CC Resolution 11583RESOLUTION NO. iisas
RESOLUTION OF THE CITY OF CAMPBELL CITY COUNCIL APPROVING A
REIMBURSEMENT AGREEMENT WITH THE CITY OF CAMPBELL SUCCESSOR
AGENCY FOR THE FORMER REDEVELOPMENT AGENCY FOR
REIMBURSEMENT OF $94,186 FROM THE 2002 TAX ALLOCATION BOND
PROCEEDS ENCUMBERED BY THE CITYOF CAMPBELL FOR THE EAST
CAMPBELL AVENUE PUBLIC IMPROVEMENT PROJECT PURSUANT TO
HEALTH AND SAFETY CODE SECTION 34191.4
WHEREAS, on July 10, 2002, the City of Campbell Redevelopment Agency issued the
2002 Tax Allocation Bonds in the amount of $15,300,000 (the "Bond Proceeds"); and
WHEREAS, pursuant to page 5 of the Official Statement from the 2002 Tax Allocation
Bond Issue, the Bond Proceeds are to be used to finance improvements to the Campbell
Community Center including renovation of the community theater and construction of new
recreation facilities, as well as financing infrastructure and other public improvements within the
Central Campbell Redevelopment Project Area (the "Bond Proceeds Intended Purpose"); and
WHEREAS, pursuant to Health and Safety Code Section 34191.4, bond proceeds
derived from bonds issued on or before December 31, 2010 shall be used for the purposes for
which the bonds were sold and that proceeds in excess of the amounts needed to satisfy
enforceable obligations shall therefore be expended in a manner consistent with the original bond
covenants; and
WHEREAS, there is $94,186 in unexpended Bond Proceeds (the "Excess Bond
Proceeds") that was budgeted and encumbered in 2009 for the Bond Proceeds Intended Purpose
but was prohibited from being expended under ABxl 26 and AB1484 until the Successor
Agency was issued a Finding of Completion from the State Department of Finance (the "DOF")
in compliance with Health and Safety Code Section 34179.7; and
WHEREAS, the Successor Agency of the City of Campbell Redevelopment Agency (the
"Successor Agency") was issued a Finding of Completion from the State Department of Finance
on April 26, 2013 making it eligible to expend the Excess Bond Proceeds for the Bond Proceeds
hitended Purpose describe below.
NOW, THEREFORE, BE IT RESOLVED:
That the City of Campbell City Council hereby approves the Excess Tax Allocation Bond
Proceeds Reimbursement Agreement (the "Agreement") with the Successor Agency,
substantially in the form of the attached Exhibit A. The Agreement provides for the Successor
Agency to reimburse the City in the amount of $94,186 from the Excess Bond Proceeds, and for
the City to apply such amount against the costs incurred on the East Campbell Avenue Public
Improvement Project (Project 07-11) located within the Central Campbell Redevelopment
Project Area and consistent with the intended purpose and use of the original bond covenants.
The East Campbell Avenue Public Improvement Project meets the standards of and constitutes a
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Bond Proceeds Intended Purpose for which the Excess Bond Proceeds may be expended in
accordance with the Agreement and Health and Safety Code Section 34191.4(c).
That the City Manager or the City Manager's designee is authorized and directed to execute and
implement the Agreement on behalf of the City, substantially in the form attached as Exhibit A.
PASSED AND ADOPTED, this 16th day of July, 2013 by the following roll call vote:
AYES: City Councilmembers: Kotowski, Cristina, Baker, Waterman, Low
NOES: City Councilmembers: None
ABSENT: City Counci lmembers: None
City Councilmembers: None .
ABSTAIN:
Mayor, Evan D. Low
Approved:
Ci y Clerk, Anne Bybee
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EXCESS TAX ALLOCATION BOND PROCEEDS
REIMBURSEMENT AGREEMENT
This Excess Tax Allocation Bond Proceeds Reimbursement Agreement (the
"Agreement") is entered into this 16tKlay ofsu_1~ 2013 by and between the City of Campbell,
a general law California municipal corporation (the "City") and the City of Campbell Successor
Agency to the fanner City of Campbell Redevelopment Agency, a separate public entity (the
"Successor Agency").
WHEREAS, on July 10, 2002, the City of Campbell Redevelopment Agency issued the 2002
Tax Allocation Bonds in the amount of $15,300,000 (the "Bond Proceeds"); and
WHEREAS, pursuant to page 5 of the Official Statement from the 2002 Tax Allocation Bond
Issue, the Bond Proceeds aze to be used to finance improvements to the Campbell Community
Center including renovation of the community theater and construction of new recreation
facilities, as well as financingyinfrastructure and other public improvements within the Central
Campbell Redevelopment Project Area (the Bond Proceeds Intended Purpose"); and
WHEREAS, pursuant to Health and Safety Code Section 34191.4, bond proceeds derived from
bonds issued on or before December 31, 2010 shall be used for the purposes for which the bonds
were sold and that proceeds in excess of the amounts needed to satisfy enforceable obligations
shall therefore be expended in a manner consistent with the original bond covenants; and
WHEREAS, there is $94,186 in unexpended Bond Proceeds (the "Excess Bond Proceeds") that
was budgeted and encumbered in 2009 for the Bond Proceeds Intended Purpose but was
prohibited from being expended under AB 1484 until the Successor Agency was issued a Finding
of Completion from the State Department of Finance in compliance with Health and Safety Code
Section 34179.7; and
WHEREAS, The City of Campbell Successor Agency was issued a Finding of Completion from
the State Department of Finance on April 26, 2013 and is therefore eligible to expend the Excess
Bond Proceeds.
NOW, THEREFORE, IT IS AGREED AS FOLLOWS:
1. The Successor Agency hereby agrees to reimburse the City in the amount of $94,186
from the Excess Bond Proceeds, and the City agrees to apply such amount against the costs
incurred on the East Campbell Avenue Public Improvement Project (Project 07-11), a public
works infrastructure project, located within the Central Campbell Redevelopment Project Area
and consistent with the intended purpose as stated in the Official Statement of the 2002 Tax
Allocation Bond Issue, and consistent with the original bond covenants.
2. In executing this Agreement, the City is acting in its capacity as a general law municipal
corporation, while the Successor Agency is acting in its capacity as the successor to the former
Redevelopment Agency and a separate legal entity; and both the City and the Successor Agency
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are acting pursuant to the specific authority granted by the Oversight Board and by Health &
Safety Code Section 34191.4. In consequence, the parties to this Agreement are not merged.
3. This Agreement shall take effect from and after the date of execution of this Agreement
by both parties and effectiveness of the Oversight Board's approval of this Agreement in
accordance with Health and Safety Code Section 34179(h).
IN WITI~TESS WHEREOF, this Agreement has been executed by the parties hereof as of
the date first written above.
"CITY"
CITY OF CAMPBELL, CALIFORNIA,
///'''~~~ a general law California municipal corporation
ATTES'Ll /
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~ ~~
ybee inde
City Clerk City anager
~~~~
Da T~
"SUCCESSOR AGENCY"
CITY OF CAMPBELL, CALIFORNIA,
a general law California municipal corporation
acting as the Successor Agency to the former City of Campbell Redevelopment Agency
ATTES -:
~^
Anne Bybee.
City Clerk, on behalf of Successor
Agency
/ /
ar nder /
City Manager, on behalf of Successor
Agency
Dat
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