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04/26/2010 <br />ORIGINAL <br />AGENCY RESOLUTION NO. RD 10-03 <br />RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF <br />REDWOOD CITY AUTHORIZING A LOAN OF $2,812,838 FROM THE <br />AGENCY'S LOW AND MODERATE INCOME HOUSING FUND TO <br />MAKE THE REQUIRED PAYMENT TO THE COUNTY SUPPLEMENT <br />EDUCATIONAL REVENUE AUGEMENTATION FUND FOR FISCALYEAR2009/10. <br />WHEREAS, pursuant to AS 26 4x, redevelopment agencies are required to makepaymentstotaling $2.05 billion statewide to their respective county SupplementalEducationalRevenueAugmentationFund ("SERAF") in fiscal years 2009/10 and2010/11; and <br />WHEREAS, the Redwood City Redevelopment Agency ("Agency") has beennotifiedbytheStateDepartmentofFinancethatitsFY2009/10 SERAF payment will be3,562,576, which is due May 10, 2010 to the County Auditor/Controller; and <br />WHEREAS, the legality of the SERAF payment provision in AS 26 4x has beenchallenged, but no decision has been issued; and <br />WHEREAS, any SERAF payment shall be made under protest and only if and totheextentsuchSERAFpaymentisrequiredbylaw; and <br />WHEREAS, Health and Safety Code section 33690(c) provides that if an agencyisunabletomakeitsfullSERAFpaymentforFY2009/10, the Agency may borrow fromitsLowandModerateIncomeHousingFund (LMIHF) provided, that the Agency makesfindingsthatthereareinsufficientothermoneystomaketherequiredpayment; and <br />WHEREAS, the Agency has available $749,738 in its general fund to make theSERAFpaymentwithoutaffectingitsdebtobligations, personnel staffing, and existingprogramsandprojects; and <br />WHEREAS, there is no available funds to make the rest of the SERAF paymentwithoutaffectingtheAgency's debt obligation payments, existing programs andprojects, and staff level, thus the Agency requests the borrowing of $2,812,838 from theprojectedLMIHFset-aside allocated for FY 09/10; and <br />WHEREAS, any funds borrowed from the LMIHF to make the SERAF paymentshallberepaidinfullonorbeforeJune30, 2015; <br />NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OFREDWOODCITYDOESHEREBYRESOLVEASFOLLOWS: <br />Section 1. The Agency finds that it does not have sufficient unencumberedfundsinitsAgencygeneralfundtomaketherequiredSERAFpaymentforFY2009/10. <br />AITY/RESO.2002 <br />040610 <br />1 RD 10-03 <br />MUFF # 404 <br />6.1.D. - Page 21