HomeMy WebLinkAboutSA Resolution 12-2012 (Temporary Transfer of Funds)RESOLUTION NO. 12-2012
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 Matosantos, et al., upheld, ABxI 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 first half of fiscal year 2012-2013 to
meet its obligations to make the first debt service payment on the Bonds for fiscal year 2012-
2013, 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 funds are in his custody
and are paid out solely through his office; and
WHEREAS, pursuant to Section 34183(c) of AB 26 the 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 $3,021,731.00 be
transferred from the general fund in the custody of the County Treasurer to the Successor
Agency on November 20, 2012, for the purpose of meeting the obligations incurred for
maintenance purposes by the Successor Agency for the 2012-2013 fiscal year: and
WHEREAS. the amount to be transferred does not exceed eighty-five percent (859'0) of
the anticipated reN enues accruing to the Successor Agency in the Trust Fund, and
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WHEREAS, it has been the past practice of the County Treasurer to make a temporary
transfer from County funds to the San Rafael Redevelopment Agency to make its first semi-
annual debt service payment.
NOW, THEREFORE, BE IT RESOLVED that the City Council, acting as the
Governing Board of the Successor Agency, hereby request the Marin County Board of
Supervisors to authorize a temporary transfer of funds.
BE IT FURTHER RESOLVED that the outstanding balance of the County funds
transferred is due and payable immediately on the earlier of (i) the receipt of Trust Fund
revenues collected for the Successor Agency by the County or (ii) January 16, 2013.
1, 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 November 2012, by the following vote, to
wit:
AYES: Members: Connolly, Heller, Levine, McCullough & Mayor Phillips
NOES: Members: None
ABSENT: Members: None
thaer C. Beirne, Agency Secretary
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