HomeMy WebLinkAboutATTACHATTACHMENT 1
Department 1 `
p 2009-10 Actual
401- City Council
402 - City Clerk
403 - City Manger
404 Finance
405 - City Attorney
406 - Development Services
407 - Human Resources
408 - General
409 - Non -Departmental
415 - MIS
421 - Engineering
445 - Redevelopment
468 - Advanced Planning/Economic
Development
462 - Housing
466 - Healthy Homes
467 - Housing Inspection Program
471- HPRP Grant
464 - Neighborhood Services
472 - Abandoned Vehicle Abatement
522 - Low -Mod Housing
Grand Totals
28,473.60
111,651.17
344,261.09
397,621.82
229,358.74 r
126,464.92 LP
45,049.76
2,198,026.10 Fm-
0.00''`"
0.00 j
473,049.05 it
288,696.28
55,936.12
116,672.39
103,294.24
0.00
253,360.92
0.00
670,910.94
bonds, in accordance with the CRL, (5) Tax Revenues required to be set aside for low and
moderate income housing pursuant to Sections 33334.2, 33334.3 and 33334.6, et seq., of the
CRL, including but not limited to proceeds of bonds; and (6) any other obligations secured by a
pledge of Tax Revenues in furtherance of the CDC's obligations under the CRL.
"Fiscal Year" means any twelve (12) month period beginning on July 1st and ending on
the following June 30th.
"Tax Revenues" means all taxes annually allocated to the CDC pursuant to Article 6 of
Chapter 6 (commencing with Section 33670) of the CRL and Section 16 of Article XVI of the
Constitution of the State.
TERMS AND CONDITIONS
1. Recitals and Definitions. The Recitals and Definitions, above, are adopted as true
and incorporated herein by this reference.
2. Administrative Costs. The CDC's annual Administrative Costs shall be separately
identified in the CDC's Annual Budget for each Fiscal Year until termination of this Agreement.
3. City Advancement. On or before July 1st of each Fiscal Year, the City shall
advance the CDC's annual Administrative Costs up to an amount not to exceed FIVE MILLION
FOUR HUNDRED FORTY TWO THOUSAND EIGHT HUNDRED TWENTY SEVEN
DOLLARS AND FOURTEEN CENTS ($5,442,827,14) to the CDC in the exact amounts
identified in the CDC's Annual Budget, as adopted by the CDC and City Council for each
respective Fiscal Year ("City's Advancement"), beginning from Fiscal Year 2012 and ending on
July 17, 2052.
4. CDC Reimbursement. On or before June 30th of each Fiscal Year
("Reimbursement Payment Date") in which the City's Advancement has been made, the CDC
shall reimburse the entire amount of the City's Advancement for that Fiscal Year
("Reimbursement Payment"); provided, however, that the CDC shall have the sole and exclusive
right to pledge any Available Junior Tax Revenues to the repayment of other indebtedness
incurred by the CDC in carrying out the CDC's duties under the CRL.
5. Interest. Any Reimbursement Payment made to the City after the Reimbursement
Payment Date applicable to that Reimbursement Payment shall accrue interest compounded
annually at the average portfolio earnings rate of the City of National City from the Local CDC Invest
Fund (LAIF), on June 30th of each Fiscal Year until paid in full ("Interest"). Reimbursement
Payments made to the City pursuant to the terms of this Agreement shall be applied first to the
payment of any Interest accrued hereunder, then to reduce the principal balance due.
6. Reimbursement as Indebtedness. The obligations of the CDC under this
Agreement to reimburse the City's Advancement shall constitute an indebtedness of the CDC
within the meaning of Section 33670 et seq. of the CRL.
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COMMUNITY DEVELOPMENT COMMISSION OF
NATIONAL CITY
Dated: By:
Ron Morrison
Chairman
ATTEST:
Brad Raulston, Secretary
APPROVED AS TO FORM
AND LEGALITY
CDC General Counsel
By:
Claudia Gacitua Silva
KANE, BALLMER & BERKMAN
CDC Special Counsel
By:
Susan Y. Cola
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