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04/26/2010 ORIGINAL AGENCY RESOLUTION NO. RD 10-03 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY AUTHORIZING A LOAN OF $2,812,838 FROM THE AGENCY'S LOW AND MODERATE INCOME HOUSING FUND TO MAKE THE REQUIRED PAYMENT TO THE COUNTY SUPPLEMENT EDUCATIONAL REVENUE AUGEMENTATION FUND FOR FISCAL YEAR 2009/10. WHEREAS, pursuant to AS 26 4x, redevelopment agencies are required to make payments totaling $2.05 billion statewide to their respective county Supplemental Educational Revenue Augmentation Fund ("SERAF") in fiscal years 2009/10 and 2010/11; and WHEREAS, the Redwood City Redevelopment Agency ("Agency") has been notified by the State Department of Finance that its FY 2009/10 SERAF payment will be $3,562,576, which is due May 10, 2010 to the County Auditor/Controller; and WHEREAS, the legality of the SERAF payment provision in AS 26 4x has been challenged, but no decision has been issued; and WHEREAS, any SERAF payment shall be made under protest and only if and to the extent such SERAF payment is required by law; and WHEREAS, Health and Safety Code section 33690(c) provides that if an agency is unable to make its full SERAF payment for FY 2009/10, the Agency may borrow from its Low and Moderate Income Housing Fund (LMIHF) provided, that the Agency makes findings that there are insufficient other moneys to make the required payment; and WHEREAS, the Agency has available $749,738 in its general fund to make the SERAF payment without affecting its debt obligations, personnel staffing, and existing programs and projects; and WHEREAS, there is no available funds to make the rest of the SERAF payment without affecting the Agency's debt obligation payments, existing programs and projects, and staff level, thus the Agency requests the borrowing of $2,812,838 from the projected LMIHF set-aside allocated for FY 09/10; and WHEREAS, any funds borrowed from the LMIHF to make the SERAF payment shall be repaid in full on or before June 30, 2015; NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY DOES HEREBY RESOLVE AS FOLLOWS: Section 1. The Agency finds that it does not have sufficient unencumbered funds in its Agency general fund to make the required SERAF payment for FY 2009/10. A ITY/RESO.2002 040610 1 #RD 10-03 MUFF # 404