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REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />To the Honorable Chair and Agency Board <br />From the Executive Director <br /> <br />February 13, 2017 <br />SUBJECT <br />Bond Expenditure Agreement between the City of Redwood City and the Successor <br />Agency of Redwood City <br /> <br />RECOMMENDATION <br />By Motion of the City Council, approve and authorize the Mayor to execute on behalf of <br />the City: 1) Bond Expenditure Agreement; and 2) Transfer of Excess Bond Proceeds to <br />be used in a manner consistent with the original RDA Tax Allocation Bonds, Series <br />2003, bond covenants <br /> <br />By Motion of the Agency Board, approve and authorize the Executive Director to <br />execute on behalf of the Successor Agency: 1) Bond Expenditure Agreement; and 2) <br />Transfer of Excess Bond Proceeds to be used in a manner consistent with the original <br />RDA Tax Allocation Bonds, Series 2003, bond covenants <br /> <br />BACKGROUND <br />Assembly Bill 1X 26 (“AB 26”), enacted in June 2011, as modified by the Supreme <br />Court of the State of California in the matter of California Redevelopment Association, et <br />al. v. Ana Matosantos, et al., Case No. S194861, and as further modified by Assembly <br />Bill 1484, enacted in June 2012, and other subsequently adopted legislation (all <br />collectively, the “Dissolution Act”) dissolved and set out procedures for the wind-down of <br />all redevelopment agencies throughout the State effective February 1, 2012. <br /> <br />The Successor Agency to the Redevelopment Agency of the City of Redwood City (the <br />“Successor Agency”) is the successor entity to the former Redevelopment Agency and, <br />pursuant to the Dissolution Act, is responsible for the wind-down of the affairs of the <br />former Redevelopment Agency, including without limitation the performance and <br />repayment of all enforceable obligations of the former Redevelopment Agency. <br /> <br />Health and Safety Code Section 34179.7 provides that upon completion of certain <br />requirements and payment of certain amounts as required by Sections 34179.6 and <br />34183.5, the Department of Finance (DOF) shall issue, within five business days, a <br />finding of completion of the requirements of Section 34179.6 to the Successor Agency. <br />Health and Safety Code Section 34191.4 provides in part that, following issuance of a <br />finding of completion by DOF, and upon application by the Successor Agency and <br />approval by the Oversight Board, agreements entered into between the redevelopment <br />6.1.E. - Page 1