RES-2016-211RESOLUTION NO. 201 6-21 1
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM
(1) APPROVING A BOND PROCEEDS EXPENDITURE AGREEMENT
BETWEEN THE CITY OF ANAHEIM AND THE SUCCESSOR
AGENCY TO THE ANAHEIM REDEVELOPMENT AGENCY
PROVIDING FOR THE TRANSFER OF EXCESS BOND PROCEEDS
BY THE SUCCESSOR AGENCY TO THE CITY FOR BOND -
ELIGIBLE PURPOSES, (2) ACCEPTING SUCH FUNDS FROM THE
SUCCESSOR AGENCY, AND (3) MAKING CERTAIN FINDINGS IN
CONNECTION THEREWITH
WHEREAS, the Successor Agency ("Successor Agency") to the Anaheim Redevelopment
Agency has been established to take certain actions to wind down the affairs of the Anaheim
Redevelopment Agency in accordance with the Health and Safety Code; and
WHEREAS, Section 34191.4(c)(1) of the Dissolution Act allows a successor agency that
has received a finding of completion to use bond proceeds from bonds issued prior to 2011 for the
purposes for which the bonds were sold, provides that such proceeds in excess of amounts needed
to satisfy approved enforceable obligations shall be expended in a manner consistent with the
original bond covenants, and further provides that such expenditures shall constitute "excess bond
proceeds obligations" that shall be listed separately on the successor agency's Recognized
Obligation Payment Schedule; and
WHEREAS, the Successor Agency received its Finding of Completion under Health and
Safety Code Section 34179.7 from the California Department of Finance on June 12, 2013; and
WHEREAS, the California Community Redevelopment Law (Health and Safety Code
Section 33000, et seq.) provides for a cooperative relationship between cities and their
redevelopment agencies, as well as their successor agencies who have assumed the duties and
obligations of the former redevelopment agencies; and
WHEREAS, under Health and Safety Code Section 33220, a city may aid and cooperate
in the planning, undertaking, construction, or operation of redevelopment projects; and
WHEREAS, Health and Safety Code Section 33220(e) specifically authorizes a city to
enter into an agreement with its redevelopment agency or any other public entity to further
redevelopment purposes; and
WHEREAS, Health and Safety Code Section 34178(a) allows a successor agency and its
sponsoring city to enter into agreements, subject to approval by the Oversight Board to the
Successor Agency pursuant to Health and Safety Code Section 34180(h); and
WHEREAS, the Successor Agency has and will have proceeds of its Anaheim
Redevelopment Agency (Anaheim Merged Redevelopment Project Area) 2010 Tax Allocation
Bonds (Taxable Recovery Zone Economic Development Bonds) (together with other funds
described in the Agreement, "Bond Proceeds") that are not otherwise obligated for a project or
other enforceable obligation; and
WHEREAS, the Successor Agency desires to transfer its Excess Bond Proceeds (defined
in the Agreement) to the City to enable the City to use such Excess Bond Proceeds for
redevelopment purposes, including capital public improvement expenditures previously made by
the City, and in a manner consistent with the original bond covenants; and
WHEREAS, in order to facilitate the use of Excess Bond Proceeds consistent with all
applicable bond covenants, the Successor Agency and the City have negotiated the terms of that
certain Bond Proceeds Expenditure Agreement ("Agreement") requiring the transfer of current
and future excess bond proceeds by the Successor Agency to the City, and the City's use of such
proceeds consistent with all applicable bond covenants; and
WHEREAS, the Successor Agency and City intend that the Agreement shall constitute an
excess bond proceeds obligation within the meaning of Health and Safety Code Section
34191.4(c)(1) to be paid from Excess Bond Proceeds; and
WHEREAS, the City Council desires to approve the Agreement in substantially the form
submitted herewith; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Anaheim as
follows:
Section 1. The foregoing Recitals are incorporated into this Resolution by this
reference.
Section 2. The City Council hereby finds and determines, based on all evidence and
testimony contained in the record before it, that the use of Excess Bond Proceeds to fund City
capital improvement projects including acquisition and/or construction of public buildings,
facilities, structures, or other improvements, and specifically parking operations improvements
and Santa Ana Street improvements, is in accordance with Health and Safety Code Sections 33445,
3 3445. 1, and 33679 and other applicable law.
Section 3. The City Council has determined that the expenditure of Excess Bond
Proceeds in accordance with the Agreement will benefit the affected taxing entities and hereby
approves the execution of the Agreement and accepts the transfer of Excess Bond Proceeds from
the Successor Agency for the purposes described in the Agreement.
Section 4. The City Council hereby approves the Bond Proceeds Expenditure
Agreement in substantially the form submitted herewith.
Section 5. The City Council hereby authorizes and directs the City Manager to take
the following actions:
a. Execute the Bond Proceeds Expenditure Agreement in the form
presented herewith with such changes, insertions and omissions as may be approved by the City
Manager;
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b. Upon receiving Excess Bond Proceeds from the Successor Agency
pursuant to the Agreement, allocate and/or expend such moneys in accordance with all applicable
covenants relating to the use of such proceeds.
Section 6. This Resolution shall take effect upon the date of adoption.
Section 7. The City Clerk shall certify to the adoption of this Resolution.
THE FOREGOING RESOLUTION IS PASSED, APPROVED AND ADOPTED BY THE
CITY COUNCIL OF THE CITY OF ANAHEIM THIS25th DAY OFoctober , 2016, BY
THE FOLLOWING ROLL CALL VOTE:
AYES: Mayor Tait and Council Members Kring, Murray, Brandman,
and Vanderbilt
NOES: None
ABSTAIN: None
ABSENT: None
CITY OF ANAHEIM
By:
. �97
Mayor
(SEAL)
Linda N. Anda City C le
CLERK'S CERTIFICATE
STATE OF CALIFORNIA
COUNTY OF ORANGE ss.
CITY OF ANAHEIM
1, LINDA ANDAL, City Clerk of the City of Anaheim, do hereby certify that the foregoing is the
original Resolution No. 2016-211 adopted at a regular meeting provided by law, of the Anaheim
City Council held on the 25th day of October, 2016, by the following vote of the members thereof:
AYES: Mayor Tait and Council Members Kring, Murray, Brandman, and Vanderbilt
NOES: None
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IN WITNESS WHEREOF, I have hereunto set my hand this 25th day of October, 2016.
GffT"-CLLK -UFT
(SEAL)