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1 <br />2 <br />3 <br />4 <br />5 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />27 <br />oil <br />SECTION 1. Recitals. The City Council finds and determines that the recitals of facts <br />preceding this Resolution are true and correct and such recitals are incorporated into this <br />Resolution by this reference. <br />SECTION 2. Ratification and Acceptance of Re 7ogyment. The City Council hereby <br />ratifies and accepts the early repayment of the Loan by the Agency in February 2011 from tax <br />increment revenues of the Project Area previously reserved to pay past due contractual pass- <br />through payments owed from the Project Area to certain local taxing agencies. In order to avoid <br />any future confusion regarding the Agency's early repayment of the Loan, the City Council <br />hereby agrees to and approves modification of Section 2.3.2 of the Loan Agreement, by adding <br />the following sentence to the end of Section 2.3.2, effective as of December 31, 2010: <br />"Notwithstanding the foregoing, the Agency may repay all Loan funds disbursed to the Agency <br />pursuant to this Agreement and all accrued interest on such Loan funds, at the Agency's <br />election, at any time from available funds of the Agency." <br />SECTION 3. Restricted Funds. The $1,554,033 loan repayment made to the City's <br />General Fund from the Project Area is hereby designated as restricted funding to be used for the <br />payment of potential claims related to utility users tax (UUT) overpayments; and any net amount <br />remaining following payment of WT claims will revert to unreserved General Fund balance. <br />SECTION 4. Implementation. The City Council hereby authorizes and directs the City <br />Manager to take any action, sign any documents or enter into any agreements on behalf of the <br />City with the Agency or otherwise necessary or convenient to implement the activities <br />authorized or approved in this Resolution, all with the concurrence of the City Attorney. <br />SECTION 5. Signature of Mayor. The Mayor shall sign this Resolution and the City <br />Clerk shall attest and certify to the passage and adoption of this Resolution. <br />SECTION 6. Effective Date. This Resolution shall take effect immediately upon its <br />adoption. <br />PASSED, APPROVED AND ADOPTED this 15th day of March, 2011. <br />ATTEST: <br />EILEEN C. GOMEZ, CMC <br />City Clerk <br />23604.09000\5874898.3 <br />iwayor <br />2 <br />