HomeMy WebLinkAboutSA Resolution 2013-03a (Transfer of Funds)RESOLUTION NO. 2013-03 (a)
RESOLUTION OF THE SAN RAFAEL SUCCESSOR AGENCY APPROVING A
REQUEST TO THE MARIN COUNTY BOARD OF SUPERVISORS TO AUTHORIZE A
TEMPORARY TRANSFER OF FUNDS
WHEREAS, the San Rafael Redevelopment Agency (the "Agency") was established
under the provisions of the Community Redevelopment Law (California Health and Safety Code
§ 33000 et seq.) (the "CRL"); and
WHEREAS, pursuant to the CRL the Agency issued its Tax Allocation Bonds Series
2002 and Series 2009 (the "Bonds"); and
WHEREAS, on June 28, 2011, the California Legislature adopted and the Governor
signed, and on December 29, 2011, the California Supreme Court, in California Redevelopment
Association, et al. v. Ana Llatosantos, et al., upheld, ABxl 26 ("AB 26"), legislation that
amended the CRL and required that the Agency be dissolved on February 1, 2012; and
WHEREAS, AB 26 provides for payments on the Bonds from the Redevelopment
Property Tax Trust Fund (the "Trust Fund"), which is held by the County; and
WHEREAS, the County Auditor Controller has stated there will be insufficient funds in
the Trust Fund allocated to the Successor Agency for the fiscal year 2013-2014 to meet its
obligations to make the debt service payments on the Bonds for fiscal year 2013-2014; and
WHEREAS, Article XVI, Section 6 of the Constitution of the State of California
provides that it shall be the duty of the Treasurer of any County to make such temporary transfer
from the funds in his custody as may be necessary to provide funds for meeting the obligations
incurred for maintenance purposes by any political subdivision whose Bands are in his custody
and are paid out solely through his office; and
WHEREAS, pursuant to Section 34183(c) of AB 26 the Marin County "Treasurer may
loan any funds from the county treasury that are necessary to ensure prompt payments of
redevelopment agency debts; and
WHEREAS, it is necessary that the sum of up to and not to exceed $3,563,000.00 be
transferred from the Marin County Investment Pool in the custody of the Marin County
Treasurer to the Successor Agency from November 1, 2013 through June 16, 2014. for the
purpose of meeting the obligations incurred for maintenance purposes by the Successor Agency
for the 2013-2014 fiscal year: and
WHEREAS! the amount to be transferred does not exceed eighty-five percent (85%) of
the anticipated revenues accruing to the Successor Agency in the Trust Fund; and
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WHEREAS, it has been the past practice of the Marin County Treasurer to make a
temporary transfer from Marin County funds to the San Rafael Redevelopment Agency to make
its debt service payments.
NOW, THEREFORE, BE IT RESOLVED that the City Council, acting as the
Governing Board of the Successor Agency, hereby requests the Marin County Board of
Supervisors to authorize a temporary transfer of funds.
BE IT FURTHER RESOLVED that the outstanding balance of the County fiends
transferred is due and payable immediately upon receipt of Trust Fund revenues collected for the
Successor Agency by the County.
I, Esther C. Beirne, Secretary to the Successor Agency, hereby certify that the foregoing
Resolution was duly and regularly introduced and adopted at a regular meeting of the San Rafael
Successor Agency, held on Monday, the fifth day of August 2013, by the following vote, to wit:
AYES: Members: Colin, Connolly and Vice -Chair Heller
NOES: Members: None
ABSENT: Members: McCullough and Chairman Phillips
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Esther C. Beirne, Agency Secretary