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6.3.A. - Page 19 <br />accompanying this Resolution and other written and oral evidence presented to the <br />Agency, the Agency finds that there are insufficient other moneys to meet the Agency's <br />debt and other obligations, current priority program needs, and the Agency's obligations <br />under the Funding Agreement, unless it is able to use the Tax Increment that would <br />otherwise be allocated to the Agency's Housing Fund for Fiscal Year 2011 -2012. <br />Section 3 . The Agency hereby determines that it is necessary to reduce its <br />allocation of Tax Increment to the Housing Fund for Fiscal Year 2011 -12 by one <br />hundred percent (100 %) ( "Housing Allocation Reduction "). <br />Section 4 . The Agency Executive Director, or designee, is hereby authorized to <br />take such actions as are necessary and appropriate to implement the Housing <br />Allocation Reduction for Fiscal Year 2011 -12. <br />Section 5 . This resolution shall not take effect unless and until the stay on the <br />enforcement of AB 1X 26 and AB 1X 27 issued by the California Supreme Court on <br />August 11, 2011 is lifted, and /or AB 1X 26 and AB 1X 27 are upheld by a court of <br />competent jurisdiction. <br />ATTY /RESO.2158/ (RDA) <br />082611 <br />4 <br />