Bond. Proceeds") to die City to enable tine City to expend such Excess Bond Proceeds for redevelopment and other public purposes consistent with all applicable covenants of the 2011A Bonds, K, The Successor Agency desires to transfer its Excess Bond Proceeds to the City to unable the City to use such Excess Bond Proceeds in a manner consistent with the covenants of the 201 IA Bonds and to undertake projects and;prograins that were not previously Hauled and obligated by the former Agency pre- dissohamn or by the Successor Agency post - dissolution, or by the City pre• or post-dissolution, The City las adopted a spendiag plan for ttaing such Excess Bond Proceeds ("`Bond S'pettiling plan'°) to advance tine City's conmainity development goals while maximizing fiscal and social, benefit,,; flowing to the afreoted taxing entities from successful development, The City Council and Successor: Agency Board have Found that the use of Excess Bond .Proceeds are in accordance with the Bond Spending Platt to find various capital improvements within and outside the former Santa Ana Merged Project Area (for which a benefit resolution shall havo been adopted by the Successor Agency) and are in accordance with CRL Sections 33445, 33x445.1, and 33679 and. other applicable law. L. in order to facilitate the use of Excess 'Bond Proceeds consistent with all transfer ofcttrrant and future excess bond proceeds by the Successor Agency to the City, and the City's agreement to use such proceeds consistent with all applicable covenants, conditions, restrictions =1 obligations rutdcr the 20l lA Bonds. 'rhe parties intend that this Agreement shall constitute an excess bond proceeds obligation within the meanng of disc Dissolution Law to be paid frorxt Excess Bond Proceeds. With Oversight Board approval, the Successor Agency has listed this Agreornen, and the requirement to transfcr excess bondpioceads herein, on its BOPS 2016-17 as an obligation to be tlinded with Excess Bond Proceeds, and as and if applicable, will list on successive BOPS if required by the Dissolution Law. Resolution 2016 -003 Page 8 of 14 NOW, TMERE FORE, the parties heroto do mutually agree as follows: RECITALS The recitals above art tux Integral part of this Agreement and set forth the intentions of the parties trod the promises on which tiro parties have decided to ontor into this Agreement. 2. DEFINi'1TONS For purposes of this Agreement, the following terms shall have the indicated meaning, 11 "Dissolution Law" is defined in Recital D, 2.2 "Bond Proceeds" is defined in Recital J and also includes (1) proceeds from the 201 JA Fronds and interest earned thereon, (2) rents, sale proceeds and other revenues generated by properties acquired and/or improved with proceeds from the 2011 A Bonds, (3) interest and priancipal paid on loans funded by proceeds from the 2011 A Bonds, (4) moneys hold by the trustee in connection with the issuance of the 2011A Bonds, and (5) other hacome or revenues generated from assets acquired or tttnded with proceeds firm the 2011 A Bonds. 2.3 "Excess Bond Proceeds" means Bond Proceeds that are not needed to satisfy Enforceable Obligations listed on an approved BOPS and which are available pursuant to Health & Safety Code Section 34191 A(c)(2). 2.4 "TiAbrccable Obligations" mean enforceable obligations, other than Excess Bond Proceeds obligations, as defined under the Dissolution Law, 2.5 "Bond Spending Plan" is defined in Recital R, 3. SUCCESSOR AGENCY OBLIGATIONS The Successor Agency shall have the following obligations under this Agreement; 3.1 Current xxcoss Bond Proceeds. The Successor Agency shall transfer to the City, as soon as practicable and no later than January 1, 2017, Excess Bond, Proceeds currently hold by the Successor Agency ht an amount not to exceed (i) $260,695, together with any additional amounts as may be authorized pursuant to Health &, Safety Code Section 34191.4(c)(2) (which amount, as so determined, constitutes the "Base Arnource ), and any . interest accrued thereon, together with (11) such amounts as ato hold by the trustee for the 2011 A Bonds which represent any portion of the Base Amount (the "Trustee Amounf') 3.2 Futuro Excess Bond Proceeds, The Successor Agency shall transfer to the City ail flaturo Lrxcoss Bond Proceeds hold or received by the Successor Agency. Such future Excess Bond Proceeds shall include, without limitation, (1) Bond Proceeds previously obligated to a project or other I3nforoeable Obligation that become unobligated for any reason, and interest earned theroon, (2) Bond Proceeds that become available in the roan of rents, sale proceeds, loan repayments, other imonxc, or other revenues that are generated by properties or other assets acquired and/or improved with Bonet Proceeds and iliac are not otherwise obligated to a project, program, or other.Woacoabl.e Obligation, and (3) any other funds held by the Successor Agency that qualify as Excess Bond Prooecda under tlus Agroomcait. Resolution 2016 -003 Page 9 of 14 The parties intend that payrnmita of ihnfrc.Excsss Bond Procacdsbe made to the City as soon as possible after such Iixoesa Bond Proceeds become available. 'die transfer Offttture Excess Bond Proceeds to the City shall be made pursuant to as approved :ROP5 within 30 clays of the coiuuxencement or the relevant Ito ?$ podod. The Successor Agency shall be responsible 1. "or ensuring that payment's of fans °e Excess -Bond Proc"& to doe City, as Bach funds become available, are included on tha next possible BOPS, 33 Projects Funded By PXCess Bond Precceds. The Successor Agency assigns to the City all responsibilities in relation to the administration and irrrkilerncntation of any projects or programs funded by Excess Bond Proceeds; provided that a ten percent (10%) reserve will l be bald by the trust e for the 2011A Boards The Successor Agency assigns to the City all contracts outered into by the Successor Agency post - dissolution or the former Agency, pre- di.ssoludon related to the expanditurc ofExceas Bond Proceeds and any activities to be fbaded by Bxceas Bond Proceeds, with the exception of those contracts relating to Enforeeablc Obligations, including the bond documents for the 2011A Bonds, which shall be retaaaed by the Succossof Agency. The transfor of moneys held by the trustee for the 2011 A Bonds shall remain subject to the terms of the indenture of trust prepared in connection with the ksuance of the 2011.A Bons (the "2011 A Indenture" ). 4. CIfvV()BLIGATIONS The City shall have the following obligations under this Agiceniont: 4.1 .rixecss Bond Proceeds, The City shall accept, hold, disburse and adrninistor Iixcess Bond Proceeds taansferrod to the City by the Successor Agency under this Agroonont, iticludaug current Excess Bond Proceeds and future Excess Boni Proceeds. The City shall, retain any :Excess Bond Proceeds that itreceives, such as revenuo generated from propailios acquired cr improved with Excess Bond Proceeds nr payments on loans Auld d from Excess Bond Proceeds, without any Obligation to return Such funds to the Successor Agency, and shall use such hinds for uses consistent with applicable covoaants of the 201 IA Bonds. The City may spend Excess Bond Praccods received or retained tuider this Agreement on any project, program, or activity authorized under the Bond Spending Plan. Notwithstanding anything to the contrary in this Agreement or the Bond Spending Plan, the City shall spend Excess Board Proceeds consistent with al I covenanls of the 2011A Ronde applicable to the particular Excess Bend Proceeds. The City shall be solely responsible for ensuring that Excess Bond Proceeds are maintained and spent in accordance with al.l cavetlauts of the 2011A Bonds and other applicable laws. The City may transfer funds between. approved ,projects, program and activities. The Trustee Amount remains subject to the terms of tho 2011.A Indenture. - - _- - -Thu f Ely° heresy assumes -al'1 ccrxtnavds ntcro<l iutn -er assttmod- by- theSiueecsaorkgeney - past dissolution or entered into by the former Agency pro - dissolution related to the expendinve of Excess Boad Proceeds and any activities to be funded by Excess Bond Proceeds, with the exception of those contracts relating to rmforceable obligations, which shall be retained by fl'ne Successor Agency. '['he City shall perform its obligations hereunder, and under such assumed contracts, in accordance with the applicable provisions of federal, state and local laws, including the obligation to comply with environmental laws such as CEQA and /or NEPA, and shall timely complete the work irquired for each project commenced by the City pursuant to this Agreement and the Bond Spending Plan, 4 Resolution 2016 -003 Page 10 of 14 4.2 BOND SPENDING PLAN, The City shall be solely responsible for maintaining, administering, and implementing the Bond Spending Plan. The City may amend the Bond Spending Plan as the City deems reasonably necessary in its sole discretion, Any amendments to the adopted Bored Spending Plat will consider uses that advance the City's community development goals while maximizing fiscal and social benefits flowing to the affected taxing entities from successiiil development. Notwithstanding any contrary provision hereof, unless the City expressly agrees otherwise, the City shall not be obligated to provide Bonding ibr any program or projeot in an amount exceeding the Excess Bond Proceeds provided to the City pursuant to this Agreement. S. ENTIRE AGUE EM ENT; WAIVERS; AND ANUND1MIENTS 5.l This Agreement constitutes the entire understanding and agreement of the patties with respect to the transfer and use of Excess Fond Proceeds. This Agreement integrates all of the terms and conditions mentioned heroin or incidental hereto, and superscdcs all negotiations or previous agreements between the parties with respect to the subject matter of Oda Agreement. 5.2 This Agreement is intended solely for the benefit of City and the Successor Agency. Notwithstanding any reference in this Agreement to parsons or entities other than the City and the Successor Agency, there shall be no third party beneficiaries under this Agreement. 5.3 All waivers of the provisions of this Agreement and all amendments to this Agreement must be in writing and signed by the authorized representatives of the parties. 6. SEVERABILI:I°Y If arry tones, provision, covenant or condition of this Agreement is held by a court of competent Jurisdiction to be invalid, void or unenforceable, the remainder of the provisions shall continuer in full force and effeot unless the rights and obligations ofthe parties have been materially altered or abridged by such invalidation, voiding or unonforccability. in addition, the parties shall cooperate in good faith. in an effort to amend or modify this Agre=ert in a manner such that the purpose of any invalidated or voided provision, covenant, or condition can be accomplished to the max1raum extent legally permissible. 7. DEFAULT If either party tails to adequately perform art obligation required by this Agreement within thirty (30) calendar days of receiving written notice from the non - defaulting party, the party failing to perform shall be in default hereunder. In the event of deflrult, the non- defaulting party will have till the rights and remedies available to it at law or in equity to enforce the provisions of this contract, inelu;diarg without litaaitation the right to site for damages For breach of contract or to see% specific performance. The rights and renredi.es of ttre non- defrxalting; party enumerated in this paragraph are cumulative and shall not limit the non - defaulting panty's rights under any other provision of tftis Agreement, or otherwise waive or deny any right or remedy, at law or in equity, existing as of the date of the Agrecauent or hereinafter enacted or established, that may be available to the non - defaulting party against the defaulting pary. Resolution 2016 -003 Page 11 of 14 9. BINDING ON SUCCESSORS This Agreenrant shall be binding oil oriel shall inane to the benefit of all successors and assigns of the parties, whakher by agreemont or operation of law. 9 NO.N.LTAL'ILITX OF NIG34 BERS, OFFICIALS, EMPLOYEES AND AGENTS; NON- RECOURSE OIIIAGATION Pdo member, officer, offleiai, employee, agent or representative of the Successor Agency or'the City shall be persona.ly liable for performance by the Successor Agency or City hereunder, for breach or default by the City or Successor Agency hereunder, for any arnoumts whicit may be payable or become due hereunder, or for any judgment or axccuriou thereon entered in any notion. 10. FURTIIER ASSURANCES Each party agrees to executr„ aelmowledge and deliver all additional documents and iastrnrnect., and to take such other aeons as may be reaso'mbly nercessary to entry out the intent of Obis Agrumcnt. [SI:GNATURES ON NEXT PAGE] Resolution 2016 -003 Page 12 of 14 In witness whereof, the undersigned parties have executed this Bond Proceeds. Expisuctlu.ne Agreement, as of the date first above written. ATTEST: Clerk of the Council APPROVED AS TO FORM., SONIA It., RVALHO BT Attorney ATT&Vr: MARIA I). HUIZAR Clerk of the Council APPROVED AS TO FORM: sot City By: .Cffv5, CITY OF SANTA ANA DAVID CAVA70S City Manager "SUCCESSOR AGENCY" SUCCESSOR AGENCY To THE FOICNIFIZ COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA DAVID CAVAZOS City Manager Resolution 2016-003 Page 13 of 14 BOND SPENDING PLAN Community Redevelopment Agency of the City of Santa Ana, Tax Allocation Bonds (Merged Project Area), 2011 Series A Project Description Estimated Costs Capital improvements to public parking structures in the $260,695 Downtown area Total $260,695 Resolution 2016 -003 Page 14 of 14