HomeMy WebLinkAboutRDA Reso 2010-2021RDA RESOLUTION NO. 2010-2021
RESOLUTION OF THE CHULA VISTA REDEVELOPMENT
AGENCY OF THE CITY OF CHULA VISTA (A)
AUTHORIZING AN INTERFUND LOAN OF
APPROXIMATELY $4.1 MILLION FROM THE LOW AND
MODERATE INCOME HOUSING FUND TO THE
REDEVELOPMENT FUND FOR THE STATE REQUIRED
SERAF PAYMENT; AND (B) AUTHORIZING NECESSARY
BUDGET ADJUSTMENTS TO APPROPRIATE THE
INTERFUND LOAN OF APPROXIMATELY $4.1 MILLION
WHEREAS, Assembly Bill ABX4-26 of 2009 amended Sections 33334.2 and 33633 of
the Health and Safety Code (H&S) requiring redevelopment agencies to remit an additional
prescribed share to the Supplemental Educational Revenue Augmentation Fund (SERAF); and
WHEREAS, Assembly Bi11 ABX4-26 of 2009 added Sections 33020.5, 33331.5, 33690,
33690.5, 33691 and 33692 to the Health and Safety Code (H&S) allowing agencies various
options regarding the SERAF payment; and
WHEREAS, the Redevelopment Agency of the City of Chula Vista (the Agency) has a
prescribed SERAF share of $4.1 million due by May 10, 2010; and
WHEREAS, state regulations allow agencies to bon•ow from the Low and Moderate
Income Housing Fund in order to make the SERAF payment; and
WHEREAS, the Agency has insufficient funds in the Redevelopment Fund to make the
SERAF payment and must borrow from the Low and Moderate Income Housing Fund; and
WHEREAS, the funds borrowed from the Low and Moderate Income Housing Fund will
be repaid within five years from the date the funds are remitted to the County Auditor; and
WHEREAS, the Agency desires to borrow the amount of the SERAF payment ($4.1
million) from the Low and Moderate Income Housing Fund.
NOW, THEREFORE, BE IT RESOLVED, by the Redevelopment Agency of the City of
Chula Vista as follows:
(A) The Chula Vista Redevelopment Agency does hereby authorize an interfund loan
up to $4.1 million from the Low and Moderate Income Housing Fund to the
Redevelopment Fund for the state required SERAF payment in the amount of $4.1
million; and
(B) The Chula Vista Redevelopment Agency does hereby amend the fiscal year 2010
Redevelopment Agency and Housing Authority budgets to appropriate the interfund loan
and SERAF payment of $4.1 million.
RDA Resolution No. 2010-2021
Page 2
Deputy City
Director
Approved as to form by
r ~~
Bart C. Miesfel
Agency Cou el
PASSED, APPROVED, and ADOPTED by the Redevelopment Agency of the City of
Chula Vista, California, this 4th day of May 2010, by the following vote:
AYES: Agency Members: Bensoussan, Castaneda, Ramirez, Thompson and Cox
NAYS: Agency Members: None
ABSENT: Agency Members: None
Cheryl Cox, Chai rsq
ATTEST:
ric Crockett, Secretary
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
I, Eric Crockett, Secretary of the Chula Vista Redevelopment Agency, do hereby certify that the
foregoing RDA Resolution No. 2010-2021 was duly passed, approved, and adopted by the
Redevelopment Agency at a regular meeting held on the 4th day of May 2010.
Executed this 4th day of May 2010.
~~- / G+~--'Z'G~~
Eric Crockett, Secretary
Presented by