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<br />6.38 <br />Page 5 <br /> <br />Agency debt service, Agency administration, and existing programs and projects, and <br />therefore, it not available to make the entire SERAF payment. <br /> <br />Section 2. The Agency has no other funds in its general fund that can be used <br />to make the allocation required by Health and Safety Code Section 33690 (c). <br /> <br />Section 3. The Agency hereby finds that no existing executed contracts will be <br />impaired if, in accordance with this resolution, the Agency reduces the amount allocated <br />to the LMIHF or the amount of moneys in the fund, or both. <br /> <br />Section 4. The Agency's hereby authorizes a loan of $2,812,838 from the <br />LMIHF for the sole purpose of making the SERAF payment for FY 2009/10. The loan <br />shall not be made until such time that the Agency is required to pay the SERAF <br />payment into the County of San Mateo SERAF account. <br /> <br />Section 5. The Agency hereby declares that the LMIHF funds borrowed <br />pursuant to Section 33690(c) shall be repaid annually in an amount of $562,567.60 to <br />the LMIHF (Fund 806) on or before June 30, 2015. The LMIHF loan shall bear no <br />interest. If directed by the Executive Director, the loan may be repaid to the LMIHF in <br />part or in full at anytime within the five year period so as long as the total amount <br />borrowed is repaid by the deadline. <br /> <br />A TTY/RESO.2002 <br />040610 <br /> <br />2 <br />