HomeMy WebLinkAbout11-01 RDA Resolution RESOLUTION NO. RDA 11-01
A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF TEMECULA PROVIDING FOR THE
PAYMENT OF ITS SUPPLEMENTAL EDUCATIONAL
REVENUE OBLIGATION FOR FISCAL YEAR 2010-11
THE MEMBERS OF THE REDEVELOPMENT AGENCY OF THE CITY OF
TEMECULA 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) 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, 3334.3, 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 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 for payment of SERAF shall be repaid in full on or before June 30, 2016.
Section 2. Pursuant 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 eight hundred ninety
six thousand five hundred four dollars and 00/100 ($896,504) from the Agency's Low
and Moderate Income Housing Fund for the purposes of paying the Agency's SERAF
obligation pursuant to Section 33690(a).The funds borrowed �from the Low And
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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, 2016. 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
Auditor as required by law.
PASSED, APPROVED, AND ADOPTED by the Members of the Redevelopment
Agency of the City of Temecula this 8 day of February, 2011.
�
Michael S. Naggar, hairperson
ATTEST:
Susan . J nes, MMC
City C rk/Bo rd Secret ry
[SEAL] �
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan W. Jones, MMC, City Clerk/Board Secretary of the Redevelopment
Agency of the City of Temecula, do hereby certify that the foregoing Resolution No. RDA
11-01 was duly and regularly adopted by the Members of the Redevelopment Agency of
the City of Temecula at a meeting thereof held on the 8 th day of February, 2011, by the
following vote:
AYES: 4 BOARD MEMBERS: Comerchero, Edwards, Washington,
Naggar
NOES: 0 BOARD MEMBERS: None
ABSENT: 1 BOARD MEMBERS: Roberts
ABSTAIN: 0 BOARD MEMBERS: None
Su n W. Jones, MMC
City C rk/Board Secretary
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