HomeMy WebLinkAbout10-01 RDA Resolution RESOLUTION NO. RDA 10 -01
A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF TEMECULA PROVIDING FOR THE
PAYMENT OF ITS SUPPLEMENTAL EDUCATIONAL
REVENUE OBLIGATION FOR FISCAL YEAR 2009 -10
THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF THE CITY OF TEMECULA DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The Agency hereby finds, determines and declares as follows:
(a) Chapter 21 of the Statutes of 2009 (AB 4X 26) and Chapter 652 of
the Statutes of 2009 (SB 68) enacted Health and Safety Code Section 33690 requiring
redevelopment agencies in the state to pay certain amounts to the county auditor for
deposit into the county's Supplemental Educational Revenue Augmentation Fund
( "SERAF "). (All further references to "sections" shall be to sections of the Health and
Safety Code.)
(b) To make the full allocation to SERAF, Section 33690(c)(1)
authorizes redevelopment agencies to borrow from either the amount required to be
allocated to the agency's low and moderate income housing fund, pursuant to Sections
33334.2, 33334.3, and 33334.6, or any monies in that fund or both, unless executed
contracts exist that would be impaired if the agency reduced the amount allocated to the
low and moderate income housing fund or the amount of moneys in the fund, or both.
1) In order to borrow from the low and moderate income
housing fund or the amounts to be allocated to the fund for payment of SERAF, an
agency shall make a finding that there are insufficient other moneys to meet the SERAF
payment requirements.
2) Any funds borrowed from the low and moderate income
housing fund or the amounts to be allocated to the fund for payment of SERAF shall be
repaid in full on or before June 30, 2015.
Section 2. Pursuant to the provisions of Section 33690, the Agency
specifically finds and determines that:
(a) There are no existing executed contracts to which the Agency is a
party that would be impaired if the Agency reduced the amount allocated to the Low and
Moderate Income Housing Fund or the amount of moneys in the fund, or both.
(b) There are insufficient other moneys to meet the SERAF payment
requirements of Section 33690(a).
Section 3. The Agency hereby approves the borrowing of four million three
hundred fifty four thousand four hundred fifty dollars ($4,354,450.00) from the Agency's
Low and Moderate Income Housing Fund or the amounts to be allocated to the Fund for
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the purposes of paying the Agency's SERAF obligation pursuant to Section
33690(a).The funds borrowed from the Low And Moderate Income Housing Fund for
payment of SERAF shall be repaid in full to the Low And Moderate Income Housing
Fund on or before June 30, 2015. The Agency hereby appropriates said funds for the
purposes of paying the SERAF obligation and authorizes the Executive Director or his
designee to make the required SERAF payment to the Riverside County Auditor as
required by law.
PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Temecula
Redevelopment Agency of the City of Temecula this 9 day of February, 2010.
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Michael S. Naggar, Chairperson
ATTEST:
) a. -
Susan . Jones, MC
City Cle' Board S:cretary
[SEAL]
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STATE OF CALIFORNI )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA
I, Susan W. Jones, MMC, City Clerk/Board Secretary of the Temecula
Redevelopment Agency of the City of Temecula, do hereby certify that the foregoing
Resolution No. RDA 10 -01 was duly and regularly adopted by the Board of Directors of the
Temecula Redevelopment Agency of the City of Temecula at a meeting thereof held on
the 9 day of February, 2010, by the following vote:
AYES: 5 BOARD MEMBERS: Comerchero, Edwards, Roberts,
Washington, Naggar
NOES: 0 BOARD MEMBERS: None
ABSENT: 0 BOARD MEMBERS: None
ABSTAIN: 0 BOARD MEMBERS: None
1
Susan W.. ones, MMC
Gty Clerk/B. - rd Secretary
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