2011-06 r
r
RESOLUTION NO. CRA-2011-06
A RESOLUTION 'OF THE GRAND TERRACE _ COMMUNITY
REDEVELOPMENT AGENCY AUTHORIZING . A .LOAN FROM. THE
AGENCY'S LOW AND .MODERATE INCOME HOUSING. FUND TO MAKE
THE .REQUIRED PAYMENT TO THE COUNTY, SUPPLEMENTAL
' EDUCATIONAL REVENUE AUGMENTATION FUND FOR FISCAL YEAR
2010-2011
WHEREAS, Section 33.690.5 of the California Community Redevelopment Law, Health
and.Safety Code Section 33000, et. seq. ("CRL"), requires all redevelopment agencies to make
certain payments to the corresponding county Supplemental Educational Revenue Augmentation
Fund(".SERAF") in fiscal year 2010-2011; and
WHEREAS, the Agency's SERAF payment for- fiscal year 2010-11 of $448,211 is
required to be made by-May 10, 2011; and .
WHEREAS, the Agency lacks the sufficient non-Housing funds.needed to make the full
fiscal year-2010-11 SERAF payment; and
WHEREAS; Section 33690.5(c) of the CRL provides that an agency may use any funds
that are legally available and.not legally obligated for other.uses in the event that there are
insufficient other moneys,to make the SERAF payment; and
WHEREAS,.CRL Section 33690(c)(1) allows an agency to borrow funds necessary from
-the Agency's Low.and Moderate Income Housing Fund for that fiscal year in order to make the
full SERAF payment; and
WHEREAS, pursuant to CRL Section 33690(c)(2), an agency shall make a finding that
there are insufficient other moneys to make the fiscal year 2010-11 .SERAF payment in order to
borrow funds from the,an agency's low and moderate income housing fund.
NOW, THEREFORE, THE GRAND TERRACE COMMUNITY
REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The Agency hereby rescinds Resolution 2011-02.
SECTION 2. The.Agency hereby finds that it does not have sufficient unencumbered
non-housing funds.to make the required SERAF payment for fiscal year 2010-2011.The revenue .
to be received by the Agency-in fiscal year 2010-2011 is required for the payment of Agency
debt service, Agency administration and existing programs,and proj ects.and is not.available.to
make the SERAF Payment. This finding is supported by the information and documents
provided by City staff to the Board of Directors.
Page.2 of 2
SECTION 3. The Agency hereby authorizes a loan of$448,211 ("LMIHF Loan") from
the Low and Moderate Income Housing Fund to the Agency for the sole purpose of making the
second SERAF payment for fiscal year 2010-2011. The LMIHF Loan shall bear no interest, and
the Agency shall repay:the LMIHF Loan on or before June 30, 2016. The LMIHF Loan shall not
be.made until such time that the Agency is required to pay the SERAF Payment into the San
Bernardino County SERAF.
SECTION 4. In accordance with CRL Section 33690.5(d),the Agency directs the City
Manager, on,.behalf of the City of Grand Terrace, to notify the San-Bernardino County Auditor-
Controller that the fiscal year 2010-11 SERAF payment will be fully funded by a loan from the
Agency's Low and Moderate Income Housing Fund.
PASSED,APPROVED AND ADOPTED this 26th day of April, 2011.
-
Chairman of the Community
Redevelopment Agency
ATTEST:
City Clerk of the City of Grand
Terrace
I, BRENDA MESA, City Clerk.of the City of Grand Terrace,.do hereby certify that
Resolution No. CRA-2011-06 was introduced and adopted at a regular meeting of the Grand
Terrace Community Redevelopment Agency held on the 26"' day of April, 2011,by the
following vote:
AYES: Agency Members McNaboe, Sandoval; .and Hays.; Vice-Chairman Garcia
and Chairman Stanckiewitz
NOES:: None
. . ABSENT: None
ABSTAIN: None
Brenda Mesa, City Clerk
Appr ved as to form:
City Attorney U