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• Section 2. Upon consideration of the facts set forth in the staff report <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 /> . . : <br /> • <br /> • ATTYIRES0.2158/ (RDA) <br /> 082611 <br /> 4 <br />