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payments receivable to that Fund. <br />H. Health and Safety Code Section 34171(d)(2) provides, with a few exceptions, that <br />“enforceable obligation” does not include any agreements, contracts, or arrangements between <br />the city, county, or city and county that created the redevelopment agency and the former <br />redevelopment agency. <br />I. The Dissolution Act further provides that after a successor agency receives a <br />finding of completion from the Department of Finance (“DOF”) pursuant to Health and Safety <br />Code Section 34179.7, loan agreements entered into between the redevelopment agency and the <br />city, county or city and county that created the redevelopment agency may be deemed to be <br />enforceable obligations under certain conditions. <br />J. The Successor Agency has received a finding of completion from DOF, as <br />evidenced by a letter from DOF, dated December 10, 2015. <br />K. The parties desire to enter into this Amendment in order to ratify the existence <br />and validity of the SERAF Loan, and to establish new repayment terms for the repayment of the <br />Loan pursuant to the Dissolution Act. <br />AMENDMENT <br />NOW, THEREFORE, for good and valuable consideration, including the mutual <br />promises and covenants contained herein, the Parties mutually agree as follows: <br />1. Purpose. The purpose of this Amendment is (a) to ratify the existence and <br />validity of the SERAF Loan, and (b) to establish the repayment terms of the SERAF Loan <br />pursuant to the Dissolution Act. <br />2. SERAF Loan Amount. It is the understanding and agreement of the parties that <br />the total amount of the SERAF Loan owed to the City is $1,687,703.00, plus interest calculated <br />at the rate established under Health and Safety Code Section 34191.4(b)(3). <br />3. SERAF Loan was for Legitimate Redevelopment Purposes. The parties <br />acknowledge and agree that the SERAF Loan amounts due to the City reflect repayment to the <br />City of amounts loaned to or advanced on behalf of the Redevelopment Agency to further the <br />Redevelopment Agency’s redevelopment activities, and was for legitimate redevelopment <br />purposes. <br />4. Conditions Precedent to Repayment. The Parties understand and agree that, <br />pursuant to the Dissolution Act, the SERAF Loan will be deemed to be an “enforceable <br />obligation” only after completion of the following actions: <br />a. The Successor Agency shall have been issued a finding of completion by <br />DOF pursuant to Health and Safety Code Section 34179.7. DOF issued a finding of completion <br />to the Successor Agency on December 10, 2015. <br />6.1.D. - Page 13