HomeMy WebLinkAboutSA RESO 2013-35RESOLUTION NO. 2013 — 35
RESOLUTION OF THE BOARD OF THE SUCCESSOR AGENCY TO THE
COMMUNITY DEVELOPMENT COMMISSION AS THE NATIONAL CITY
REDEVELOPMENT AGENCY AUTHORIZING FISCAL YEAR 2013 BUDGET
ADJUSTMENTS BY APPROVING CANCELLATION OF A FUND BALANCE
TRANSFER FROM THE REDEVELOPMENT OBLIGATION RETIREMENT
FUND ("RORF") TO CAPITAL PROJECTS FUND — HOUSING,
A DECREASE IN THE CAPITAL PROJECTS FUND — HOUSING
WI-TOD PHASE 1 APPROPRIATION, AND AN INCREASE
IN THE SUCCESSOR AGENCY LOW -MODERATE INCOME
HOUSING FUND WI-TOD PHASE 1 APPROPRIATION
WHEREAS, initially, staff planned to combine the Community Development
Commission ("CDC") Debt Service Fund, Tax Increment Fund, and Low -Moderate Housing
Income Fund ("LMIHF") into the newly -created Redevelopment Obligation Retirement Fund
("RORF") and to create new fund numbers for the housing and non -housing 2011 Tax Allocation
Bond ("TAB") Funds; and
WHEREAS, in conjunction with this plan, at the time of adoption of the fiscal
year 2013 budget, staff appropriated WI-TOD Phase 1 capital project expenditures to the TAB
housing fund ("Capital Projects Fund — Housing") and budgeted a fund balance transfer of
$5,000,000 from the RORF (to Capital Projects Fund — Housing) to fund them; and
WHEREAS, subsequently, staff determined the LMIHF accounts should be
maintained separately from others and, further, that cash and non -cash (receivables) LMIHF
assets should be split into two (2) different funds. It was also deemed prudent to not comingle
TAB proceeds with other monies; and
WHEREAS, as a result of the above -referenced determinations and fund
reorganization, WI-TOD Phase 1 capital project expenditures should be appropriated under the
Successor Agency's LMIHF (cash); and
WHEREAS, to affect the necessary changes, staff recommends three (3) budget
adjustments: 1) a decrease of $5,000,000 in the Capital Projects Fund — Housing appropriation;
2) an increase of $5,000,000 to the LMIHF appropriation; and 3) canceling the transfer of
$5,000,000 from the RORF to Capital Projects Fund — Housing.
NOW, THEREFORE, BE IT RESOLVED that the Successor Agency to the
Community Development Commission as the National City Redevelopment Agency hereby
authorizes the following budget adjustments: 1) a decrease of $5,000,000 in the Capital
Projects Fund — Housing appropriation; 2) an increase of $5,000,000 to the LMIHF
appropriation; and 3) canceling the transfer of $5,000,000 from the RORF to Capital Projects
Fund — Housing.
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Resolution No. 2013 —
Page Two
PASSED and ADOPTED this 4th day of June 013.
on Morrison, Chairman
1ATTEST:
Mic�al R. Dalla City Clerk as
Secretary to the Successor Agency
AS TO FORM:
CI u is itua Silva
Success r encv Counsel
Passed and adopted by the Successor Agency to the Community Development
Commission as the Redevelopment Agency of the City of National City, California, on
June 4, 2013 by the following vote, to -wit:
Ayes: Boardmembers Cano, Morrison, Natividad, Rios, Sotelo-Solis.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Chairman of the Successor Agency to the
Community Development Commission
as the Redevelopment Agency of the
City of National City, California
By:
Z�&) Ad ldj�,
City Clerk Sery g as Secretary
to the Successor Agency
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2013-35 of the Successor Agency to the Community Development
Commission as the Redevelopment Agency of the City of National City, California,
passed and adopted on June 4, 2013.
By:
City Clerk Serving as Secretary
to the Successor Agency
Deputy