HomeMy WebLinkAboutRDA Reso 2011-2043RDA RESOLUTION NO. 2011-2043
RESOLUTION OF THE CHULA VISTA REDEVELOPMENT
AGENCY (A) AUTHORIZING AN INTERFUND LOAN OF
$856,613 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 $856,613
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 Bill 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 (Agency) submitted
its first payment of its prescribed SERAF share of $4,160,694 in May 2010; and
WHEREAS, the Agency is required to submit a second payment of its prescribed SERAF
shaze of $856,613 by May 10, 2011; and
WHEREAS, state regulations allow agencies to borrow 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 5 years from the date the funds aze remitted to the County Auditor; and
WHEREAS, the Agency desires to borrow the amount of the $ERAF payment
($856,613) 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 $856,613 from the Low and Moderate Income Housing Fund to the Redevelopment
Fund for the state required SERAF payment in the amount of $856,613; and
RDA Resolution No. 2011-2043
Page 2
(B) The Chula Vista Redevelopment Agency does hereby amend the Fiscal Yeaz 2010
Redevelopment Agency and Housing Authority budgets to appropriate the interfund loan
and SERAF payment of $856,613.
Presented by
c
Gary ale , P.E., AICP
Assistant ' y Manager/Development
Services Director
Approved as to form by
Glen R: Googins
ttomey
PASSED, APPROVED, and ADOPTED by the Redevelopment Agency of the City of
Chula Vista, California, this 3rd day of May 2011, by the following vote:
AYES: Agency Members: Aguilar, Bensoussan, Castaneda, Ramirez, and Cox
NAYS: Agency Members: None
ABSENT: Agency Members: None
ATTEST:
ric~tt, Secretary
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
l'~ k~-~-~c_,
Cheryl Cox, ai erson
I, Eric Crockett, Secretary of the Chula Vista Redevelopment Agency, do hereby certify that the
foregoing RDA Resolution No. 2011-2043 was duly passed, approved, and adopted by the
Redevelopment Agency at a regular meeting held on the 3rd day of May 2011.
Executed this 3rd day of May 2011. ~~
Eric Crockett, Secretary