MEETING DATE:
SEPTEMBER 23, 2014
SUBJECT:
Title
RESOLUTION NOS. SA 2014-011 & 2014-7983 - AGREEMENT BETWEEN THE CITY AND SUCCESSOR AGNECY TO EXPEND EXCESS BOND PROCEEDS
Body
Recommendation
Recommendation
1. As Successor Agency to the former San Marcos Redevelopment Agency (Successor Agency), adopt the attached resolution approving an agreement between the City of San Marcos (City) and the Successor Agency to expend Excess bond proceeds.
2. As City Council, adopt the attached resolution approving an agreement between the City and the Successor Agency to expend excess bond proceeds.
Body
Board or Commission Action
Not applicable
Relevant Council Strategic Theme
Good Governance
Relevant Department Goal
Continue to maintain the fiscal health of the City and ensure appropriate fiscal policies and procedures are in place
Introduction
In June 2011, AB x1 26 was signed into law, dissolving all 400 redevelopment agencies in California. The California Supreme Court upheld the State legislation and the dissolution became effective February 1, 2012. In order to perform the legal obligations of the redevelopment agencies and to wind down agency affairs, each redevelopment agency required a Successor Agency. On January 10, 2012, the City Council approved the City serving as the Successor Agency to the former San Marcos Redevelopment Agency (Agency).
Dissolution legislation AB x1 26 was amended by AB 1484 on June 27, 2012. AB 1484 made several changes to AB x1 26 including enabling successor agencies to use unspent bond proceeds for the purposes for which the bonds were sold.
Two bond issues related to the former Agency still have unexpended bond proceeds, namely the San Marcos Public Facilities Authority 2005 Tax Allocation Revenue Bonds Series C and the San Marcos Public Facilities Authority 2006 Tax Allocation Revenue Bonds Series A. The Agency planned various redevelopment projects to be financed in whole or in part...
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