CC Resolution 11584RESOLUTION NO. iiss4
RESOLUTION OF THE CITY OF CAMPBELL SUCCESSOR AGENCY APPROVING
A REIMBURSEMENT AGREEMENT WITH THE CITY OF CAMPBELL 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 Deparhnent 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 Deparhnent of Finance
on April 26, 2013 making it eligible to expend the Excess Bond Proceeds for the Bond Proceeds
Intended Purpose describe below.
NOW, THEREFORE, BE IT RESOLVED:
That the Successor Agency, acting in its capacity as a separate public entity, hereby approves,
and recommends to the City of Campbell Successor Agency Oversight Board approval of, the
Excess Tax Allocation Bond Proceeds Reimbursement Agreement (the "Agreement") with the
City of Campbell (the "City"), 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
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I03\01\I351171.2
the standards of and constitutes a 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 (as Successor Agency Executive Director) or the City Manager's designee
is authorized and directed to execute and implement the Agreement on behalf of the Successor
Agency, substantially in the form attached as Exhibit A.
That this Resolution constitutes the formal request of the Successor Agency to its Oversight
Board to enter into the Agreement with the City in accordance with Health and Safety Code
Section 34180(h).
PASSED AND ADOPTED, this 16th day of July, 2013 by the following roll call vote:
AYES: Successor Agency Members: Kotowski, Cristina, Baker, Waterman, Low
NOES: ~ Successor Agency Members: None
ABSENT: successor Agency Members: None
ABSTAIN: Successor Agency Members: None
Successor Agency Chair, Evan D. Low
Approved:
Suc ssor Agency Secretary, Anne Bybee
103\01\1351!71.2
EXCESS TAX ALLOCATION BOND PROCEEDS
REIMBURSEMENT AGREEMENT
This Excess Tax Allocation Bond Proceeds Reimbursement Agreement (the
"Agreement") is entered into this 16ttday of July 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 former City of Campbell Redevelopment Agency, a sepai-ate 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 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 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 Apri126, 2013 and is therefore eligible to expend the Excess
Bond Proceeds.
NOW, THEREFORE, IT IS AGREED AS FOLLOWS:
I. 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
l03VOl AI 1420R7 2
are acting pursuant to the specific authority granted by the Oversight Boazd 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).
1N WITNESS WI-IEREOF, 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
V
Anne Bybee
City Clerk
az finder
City Manager
Dat
"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
ATTEST:
Anne Bybee. der
City Clerk, on behalf of Successor City Manager, on behalf of Successor
Agency Agency
Dat
103V01 U 1420812