Agmt17 Successor Agency - Laserfiche WebLink

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the Successor Agency to transfer the Excess Bond Proceeds to the City to be used for such purposes. G. As of December 31, 2016, the Successor Agency had $108,920 in Excess Bond Proceeds available from the 2003 Bonds. H. The Oversight Board, on January 19, 2017, authorized the Successor Agency to enter into a Bond Expenditure Agreement to release the Excess Bond Proceeds to the City, and to add this item to the 17-18 BOPS, and on February 14, 2017, approved this Agreement. 1. The Oversight Board's action to approve this Agreement was submitted to DOF pursuant to Health and Safety Code Section 34179(h), and DOF approved this Agreement on , 2017. J. The execution of this Agreement was approved in a public meeting of the City Council and the Successor Agency on February 13, 2017. NOW, THEREFORE, in consideration of the mutual covenants, conditions and promises herein contained, the Parties hereby agree as follows: Recitals. The Recitals above are true and correct and are incorporated herein by reference. 2. Term. The term of this Agreement shall commence on the Effective Date, and shall continue in effect until the date that all Excess Bond Proceeds are expended in accordance with the requirement of this Agreement. 3. Use of Excess Bond Proceeds. The City agrees that it shall use the Excess Bond Proceeds solely for the purposes identified in Recital F., above, or for other projects consistent with the 2003 Bond covenants and the provisions of the CRL that apply to the expenditure of redevelopment funds. 4. Transmittal of Excess Bond Proceeds. Upon the Effective Date, the Successor Agency shall transfer the Excess Bond Proceeds (including any interest accrued thereon as of the Effective Date) to the City, and the City shall deposit such funds into a separate 2003 Excess Bond Proceeds Account for the City's use in accordance with the terms, conditions and purposes set forth in this Agreement. 5. Proiect ADDrovals: Environmental Review. This Agreement is not intended to limit in any manner the discretion of the City in connection with the issuance of approvals and entitlements for the projects described in this Agreement, nor to avoid legally required processes attendant to project approval, including, without limitation, the undertaking and completion of any required environmental review pursuant to the California Environmental Quality Act and the National Environmental Protection Act, as applicable, and the review and approval of plans and specifications. ATTY/AGR/2017.025/BOND EXPENDITURE AGREEMENT SA-RWC REV: 02-01-17 VR Page 2 of 4