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02/14/2017 RESOLUTION NO. OB -17-03 RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE REDWOOD CITY REDEVELOPMENT AGENCY APPROVING A BOND PROCEEDS EXPENDITURE AGREEMENT BETWEEN THE SUCCESSOR AGENCY AND THE CITY OF REDWOOD CITY WHEREAS, under AB X1 26, enacted by the California State Legislature and signed by the Governor as part of the 2011-2012 State budget, a new Part 1.85 was added to Division 24 of the California Health and Safety Code (Health and Safety Code Section 34170 et seq., as amended by AB 1484 enacted as part of the 2012-2013 State budget, the "Dissolution Act") and, in accordance therewith, all redevelopment agencies in the State of California, including the Redwood City Redevelopment Agency ("Redevelopment Agency"), were dissolved as of February 1, 2012; and WHEREAS, in compliance with the Dissolution Act, the City of Redwood City ("City") determined it would serve as the Successor Agency to the Redwood City Redevelopment Agency ("Successor Agency") effective February 1, 2012; and WHEREAS, pursuant to the Second Supplemental Indenture of Trust \dated August 1, 2003 and executed by and between the Redwood City Redevelopment Agency and U.S. Bank, National Association, as trustee (the "indenture") the Redevelopment Agency issued Tax Allocation Bonds in the original principal amount of $33,997,447.85 (the "bonds"); and WHEREAS, the Oversight Board of the Successor Agency to the Redwood City Redevelopment Agency ("Oversight Board") has been established pursuant to Section 34179 of the Dissolution Act to oversee the Successor Agency's actions in winding down the affairs of the Redevelopment Agency in accordance with the Dissolution Act; and WHEREAS, pursuant to the Dissolution Law, on December 10, 2015 the Successor Agency was granted a finding of Completion from the California State Department of Finance (the "DOF"); and WHEREAS, Health and Safety Code Section 34191.4 (c) further provides that the expenditure of Excess Bond Proceeds must be listed separately on the Recognized Obligation Payment Schedule ("ROPS"); and WHEREAS, the Oversight Board reviewed the addition of the Excess Bond Proceeds to be added to the 17-18 ROPS at their January 19, 2017 meeting; and ATTY/RESO.0014/OB RESO APPROVING THE BOND EXPENDITURE AGREEMENT RESO, NO. OB -17-02 REV: 02-08-17 VR Page 1 of 2