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12/14/2009 <br />ORIGINAL <br />RESOLUTION NO. 14988 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY AMENDING THE ANNUAL BUDGET FOR FISCAL YEAR 2009110 <br />FOR THE REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD <br />CITY TO APPROPRIATE FUNDS FOR SERAF PAYMENT AND OTHER <br />AGENCY PROGRAMS AND PROJECTS <br />WHEREAS, pursuant to the California Community Redevelopment Law (Health <br />and Safety Code Section 33000 et seq.), the Redevelopment Agency of the City of <br />Redwood City (the "Agency ") is required to adopt an annual budget; and <br />WHEREAS, the Agency and City Council previously approved a budget for Fiscal <br />Year 2009 -10; and <br />WHEREAS, pursuant to AB 26 4x, redevelopment agencies are required to make <br />payments totaling $2.05 billion statewide to their respective county Supplemental <br />Educational Revenue Augmentation Fund ( "SERAF "); and <br />WHEREAS, the Agency is required to make a SERAF payment for Fiscal Year <br />2009 -10 in the amount of $3,562,576, which payment must be made to the San Mateo <br />County Auditor by May 10, 2010, and a SERAF payment in the approximate amount of <br />$733,000 for Fiscal Year 2010 -11 ; and <br />WHEREAS, the legality of the SERAF payment provision in AB 26 4x has been <br />challenged, but no decision has been issued; and <br />WHEREAS, Agency staff has proposed that the SERAF payment be made from <br />a combination of sources; and <br />WHEREAS, the Agency also wishes to appropriate other funds of the Agency for <br />specific programs and projects. <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF REDWOOD CITY <br />DOES HEREBY RESOLVE AS FOLLOWS: <br />Section 1 . The City Council hereby approves the "Recommended <br />Appropriation Revisions for Fiscal Year 2009/10 ", as shown on the Table attached <br />hereto as Exhibit A and incorporated herein by reference, in order to enable the Agency <br />to make the required SERAF payments pursuant to AB 26 4x and to allocate other <br />Agency funds for specific programs and projects. The Agency Finance Director is <br />hereby authorized to make any necessary amendments to the Agency Budget for Fiscal <br />Year 2009 -10 to implement such appropriations. <br />ATTY /RESO /RESO.1968 1 14988 <br />121009 MUFF # 404 <br />