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<br />12/14/2009 <br /> <br />ORIGINAL <br /> <br />RESOLUTION NO. RD 09-06 <br /> <br />RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF <br />REDWOOD CITY AMENDING THE ANNUAL BUDGET FOR FISCAL <br />YEAR 2009/10 FOR THE REDEVELOPMENT AGENCY OF THE CITY <br />OF REDWOOD CITY TO APPROPRIATE FUNDS FOR SERAF <br />PAYMENT AND OTHER AGENCY PROGRAMS AND PROJECTS <br /> <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 /> <br />WHEREAS, the Agency and City Council previously approved a budget for Fiscal <br />Year 2009-10; and <br /> <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 /> <br />WHEREAS, the Agency is required to make an SERAF payment in the amount <br />of $3,562,576, which payment must be made to the San Mateo County Auditor by May <br />10, 2010 and a SERAF payment in the approximate amount of $733,000 for Fiscal Year <br />2010-11; and <br /> <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 /> <br />WHEREAS, Agency staff has proposed that the SERAF payment be made from <br />a combination of sources; and <br /> <br />WHEREAS, the Agency also wishes to appropriate other funds of the Agency for <br />specific programs and projects. <br /> <br />NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF <br />REDWOOD CITY DOES HEREBY RESOLVE AS FOLLOWS: <br /> <br />Section 1. The Agency hereby approves the "Recommended Appropriation <br />Revisions for Fiscal Year 2009-10", as shown on the Table attached hereto as Exhibit A <br />and incorporated herein by reference, in order to enable the Agency to make the <br />required SERAF payments pursuant to AB 26 4x and to allocate other Agency funds for <br />specific programs and projects. The Agency Finance Director is hereby authorized to <br />make any necessary amendments to the Agency Budget for Fiscal Year 2009-10 to <br />implement such appropriations. <br /> <br />A TTY /RESO/RESO.1969 <br />121009 <br /> <br />1 <br /> <br />RD 09-06 <br />MUFF # 404 <br />