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02/14/2017 <br />WHEREAS, the Oversight Board approved the final Bond Expenditure <br />Agreement that provides for the transfer of $108,920 in Excess Bond Proceeds to the <br />City and commits the City to use the Excess Bond Proceeds for the purposes set forth <br />in the Agreement and consistent with the Bond Covenants at the February 14, 2017 <br />meeting; and <br />WHEREAS, the execution of the Agreement and the transfer of Excess Bond <br />Proceeds to the City was approved by the governing board of the Successor Agency on <br />February 13, 2017; and <br />WHEREAS, the execution of the Agreement and the acceptance of Excess Bond <br />Proceeds was approved by City Council on February 13, 2017. <br />NOW, THEREFORE, THE OVERSIGHT BOARD OF THE SUCCESSOR <br />AGENCY TO THE REDWOOD CITY REDEVELOPMENT AGENCY DOES HEREBY <br />RESOLVE AS FOLLOWS: <br />Section 1. The recitals set forth above are true and correct and incorporated <br />herein. <br />Section 2. The Oversight Board hereby approves the Bond Expenditure <br />Agreement attached hereto as Exhibit A and incorporated herein by this reference. <br />Section 3. The Oversight Board hereby approves the transfer of Excess Bond <br />Proceeds to the City to use for purposes consistent with the Agreement, Bond <br />covenants, and the applicable provisions of the Dissolution Law. <br />Section 4. This resolution takes effect upon adoption. <br />ATTY/RESO.0014/OB RESO APPROVING THE BOND EXPENDITURE AGREEMENT RESO. NO. 03-17-03 <br />REV: 02-08-17 VR <br />Page 2 of 2 <br />