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HomeMy WebLinkAboutCDC/2003-45 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. CDC/2003-45 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, CALIFORNIA, ARPPOVING AN EDUCATIONAL REVENUE AUGMENTATION FUND LOAN FROM COMMUNITY LOW AND MODERATE INCOME HOUSING FUNDS AND PROMISSORY NOTES FROM REDEVELOPMENT PROJECT AREAS, AND AUTHORIZING EXECUTION THEREOF. WHEREAS, the legislature of the State of California enacted urgency legislation adding Health and Safety Code Sections 33681.7 and 33681.8 and requiring the Agency to remit certain community redevelopment funds of the Agency to the San Bernardino County Auditor for deposit into the Educational Revenue Augmentation Fund created pursuant to Revenue and Taxation Code Section 97.03 (the "ERAF"); WHEREAS, under Health and Safety Code Section 33681.7(a) the Director of Finance of the State of California has calculated the amount of money that the Agency is required to remit to the San Bernardino County Auditor for deposit into the ERAF on or before May 10, 2004; WHEREAS, the Agency received a letter, dated September 22, 2003, from the Department of Finance of the State of California stating that the Agency is required to remit the total sum of One Million Fifty Two Thousand Seven Hundred Forty-Nine Dollars ($1,052,749) (the "Agency FY 2003-04 ERAF Obligation") to the County of San Bernardino Auditor for deposit into the ERAF; WHEREAS, the Agency has found and determined that there are insufficient funds of the Agency to meet the Agency FY 2003-04 ERAF Obligation, without borrowing funds from the Low and Moderate Income Housing 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 'I CDC/2003-45 Funds of the Agency for each of the redevelopment project areas of the Agency (collectively, the "Low-Mod Funds"); WHEREAS, Health and Safety Code Section 33681.7(b) authorizes the Agency to borrow up to fifty percent (50%) of the Agency FY 2003-04 ERAF Obligation from the Low-Mod Funds in order to make the State-mandated payment as required by Stats 2002: Chapter 1127; Health and Safety Code Section 33681.7; WHEREAS, the Agency has further found and determined that although borrowing funds from the Low-Mod Funds will not expand or preserve the community's supply of affordable housing or otherwise promote the goal of providing affordable housing in the community, the loan of Low-Mod Funds to pay a portion of the Agency FY 2003-04 ERAF Obligation will not impair any executed existing contracts of the Low-Mod Funds; NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, AS FOLLOWS: Section 1. The Commission hereby approves the ERAF Loan Plan. The purpose of this ERAF Loan Plan is to evidence an indebtedness of the Agency in the original principal amount of Five Hundred Twenty Six Thousand Three Hundred Seventy-Four Dollars and Fifty Cents ($526,374.50) as incurred by each of the redevelopment project areas of the Agency to the Low-Mod Funds, as evidenced by the ten (10) promissory notes identified below. Such indebtedness is incurred by the Agency to satisfy the State-mandated redevelopment indebtedness of the Agency to transfer certain tax increment, or other available funds of the Agency, to the County of San Bernardino Auditor for deposit into the ERAF for 2 I 2 3 4 5 6 7 8 9 10 II 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 CDC/2003-45 Fiscal Year 2003-04 pursuant to Stats 2002: Chapter 1127 (Health and Safety Code Section 33681. 7). Section 2. The Agency hereby declares its intention to borrow the sum of Five Hundred Twenty Six Thousand Three Hundred Seventy-Four Dollars and Fifty Cents ($526,374.50) from the Low-Mod Funds (the "ERAF Loan Plan Amount") to remit to the County of San Bernardino Auditor for deposit into the ERAF in partial satisfaction of the Agency FY 2003-04 ERAF Obligation under Health and Safety Code Section 33681.7 for fiscal year 2003-2004, as authorized by Health and Safety Code Section 33681. 7(b). Section 3. The ERAF Loan Plan Amount shall be allocated among the Low-Mod Housing Funds of each redevelopment project area of the Agency as follows: State College Redevelopment Project Central City North Redevelopment Project Central City West Redevelopment Project Southeast Industrial Park Redevelopment Project Northwest Redevelopment Project Tri City Redevelopment Project Uptown Redevelopment Project South Valle Redevelopment Project Central City Redevelopment Projects (Merged Projects) Mt Vernon Corridor Redevelopment Project 40th Street Redevelopment Project $171,784 32,799 754 104,737 42,220 53,522 12,638 20,832 70,765.50 15,121 1.202 3 I 2 3 4 5 6 7 8 9 10 II 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 CDC/2003-45 Total ERAF Loan Plan Amount for FY 2003-04: $526,374.50 Section 4. The ERAF Loan Plan Amount shall be evidenced by the ten (10) promissory notes attached to the ERAF Loan Plan as Exhibits "A" through "r', inclusive. The Chairperson of the Community Development Commission of the City of San Bernardino is hereby authorized and directed to execute the ERAF loan Plan and each of the ten (10) promissory notes, as attached in the original principal amounts as set forth for each such redevelopment project area in Section 3 of the ERAF Loan Plan. The date of each such promissory note shall be May 10, 2004. The principal amount and interest under each such promissory note shall be payable by each redevelopment project area in accordance with the terms set forth in each promissory note. Section 5. Repayments of the ERAF Loan Plan Amount, plus interest thereon, shall be made under each promissory note to the applicable Low-Mod Fund by each redevelopment project area in each fiscal year commencing on May 10, 2005 and on each following May 10, thereafter to and including tenth (loth) anniversary of each promissory note from "Excess Revenues", as this term is defmed in the next sentence. "Excess Revenues" means those excess tax increment revenues (as defined in the redevelopment plan for the applicable redevelopment project area) available and paid to the Agency, if any, in an applicable fiscal year between July 1, 2004 and May 10, 2014, after the Agency has made provision from such fiscal year tax increment revenues to pay all of the following for each such redevelopment project area: (i) all debt service on any outstanding bonds, notes, loans, money advanced to, other contractual obligations or other forms of indebtedness of the Agency as evidenced by each of the promissory notes for each 4 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 'I CDC/2003-45 particular redevelopment project area; (ii) the administrative and operational costs of the Agency incurred in the implementation of the redevelopment plan and the undertaking of Agency redevelopment activities within the particular redevelopment project area; and (iii) the amount to be deposited into the Low-Mod Fund for the particular redevelopment project area for such then current fiscal year. No other source of funds of the Agency is pledged or made available thereafter for the repayment of any amount of the ERAF Loan Plan Amount when due under any ofthe promissory notes. Section 6. All sums applied towards repayment of the Low-Mod Fund Loan Amount together with interest thereon, as evidenced by each of the promissory notes, are an indebtedness of the redevelopment project area to which such promissory note relates, payable from Excess Revenues and shall constitute an indebtedness of the Agency with respect to each of the applicable redevelopment projects, until paid in full, pursuant to Health and Safety Code Section 33681.7(e). Section 7. The Executive Director of the Agency is hereby authorized and directed to cause the sum of Five Hundred Twenty Six Thousand Three Hundred Seventy-Four Dollars and Fifty Cents ($526,374.50) to be transferred from the Low-Mod Funds of the Agency in the amounts specified in Section 3 of this ERAF Loan Plan to the San Bernardino County Auditor for deposit to the ERAF on or before May 10, 2004. Section 8. The Executive Director of the Agency is further authorized and directed to identify the indebtedness as hereby created, in the Statements of Indebtedness for each of the redevelopment project areas of the Agency in the original principal amounts as set forth in Section 3. 5 CDC/2003-45 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 CDC/2003-45 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING AN EDUCATIONAL REVENUE AUGMENTATION FUND LOAN FROM COMMUNITY LOW AND MODERATE INCOME HOUSING FUNDS AND PROMISSORY NOTES FROM REDEVELOPMENT PROJECT AREAS, AND AUTHORIZING EXECUTION THEREOF. I HEREBY CERTIFY that the forgoing Resolution was duly adopted by the Community Development Commission of the City of San Bernardino at a jt. reg. meeting thereof, held on the 15th day of December ,2003, by the following vote, to wit: Commission Members Ayes Navs Abstain Absent ESTRADA X - LONGVILLE x MCGINNIS x DERRY x SUAREZ X ANDERSON x - MCCAMMACK 21 The foregoing Resolution is hereby approved this hrhdayof December ,2003. 22 23 24 25 26 27 28 irperson, Community velopment Commission of e City of San Bernardino By: 7 CDC/2003-45 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO EDUCATIONAL REVENUE AUGMENTATION FUND LOAN FROM COMMUNITY LOW AND MODERATE INCOME HOUSING FUNDS (Fiscal Year 2003-2004) THIS EDUCATIONAL REVENUE AUGMENTATION FUND LOAN FROM COMMUNITY LOW AND MODERATE INCOME HOUSING FUNDS ("ERAF Loan Plan") is dated as of December 15, 2003 and evidences the obligation of the Agency to repay funds borrowed by the Agency from the Low and Moderate Income Housing Funds of the Agency to pay a portion of the Agency's fiscal year 2003-2004 deposit into the County of San Bernardino Educational Revenue Augmentation Fund, as mandated by Health and Safety Code Section 33681.7 (Stats 2002: Chapter 1127). This ERAF Loan Plan has been approved by the Agency in view of facts set forth in the following recital paragraphs: RECITALS WHEREAS, the legislature of the State of California enacted urgency legislation adding Health and Safety Code Sections 33681.7 and 33681.8 and requiring the Agency to remit certain community redevelopment funds of the Agency to the San Bernardino County Auditor for deposit into the Educational Revenue Augmentation Fund created pursuant to Revenue and Taxation Code Section 97.03 (the "ERAF"); WHEREAS, under Health and Safety Code Section 33681.7(a) the Director of Finance of the State of California has calculated the amount of money that the Agency is required to remit to the San Bernardino County Auditor for deposit into the ERAF on or before May 10, 2004; WHEREAS, the Agency received a letter, dated September 22, 2003, from the Department of Finance of the State of California stating that the Agency is required to remit the total sum of One Million Fifty Two Thousand Seven Hundred Forty-Nine Dollars ($1,052,749) (the "Agency FY 2003-04 ERAF Obligation") to the County of San Bernardino Auditor for deposit into the ERAF; WHEREAS, the Agency has found and determined that there are insufficient funds of the Agency to meet the Agency FY 2003-04 ERAF Obligation, without borrowing funds from the Low and Moderate Income Housing Funds of the Agency for each of the redevelopment project areas of the Agency (collectively, the "Low-Mod Funds"); WHEREAS, Health and Safety Code Section 33681.7(b) authorizes the Agency to borrow up to fifty percent (50%) of the Agency FY 2003-04 ERAF Obligation from the Low- Mod Funds in order to make the State-mandated payment as required by Stats 2002: Chapter 1127; Health and Safety Code Section 33681.7; WHEREAS, the Agency has further found and determined that although borrowing funds from the Low-Mod Funds will not expand or preserve the community's supply of affordable 1 CDC/2003-45 housing or otherwise promote the goal of providing affordable housing in the community, the loan of Low-Mod Funds to pay a portion of the Agency FY 2003-04 ERAF Obligation will not impair any executed existing contracts of the Low-Mod Funds; NOW, THEREFORE, THE AGENCY HEREBY APPROVES THE ERAF LOAN PLAN FOR FUNDS BORROWED FROM THE AGENCY'S LOW AND MODERATE INCOME HOUSING FUNDS AS SET FORTH HEREIN AND DIRECTS THE EXECUTIVE DIRECTOR OF THE AGENCY TO REMIT TO THE AUDITOR OF THE COUNTY OF SAN BERNARDINO THE SUM OF $526,374.50 FROM THE AGENCY'S LOW-MOD FUNDS FOR DEPOSIT INTO THE EDUCATIONAL REVENUE AUGMENTATION FUND FOR FISCAL YEAR 2003-2004: Section 1. The purpose of this ERAF Loan Plan is to evidence an indebtedness of the Agency in the original principal amount of Five Hundred Twenty Six Thousand Three Hundred Seventy-Four Dollars and Fifty Cents ($526,374.50) as incurred by each of the redevelopment project areas of the Agency to the Low-Mod Funds, as evidenced by the ten (10) promissory notes identified below. Such indebtedness is incurred by the Agency to satisfy the State- mandated redevelopment indebtedness of the Agency to transfer certain tax increment, or other available funds of the Agency, to the County of San Bernardino Auditor for deposit into the ERAF for Fiscal Year 2003-04 pursuant to Stats 2002: Chapter 1127 (Health and Safety Code Section 33681.7). Section 2. The Agency hereby declares its intention to borrow the sum of Five Hundred Twenty Six Thousand Three Hundred Seventy-Four Dollars and Fifty Cents ($526,374.50) from the Low-Mod Funds (the "ERAF Loan Plan Amount") to remit to the County of San Bernardino Auditor for deposit into the ERAF in partial satisfaction of the Agency FY 2003-04 ERAF Obligation under Health and Safety Code Section 33681.7 for fiscal year 2003-2004, as authorized by Health and Safety Code Section 33681.7(b). Section 3. The ERAF Loan Plan Amount shall be allocated among the Low-Mod Housing Funds of each redevelopment project area of the Agency as follows: State College Redevelopment Project Central City North Redevelopment Project Central City West Redevelopment Project Southeast Industrial Park Redevelopment Project Northwest Redevelopment Project Tri City Redevelopment Project Uptown Redevelopment Project South Valle Redevelopment Project Central City Redevelopment Projects (Merged Projects) Mt Vernon Corridor Redevelopment Project 40th Street Redevelopment Project Total ERAF Loan Plan Amount for FY 2003-04: 2 $171,784 32,799 754 104,737 42,220 53,522 12,638 20,832 70,765.50 15,121 1,202 $526,374.50 CDC/2003-45 Section 4. The ERAF Loan Plan Amount shall be evidenced by the ten (10) promissory notes attached to this ERAF Loan Plan as Exhibits "A" through "J", inclusive. The Chairperson of the Community Development Commission of the City of San Bernardino is hereby authorized and directed to execute each of the ten (10) promissory notes, as attached in the original principal amounts as set forth for each such redevelopment project area in Section 3 of this ERAF Loan Plan. The date of each such promissory note shall be May 10, 2004. The principal amount and interest under each such promissory note shall be payable by each redevelopment project area in accordance with the terms set forth in each promissory note. Section 5. Repayments of the ERAF Loan Plan Amount, plus interest thereon, shall be made under each promissory note to the applicable Low-Mod Fund by each redevelopment project area in each fiscal year commencing on May 10, 2005 and on each following May 10, thereafter to and including tenth (10th) anniversary of each promissory note from "Excess Revenues", as this term is defined in the next sentence. "Excess Revenues" means those excess tax increment revenues (as defined in the redevelopment plan for the applicable redevelopment project area) available and paid to the Agency, if any, in an applicable fiscal year between July 1, 2004 and May 10, 2014, after the Agency has made provision from such fiscal year tax increment revenues to pay all of the following for each such redevelopment project area: (i) all debt service on any outstanding bonds, notes, loans, money advanced to, other contractual obligations or other forms of indebtedness of the Agency as evidenced by each of the promissory notes for each particular redevelopment project area; (ii) the administrative and operational costs of the Agency incurred in the implementation of the redevelopment plan and the undertaking of Agency redevelopment activities within the particular redevelopment project area; and (iii) the amount to be deposited into the Low-Mod Fund for the particular redevelopment project area for such then current fiscal year. No other source of funds of the Agency is pledged or made available thereafter for the repayment of any amount of the ERAF Loan Plan Amount when due under any of the promissory notes. Section 6. All sums applied towards repayment of the Low-Mod Fund Loan Amount together with interest thereon, as evidenced by each of the promissory notes, are an indebtedness of the redevelopment project area to which such promissory note relates, payable from Excess Revenues and shall constitute an indebtedness of the Agency with respect to each of the applicable redevelopment projects, until paid in full, pursuant to Health and Safety Code Section 33681.7(e). Section 7. The Executive Director of the Agency is hereby authorized and directed to cause the sum of Five Hundred Twenty Six Thousand Three Hundred Seventy-Four Dollars and Fifty Cents ($526,374.50) to be transferred from the Low-Mod Funds of the Agency in the amounts specified in Section 3 of this ERAF Loan Plan to the San Bernardino County Auditor for deposit to the ERAF on or before May 10,2004. Section 8. The Executive Director of the Agency is further authorized and directed to identify the indebtedness as hereby created, in the Statements of Indebtedness for each of the redevelopment project areas of the Agency in the original principal amounts as set forth in Section 3. 3 CDC/2003-45 IN WITNESS WHEREOF, the Agency executes this ERAF Loan Plan, as follows: AGENCY Redevelopment Agency of the City of San Bernardino By: Ju"t lilIes rperson of the Community Development mmission, its governing board (SEAL) ATTE~3>/7 / ~ ( / //~ Agency APPROVED AS TO FORM: ~ Agency Special ounsel 4 CDC/2003-45 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AGENCY PROMISSORY NOTE (Agency FY 2003-04 ERAF Obligation) THIS PROMISSORY NOTE IS A SPECIAL LIMITED OBLIGATION OF THE AGENCY PAYABLE SOLELY FROM THE SOURCE OF AGENCY FUNDS DESCRIBED HEREIN AND NEITHER THE FAITH NOR CREDIT NOR TAXING POWER OF ANY OTHER LOCAL AGENCY, INCLUDING THE CITY OF SAN BERNARDINO, IS PLEDGED HEREUNDER Initial Principal Amount $53,522 Date of this Note: May 10, 2004 Variable Rate of Interest: LAIF Rate of Interest on Funds Invested for One (1) Year on Date of Note, and Thereafter Such Interest Rate In Effect on Each Succeeding May 10 During Term of this Note THIS AGENCY PROMISSORY NOTE is dated May 10,2004 (the "Note") and evidences an indebtedness of the Redevelopment Agency of the City of San Bernardino (the "Agency") to the Low- and Moderate-Income Housing Fund of the Tri-City Redevelopment Project (the "Low-Mod Housing Fund"). For value received, the Agency hereby promises to pay to the order of the Low-Mod Housing Fund at such address as the Agency shall designate, the principal amount of the Note at the times specified herein, together with interest thereon in accordance with the terms hereof. The Note is hereby tendered in accordance with Section 4 of that certain Educational Revenue Augmentation Fund Loan From Community Low and Moderate Income Housing Funds, dated as of December 15, 2003 (the "ERAF Loan Plan"), as approved by Agency Resolution No. R- _, dated December 15, 2003 with respect to the facts set forth in such ERAF Loan Plan: THE AGENCY HEREBY AGREES TO PAY THIS NOTE IN ACCORDANCE WITH THE FOLLOWING TERMS: SECTION 1. The Note is tendered by the Agency to the Low-Mod Housing Fund as evidence of the indebtedness of the Agency to the Low-Mod Housing Fund incurred in connection with an advance (the "Advance") made by the Low-Mod Housing Fund to the Agency under the ERAF Loan Plan. The terms and provisions of the ERAF Loan Plan are hereby incorporated into this Note by this reference. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the ERAF Loan Plan. 1 CDC/2003-45 SECTION 2. Interest on the outstanding principal balance of this Note, together with any accrued and unpaid interest thereon, shall accrue from its date, at a variable rate of interest until paid in full. The variable rate of interest shall be initially established at a rate per annum equal to the rate of interest offered by the Local Agency Investment Fund of the State Treasurer of California on local agency funds invested for one (1) year (the "LAIF Rate of Interest") in effect on the date of this Note, and thereafter such interest rate shall be adjusted on each May 1 0, commencing on May 1 0, 2004 to be equal to the LAIF Rate of Interest on each such interest rate adjustment date (e.g.: May 10) for so long as any sum is payable under this Note. SECTION 3. Payments of principal and interest under the Note shall be made by the Agency to the Low-Mod Housing Fund on each May 10, commencing on May 10, 2005, solely from "Excess Revenues", if any, as this term is defined in the ERAF Loan Plan, of the Agency from the Tri-City Redevelopment Project, or other legally available funds of the Agency. It is anticipated that the Advance will be repaid to the Low-Mod Housing Fund by the Agency on or before May 10, 2014. SECTION 4. The Agency hereby pledges to make payments hereunder from Excess Revenues of the Agency. The pledge of the Agency under this Section 4 of the Note shall at all times be subordinate to any and all other outstanding, or as hereafter may be outstanding, bonds, notes or other forms of indebtedness of the Agency payable by the Agency in whole or in part from tax increment revenue or other legally available funds of the Agency and shall not constitute a prior lien on such revenues or other legally available funds of the Agency. The Agency hereby acknowledges and agrees that the Note shall be considered as an indebtedness of the Agency as the same is intended for purposes of the filing of a statement of indebtedness with the County of San Bernardino pursuant to Health and Safety Code Section 33675. This Note is a special and limited obligation of the Agency and the sole source of funds as pledged for the repayment thereof is as provided in Section 3 and in this Section 4. Neither the taxing power of the Agency or any other agency is pledged to repay the principal or accrued interest hereunder. SECTION 5. This Note shall mature as of May 10,2014, unless prepaid in full before such date. The outstanding principal balance of this Note, together with all accrued and unpaid interest thereon, shall be immediately due and payable upon the Maturity Date May 10, 2014, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May 10,2014. SECTION 6. The Agency may prepay the principal amount of the Note and accrued interest thereon, at any time without penalty upon thirty (30) days prior written notice to the Agency. SECTION 7. The Low-Mod Housing Fund shall have no power to transfer or assign its right to receive the payment of principal and payments of accrued interest under the Note unless the Agency has first granted written approval to the Low-Mod Housing Fund for such a proposed assignment in its sole and absolute discretion. 2 California. CDC/2003-45 Executed this _day of at San Bernardino, REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO By: 3 CDC/2003-45 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AGENCY PROMISSORY NOTE (Agency FY 2003-04 ERAF Obligation) THIS PROMISSORY NOTE IS A SPECIAL LIMITED OBLIGATION OF THE AGENCY PAYABLE SOLELY FROM THE SOURCE OF AGENCY FUNDS DESCRIBED HEREIN AND NEITHER THE FAITH NOR CREDIT NOR TAXING POWER OF ANY OTHER LOCAL AGENCY, INCLUDING THE CITY OF SAN BERNARDINO, IS PLEDGED HEREUNDER Initial Principal Amount $12,638 Date of this Note: May 10, 2004 Variable Rate ofInterest: LAIF Rate ofInterest on Funds Invested for One (1) Year on Date of Note, and Thereafter Such Interest Rate In Effect on Each Succeeding May 10 During Term of this Note THIS AGENCY PROMISSORY NOTE is dated May 10,2004 (the "Note") and evidences an indebtedness of the Redevelopment Agency of the City of San Bernardino (the "Agency") to the Low- and Moderate-Income Housing Fund of the Uptown Redevelopment Project (the "Low-Mod Housing Fund"). For value received, the Agency hereby promises to pay to the order of the Low-Mod Housing Fund at such address as the Agency shall designate, the principal amount of the Note at the times specified herein, together with interest thereon in accordance with the terms hereof. The Note is hereby tendered in accordance with Section 4 of that certain Educational Revenue Augmentation Fund Loan From Community Low and Moderate Income Housing Funds, dated as of December 15, 2003 (the "ERAF Loan Plan"), as approved by Agency Resolution No. R- _, dated December 15, 2003 with respect to the facts set forth in such ERAF Loan Plan: THE AGENCY HEREBY AGREES TO PAY THIS NOTE IN ACCORDANCE WITH THE FOLLOWING TERMS: SECTION 1. The Note is tendered by the Agency to the Low-Mod Housing Fund as evidence of the indebtedness of the Agency to the Low-Mod Housing Fund incurred in connection with an advance (the "Advance") made by the Low-Mod Housing Fund to the Agency under the ERAF Loan Plan. The terms and provisions of the ERAF Loan Plan are hereby incorporated into this Note by this reference. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the ERAF Loan Plan. .1 1 CDC/2003-45 SECTION 2. Interest on the outstanding principal balance of this Note, together with any accrued and unpaid interest thereon, shall accrue from its date, at a variable rate of interest until paid in full. The variable rate of interest shall be initially established at a rate per annum equal to the rate of interest offered by the Local Agency Investment Fund of the State Treasurer of California on local agency funds invested for one (1) year (the "LAIF Rate of Interest") in effect on the date of this Note, and thereafter such interest rate shall be adjusted on each May 1 0, commencing on May 1 0, 2004 to be equal to the LAIF Rate of Interest on each such interest rate adjustment date (e.g.: May 10) for so long as any sum is payable under this Note. SECTION 3. Payments of principal and interest under the Note shall be made by the Agency to the Low-Mod Housing Fund on each May 10, commencing on May 10, 2005, solely from "Excess Revenues", if any, as this term is defined in the ERAF Loan Plan, of the Agency from the Uptown Redevelopment Project, or other legally available funds of the Agency. It is anticipated that the Advance will be repaid to the Low-Mod Housing Fund by the Agency on or before May 10, 2014. SECTION 4. The Agency hereby pledges to make payments hereunder from Excess Revenues of the Agency. The pledge of the Agency under this Section 4 of the Note shall at all times be subordinate to any and all other outstanding, or as hereafter may be outstanding, bonds, notes or other forms of indebtedness of the Agency payable by the Agency in whole or in part from tax increment revenue or other legally available funds of the Agency and shall not constitute a prior lien on such revenues or other legally available funds of the Agency. The Agency hereby acknowledges and agrees that the Note shall be considered as an indebtedness of the Agency as the same is intended for purposes of the filing of a statement of indebtedness with the County of San Bernardino pursuant to Health and Safety Code Section 33675. This Note is a special and limited obligation of the Agency and the sole source of funds as pledged for the repayment thereof is as provided in Section 3 and in this Section 4. Neither the taxing power of the Agency or any other agency is pledged to repay the principal or accrued interest hereunder. SECTION 5. This Note shall mature as of May 10, 2014, unless prepaid in full before such date. The outstanding principal balance of this Note, together with all accrued and unpaid interest thereon, shall be immediately due and payable upon the Maturity Date May 10, 2014, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May 10,2014. SECTION 6. The Agency may prepay the principal amount of the Note and accrued interest thereon, at any time without penalty upon thirty (30) days prior written notice to the Agency. SECTION 7. The Low-Mod Housing Fund shall have no power to transfer or assign its right to receive the payment of principal and payments of accrued interest under the Note unless the Agency has first granted written approval to the Low-Mod Housing Fund for such a proposed assignment in its sole and absolute discretion. 2 California. CDCj2003-45 Executed this _day of at San Bernardino, REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO By: 3 CDC/2003-45 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AGENCY PROMISSORY NOTE (Agency FY 2003-04 ERAF Obligation) THIS PROMISSORY NOTE IS A SPECIAL LIMITED OBLIGATION OF THE AGENCY PAYABLE SOLELY FROM THE SOURCE OF AGENCY FUNDS DESCRIBED HEREIN AND NEITHER THE FAITH NOR CREDIT NOR TAXING POWER OF ANY OTHER LOCAL AGENCY, INCLUDING THE CITY OF SAN BERNARDINO, IS PLEDGED HEREUNDER Initial Principal Amount $171,784 Date of this Note: May 10, 2004 Variable Rate ofInterest: LAIF Rate ofInterest on Funds Invested for One (1) Year on Date of Note, and Thereafter Such Interest Rate In Effect on Each Succeeding May 10 During Term of this Note THIS AGENCY PROMISSORY NOTE is dated May 10, 2004 (the "Note") and evidences an indebtedness of the Redevelopment Agency of the City of San Bernardino (the "Agency") to the Low- and Moderate-Income Housing Fund of the State College Redevelopment Project (the "Low-Mod Housing Fund"). For value received, the Agency hereby promises to pay to the order of the Low-Mod Housing Fund at such address as the Agency shall designate, the principal amount of the Note at the times specified herein, together with interest thereon in accordance with the terms hereof. The Note is hereby tendered in accordance with Section 4 of that certain Educational Revenue Augmentation Fund Loan From Community Low and Moderate Income Housing Funds, dated as of December 15, 2003 (the "ERAF Loan Plan"), as approved by Agency Resolution No. R- _, dated December 15, 2003 with respect to the facts set forth in such ERAF Loan Plan: THE AGENCY HEREBY AGREES TO PAY THIS NOTE IN ACCORDANCE WITH THE FOLLOWING TERMS: SECTION 1. The Note is tendered by the Agency to the Low-Mod Housing Fund as evidence of the indebtedness of the Agency to the Low-Mod Housing Fund incurred in connection with an advance (the "Advance") made by the Low-Mod Housing Fund to the Agency under the ERAF Loan Plan. The terms and provisions of the ERAF Loan Plan are hereby incorporated into this Note by this reference. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the ERAF Loan Plan. 1 CDC/2003-45 SECTION 2. Interest on the outstanding principal balance of this Note, together with any accrued and unpaid interest thereon, shall accrue from its date, at a variable rate of interest until paid in full. The variable rate of interest shall be initially established at a rate per annum equal to the rate of interest offered by the Local Agency Investment Fund of the State Treasurer of California on local agency funds invested for one (1) year (the "LAIF Rate of Interest") in effect on the date of this Note, and thereafter such interest rate shall be adjusted on each May 1 0, commencing on May 1 0, 2004 to be equal to the LAIF Rate of Interest on each such interest rate adjustment date (e.g.: May 10) for so long as any sum is payable under this Note. SECTION 3. Payments of principal and interest under the Note shall be made by the Agency to the Low-Mod Housing Fund on each May 10, commencing on May 10, 2005, solely from "Excess Revenues", if any, as this term is defined in the ERAF Loan Plan, of the Agency from the State College Redevelopment Project, or other legally available funds of the Agency. It is anticipated that the Advance will be repaid to the Low-Mod Housing Fund by the Agency on or before May 10, 2014. SECTION 4. The Agency hereby pledges to make payments hereunder from Excess Revenues of the Agency. The pledge of the Agency under this Section 4 of the Note shall at all times be subordinate to any and all other outstanding, or as hereafter may be outstanding, bonds, notes or other forms of indebtedness of the Agency payable by the Agency in whole or in part from tax increment revenue or other legally available funds of the Agency and shall not constitute a prior lien on such revenues or other legally available funds of the Agency. The Agency hereby acknowledges and agrees that the Note shall be considered as an indebtedness of the Agency as the same is intended for purposes of the filing of a statement of indebtedness with the County of San Bernardino pursuant to Health and Safety Code Section 33675. This Note is a special and limited obligation of the Agency and the sole source of funds as pledged for the repayment thereof is as provided in Section 3 and in this Section 4. Neither the taxing power of the Agency or any other agency is pledged to repay the principal or accrued interest hereunder. SECTION 5. This Note shall mature as of May 10, 2014, unless prepaid in full before such date. The outstanding principal balance of this Note, together with all accrued and unpaid interest thereon, shall be immediately due and payable upon the Maturity Date May 10, 2014, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May 10, 2014. SECTION 6. The Agency may prepay the principal amount of the Note and accrued interest thereon, at any time without penalty upon thirty (30) days prior written notice to the Agency. SECTION 7. The Low-Mod Housing Fund shall have no power to transfer or assign its right to receive the payment of principal and payments of accrued interest under the Note unless the Agency has first granted written approval to the Low-Mod Housing Fund for such a proposed assignment in its sole and absolute discretion. 2 California. CDC/2003-45 Executed this _day of at San Bernardino, REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO By: 3 CDC/2003-45 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AGENCY PROMISSORY NOTE (Agency FY 2003-04 ERAF Obligation) THIS PROMISSORY NOTE IS A SPECIAL LIMITED OBLIGATION OF THE AGENCY PAYABLE SOLELY FROM THE SOURCE OF AGENCY FUNDS DESCRIBED HEREIN AND NEITHER THE FAITH NOR CREDIT NOR TAXING POWER OF ANY OTHER LOCAL AGENCY, INCLUDING THE CITY OF SAN BERNARDINO, IS PLEDGED HEREUNDER Initial Principal Amount $20,832 Date of this Note: May 10, 2004 Variable Rate ofInterest: LAIF Rate ofInterest on Funds Invested for One (1) Year on Date of Note, and Thereafter Such Interest Rate In Effect on Each Succeeding May 10 During Term of this Note THIS AGENCY PROMISSORY NOTE is dated May 10, 2004 (the "Note") and evidences an indebtedness of the Redevelopment Agency of the City of San Bernardino (the "Agency") to the Low- and Moderate-Income Housing Fund of the South Valle Redevelopment Project (the "Low-Mod Housing Fund"). For value received, the Agency hereby promises to pay to the order of the Low-Mod Housing Fund at such address as the Agency shall designate, the principal amount of the Note at the times specified herein, together with interest thereon in accordance with the terms hereof. The Note is hereby tendered in accordance with Section 4 of that certain Educational Revenue Augmentation Fund Loan From Community Low and Moderate Income Housing Funds, dated as of December 15, 2003 (the "ERAF Loan Plan"), as approved by Agency Resolution No. R- _, dated December 15, 2003 with respect to the facts set forth in such ERAF Loan Plan: THE AGENCY HEREBY AGREES TO PAY THIS NOTE IN ACCORDANCE WITH THE FOLLOWING TERMS: SECTION 1. The Note is tendered by the Agency to the Low-Mod Housing Fund as evidence of the indebtedness of the Agency to the Low-Mod Housing Fund incurred in connection with an advance (the "Advance") made by the Low-Mod Housing Fund to the Agency under the ERAF Loan Plan. The terms and provisions of the ERAF Loan Plan are hereby incorporated into this Note by this reference. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the ERAF Loan Plan. 1 CDC/2003-45 SECTION 2. Interest on the outstanding principal balance of this Note, together with any accrued and unpaid interest thereon, shall accrue from its date, at a variable rate of interest until paid in full. The variable rate of interest shall be initially established at a rate per annum equal to the rate of interest offered by the Local Agency Investment Fund of the State Treasurer of California on local agency funds invested for one (1) year (the "LAIF Rate of Interest") in effect on the date of this Note, and thereafter such interest rate shall be adjusted on each May 1 0, commencing on May 1 0, 2004 to be equal to the LAIF Rate of Interest on each such interest rate adjustment date (e.g.: May 10) for so long as any sum is payable under this Note. SECTION 3. Payments of principal and interest under the Note shall be made by the Agency to the Low-Mod Housing Fund on each May 10, commencing on May 10, 2005, solely from "Excess Revenues", if any, as this term is defined in the ERAF Loan Plan, of the Agency from the South Valle Redevelopment Project, or other legally available funds of the Agency. It is anticipated that the Advance will be repaid to the Low-Mod Housing Fund by the Agency on or before May 10,2014. SECTION 4. The Agency hereby pledges to make payments hereunder from Excess Revenues of the Agency. The pledge of the Agency under this Section 4 of the Note shall at all times be subordinate to any and all other outstanding, or as hereafter may be outstanding, bonds, notes or other forms of indebtedness of the Agency payable by the Agency in whole or in part from tax increment revenue or other legally available funds of the Agency and shall not constitute a prior lien on such revenues or other legally available funds of the Agency. The Agency hereby acknowledges and agrees that the Note shall be considered as an indebtedness of the Agency as the same is intended for purposes of the filing of a statement of indebtedness with the County of San Bernardino pursuant to Health and Safety Code Section 33675. This Note is a special and limited obligation of the Agency and the sole source offunds as pledged for the repayment thereof is as provided in Section 3 and in this Section 4. Neither the taxing power of the Agency or any other agency is pledged to repay the principal or accrued interest hereunder. SECTION 5. This Note shall mature as of May 10, 2014, unless prepaid in full before such date. The outstanding principal balance of this Note, together with all accrued and unpaid interest thereon, shall be immediately due and payable upon the Maturity Date May 10, 2014, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May 10,2014. SECTION 6. The Agency may prepay the principal amount of the Note and accrued interest thereon, at any time without penalty upon thirty (30) days prior written notice to the Agency. SECTION 7. The Low-Mod Housing Fund shall have no power to transfer or assign its right to receive the payment of principal and payments of accrued interest under the Note unless the Agency has first granted written approval to the Low-Mod Housing Fund for such a proposed assignment in its sole and absolute discretion. 2 California. CDC/2003-45 Executed this _day of at San Bernardino, REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO By: 3 CDC/2003-45 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AGENCY PROMISSORY NOTE (Agency FY 2003-04 ERAF Obligation) THIS PROMISSORY NOTE IS A SPECIAL LIMITED OBLIGATION OF THE AGENCY PAYABLE SOLELY FROM THE SOURCE OF AGENCY FUNDS DESCRIBED HEREIN AND NEITHER THE FAITH NOR CREDIT NOR TAXING POWER OF ANY OTHER LOCAL AGENCY, INCLUDING THE CITY OF SAN BERNARDINO, IS PLEDGED HEREUNDER Initial Principal Amount $104,737 Date of this Note: May 10, 2004 Variable Rate ofInterest: LAIF Rate of Interest on Funds Invested for One (1) Year on Date of Note, and Thereafter Such Interest Rate In Effect on Each Succeeding May 10 During Term of this Note THIS AGENCY PROMISSORY NOTE is dated May 10, 2004 (the "Note") and evidences an indebtedness of the Redevelopment Agency of the City of San Bernardino (the "Agency") to the Low- and Moderate-Income Housing Fund of the Southeast Industrial Park Redevelopment Project (the "Low-Mod Housing Fund"). For value received, the Agency hereby promises to pay to the order of the Low-Mod Housing Fund at such address as the Agency shall designate, the principal amount of the Note at the times specified herein, together with interest thereon in accordance with the terms hereof. The Note is hereby tendered in accordance with Section 4 of that certain Educational Revenue Augmentation Fund Loan From Community Low and Moderate Income Housing Funds, dated as of December 15,2003 (the "ERAF Loan Plan"), as approved by Agency Resolution No. R- _, dated December 15,2003 with respect to the facts set forth in such ERAF Loan Plan: THE AGENCY HEREBY AGREES TO PAY THIS NOTE IN ACCORDANCE WITH THE FOLLOWING TERMS: SECTION 1. The Note is tendered by the Agency to the Low-Mod Housing Fund as evidence of the indebtedness of the Agency to the Low-Mod Housing Fund incurred in connection with an advance (the "Advance") made by the Low-Mod Housing Fund to the Agency under the ERAF Loan Plan. The terms and provisions of the ERAF Loan Plan are hereby incorporated into this Note by this reference. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the ERAF Loan Plan. 1 CDC/2003-45 SECTION 2. Interest on the outstanding principal balance of this Note, together with any accrued and unpaid interest thereon, shall accrue from its date, at a variable rate of interest until paid in full. The variable rate of interest shall be initially established at a rate per annum equal to the rate of interest offered by the Local Agency Investment Fund of the State Treasurer of California on local agency funds invested for one (1) year (the "LAIF Rate of Interest") in effect on the date of this Note, and thereafter such interest rate shall be adjusted on each May 1 0, commencing on May 1 0, 2004 to be equal to the LAIF Rate of Interest on each such interest rate adjustment date (e.g.: May 10) for so long as any sum is payable under this Note. SECTION 3. Payments of principal and interest under the Note shall be made by the Agency to the Low-Mod Housing Fund on each May 10, commencing on May 10, 2005, solely from "Excess Revenues", if any, as this term is defined in the ERAF Loan Plan, of the Agency from the Southeast Industrial Park Redevelopment Project, or other legally available funds of the Agency. It is anticipated that the Advance will be repaid to the Low-Mod Housing Fund by the Agency on or before May 10, 2014. SECTION 4. The Agency hereby pledges to make payments hereunder from Excess Revenues of the Agency. The pledge of the Agency under this Section 4 of the Note shall at all times be subordinate to any and all other outstanding, or as hereafter may be outstanding, bonds, notes or other forms of indebtedness of the Agency payable by the Agency in whole or in part from tax increment revenue or other legally available funds of the Agency and shall not constitute a prior lien on such revenues or other legally available funds of the Agency. The Agency hereby acknowledges and agrees that the Note shall be considered as an indebtedness of the Agency as the same is intended for purposes of the filing of a statement of indebtedness with the County of San Bernardino pursuant to Health and Safety Code Section 33675. This Note is a special and limited obligation of the Agency and the sole source of funds as pledged for the repayment thereof is as provided in Section 3 and in this Section 4. Neither the taxing power of the Agency or any other agency is pledged to repay the principal or accrued interest hereunder. SECTION 5. This Note shall mature as of May 10, 2014, unless prepaid in full before such date. The outstanding principal balance of this Note, together with all accrued and unpaid interest thereon, shall be immediately due and payable upon the Maturity Date May 10, 2014, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May 10,2014. SECTION 6. The Agency may prepay the principal amount of the Note and accrued interest thereon, at any time without penalty upon thirty (30) days prior written notice to the Agency. SECTION 7. The Low-Mod Housing Fund shall have no power to transfer or assign its right to receive the payment of principal and payments of accrued interest under the Note unless the Agency has first granted written approval to the Low-Mod Housing Fund for such a proposed assignment in its sole and absolute discretion. 2 California. CDC/2003-45 Executed this _day of at San Bernardino, REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO By: 3 CDC/2003-45 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AGENCY PROMISSORY NOTE (Agency FY 2003-04 ERAF Obligation) THIS PROMISSORY NOTE IS A SPECIAL LIMITED OBLIGATION OF THE AGENCY PAYABLE SOLELY FROM THE SOURCE OF AGENCY FUNDS DESCRIBED HEREIN AND NEITHER THE FAITH NOR CREDIT NOR TAXING POWER OF ANY OTHER LOCAL AGENCY, INCLUDING THE CITY OF SAN BERNARDINO, IS PLEDGED HEREUNDER Initial Principal Amount $42,220 Date ofthis Note: May 10, 2004 Variable Rate ofInterest: LAIF Rate of Interest on Funds Invested for One (1) Year on Date of Note, and Thereafter Such Interest Rate In Effect on Each Succeeding May 10 During Term of this Note THIS AGENCY PROMISSORY NOTE is dated May 10, 2004 (the "Note") and evidences an indebtedness of the Redevelopment Agency of the City of San Bernardino (the "Agency") to the Low- and Moderate-Income Housing Fund of the Northwest Redevelopment Project (the "Low-Mod Housing Fund"). For value received, the Agency hereby promises to pay to the order of the Low-Mod Housing Fund at such address as the Agency shall designate, the principal amount of the Note at the times specified herein, together with interest thereon in accordance with the terms hereof. The Note is hereby tendered in accordance with Section 4 of that certain Educational Revenue Augmentation Fund Loan From Community Low and Moderate Income Housing Funds, dated as of December 15,2003 (the "ERAF Loan Plan"), as approved by Agency Resolution No. R- _, dated December 15, 2003 with respect to the facts set forth in such ERAF Loan Plan: THE AGENCY HEREBY AGREES TO PAY THIS NOTE IN ACCORDANCE WITH THE FOLLOWING TERMS: SECTION 1. The Note is tendered by the Agency to the Low-Mod Housing Fund as evidence of the indebtedness of the Agency to the Low-Mod Housing Fund incurred in connection with an advance (the "Advance") made by the Low-Mod Housing Fund to the Agency under the ERAF Loan Plan. The terms and provisions of the ERAF Loan Plan are hereby incorporated into this Note by this reference. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the ERAF Loan Plan. 1 CDC/2003-45 SECTION 2. Interest on the outstanding principal balance of this Note, together with any accrued and unpaid interest thereon, shall accrue from its date, at a variable rate of interest until paid in full. The variable rate of interest shall be initially established at a rate per annum equal to the rate of interest offered by the Local Agency Investment Fund of the State Treasurer of California on local agency funds invested for one (1) year (the "LAIF Rate of Interest") in effect on the date of this Note, and thereafter such interest rate shall be adjusted on each May 1 0, commencing on May 1 0, 2004 to be equal to the LAIF Rate of Interest on each such interest rate adjustment date (e.g.: May 10) for so long as any sum is payable under this Note. SECTION 3. Payments of principal and interest under the Note shall be made by the Agency to the Low-Mod Housing Fund on each May 10, commencing on May 10, 2005, solely from "Excess Revenues", if any, as this term is defined in the ERAF Loan Plan, of the Agency from the Northwest Redevelopment Project, or other legally available funds of the Agency. It is anticipated that the Advance will be repaid to the Low-Mod Housing Fund by the Agency on or before May 10, 2014. SECTION 4. The Agency hereby pledges to make payments hereunder from Excess Revenues of the Agency. The pledge of the Agency under this Section 4 of the Note shall at all times be subordinate to any and all other outstanding, or as hereafter may be outstanding, bonds, notes or other forms of indebtedness of the Agency payable by the Agency in whole or in part from tax increment revenue or other legally available funds of the Agency and shall not constitute a prior lien on such revenues or other legally available funds of the Agency. The Agency hereby acknowledges and agrees that the Note shall be considered as an indebtedness of the Agency as the same is intended for purposes of the filing of a statement of indebtedness with the County of San Bernardino pursuant to Health and Safety Code Section 33675. This Note is a special and limited obligation of the Agency and the sole source of funds as pledged for the repayment thereof is as provided in Section 3 and in this Section 4. Neither the taxing power of the Agency or any other agency is pledged to repay the principal or accrued interest hereunder. SECTION 5. This Note shall mature as of May 10, 2014, unless prepaid in full before such date. The outstanding principal balance of this Note, together with all accrued and unpaid interest thereon, shall be immediately due and payable upon the Maturity Date May 10, 2014, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May 10,2014. SECTION 6. The Agency may prepay the principal amount of the Note and accrued interest thereon, at any time without penalty upon thirty (30) days prior written notice to the Agency. SECTION 7. The Low-Mod Housing Fund shall have no power to transfer or assign its right to receive the payment of principal and payments of accrued interest under the Note unless the Agency has first granted written approval to the Low-Mod Housing Fund for such a proposed assignment in its sole and absolute discretion. 2 California. CDC/2003-45 Executed this _day of at San Bernardino, REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO By: 3 CDC/2003-45 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AGENCY PROMISSORY NOTE (Agency FY 2003-04 ERAF Obligation) THIS PROMISSORY NOTE IS A SPECIAL LIMITED OBLIGATION OF THE AGENCY PAYABLE SOLELY FROM THE SOURCE OF AGENCY FUNDS DESCRIBED HEREIN AND NEITHER THE FAITH NOR CREDIT NOR TAXING POWER OF ANY OTHER LOCAL AGENCY, INCLUDING THE CITY OF SAN BERNARDINO, IS PLEDGED HEREUNDER Initial Principal Amount $15,121 Date of this Note: May 10, 2004 Variable Rate ofInterest: LAIF Rate ofInterest on Funds Invested for One (1) Year on Date of Note, and Thereafter Such Interest Rate In Effect on Each Succeeding May 10 During Term of this Note THIS AGENCY PROMISSORY NOTE is dated May 10, 2004 (the "Note") and evidences an indebtedness of the Redevelopment Agency of the City of San Bernardino (the "Agency") to the Low- and Moderate-Income Housing Fund of the Mt. Vernon Corridor Redevelopment Project (the "Low-Mod Housing Fund"). For value received, the Agency hereby promises to pay to the order of the Low-Mod Housing Fund at such address as the Agency shall designate, the principal amount of the Note at the times specified herein, together with interest thereon in accordance with the terms hereof. The Note is hereby tendered in accordance with Section 4 of that certain Educational Revenue Augmentation Fund Loan From Community Low and Moderate Income Housing Funds, dated as of December 15, 2003 (the "ERAF Loan Plan"), as approved by Agency Resolution No. R- _, dated December 15,2003 with respect to the facts set forth in such ERAF Loan Plan: THE AGENCY HEREBY AGREES TO PAY THIS NOTE IN ACCORDANCE WITH THE FOLLOWING TERMS: SECTION 1. The Note is tendered by the Agency to the Low-Mod Housing Fund as evidence of the indebtedness of the Agency to the Low-Mod Housing Fund incurred in connection with an advance (the "Advance") made by the Low-Mod Housing Fund to the Agency under the ERAF Loan Plan. The terms and provisions of the ERAF Loan Plan are hereby incorporated into this Note by this reference. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the ERAF Loan Plan. 1 CDC/2003-45 SECTION 2. Interest on the outstanding principal balance of this Note, together with any accrued and unpaid interest thereon, shall accrue from its date, at a variable rate of interest until paid in full. The variable rate of interest shall be initially established at a rate per annum equal to the rate of interest offered by the Local Agency Investment Fund of the State Treasurer of California on local agency funds invested for one (1) year (the "LAIF Rate of Interest") in effect on the date of this Note, and thereafter such interest rate shall be adjusted on each May 1 0, commencing on May 1 0, 2004 to be equal to the LAIF Rate of Interest on each such interest rate adjustment date (e.g.: May 10) for so long as any sum is payable under this Note. SECTION 3. Payments of principal and interest under the Note shall be made by the Agency to the Low-Mod Housing Fund on each May 10, commencing on May 10, 2005, solely from "Excess Revenues", if any, as this term is defined in the ERAF Loan Plan, of the Agency from the Mt. Vernon Corridor Redevelopment Project, or other legally available funds of the Agency. It is anticipated that the Advance will be repaid to the Low-Mod Housing Fund by the Agency on or before May 10, 2014. SECTION 4. The Agency hereby pledges to make payments hereunder from Excess Revenues of the Agency. The pledge of the Agency under this Section 4 of the Note shall at all times be subordinate to any and all other outstanding, or as hereafter may be outstanding, bonds, notes or other forms of indebtedness of the Agency payable by the Agency in whole or in part from tax increment revenue or other legally available funds of the Agency and shall not constitute a prior lien on such revenues or other legally available funds of the Agency. The Agency hereby acknowledges and agrees that the Note shall be considered as an indebtedness of the Agency as the same is intended for purposes of the filing of a statement of indebtedness with the County of San Bernardino pursuant to Health and Safety Code Section 33675. This Note is a special and limited obligation of the Agency and the sole source offunds as pledged for the repayment thereof is as provided in Section 3 and in this Section 4. Neither the taxing power of the Agency or any other agency is pledged to repay the principal or accrued interest hereunder. SECTION 5. This Note shall mature as of May 10, 2014, unless prepaid in full before such date. The outstanding principal balance of this Note, together with all accrued and unpaid interest thereon, shall be immediately due and payable upon the Maturity Date May 10, 2014, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May 10, 2014. SECTION 6. The Agency may prepay the principal amount of the Note and accrued interest thereon, at any time without penalty upon thirty (30) days prior written notice to the Agency. SECTION 7. The Low-Mod Housing Fund shall have no power to transfer or assign its right to receive the payment of principal and payments of accrued interest under the Note unless the Agency has first granted written approval to the Low-Mod Housing Fund for such a proposed assignment in its sole and absolute discretion. 2 California. CDC/2003-45 Executed this _day of at San Bernardino, REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO By: 3 CDC/2003-45 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AGENCY PROMISSORY NOTE (Agency FY 2003-04 ERAF Obligation) THIS PROMISSORY NOTE IS A SPECIAL LIMITED OBLIGATION OF THE AGENCY PAYABLE SOLELY FROM THE SOURCE OF AGENCY FUNDS DESCRIBED HEREIN AND NEITHER THE FAITH NOR CREDIT NOR TAXING POWER OF ANY OTHER LOCAL AGENCY, INCLUDING THE CITY OF SAN BERNARDINO, IS PLEDGED HEREUNDER Initial Principal Amount $32,799 Date of this Note: May 10, 2004 Variable Rate of Interest: LAIF Rate ofInterest on Funds Invested for One (1) Year on Date of Note, and Thereafter Such Interest Rate In Effect on Each Succeeding May 10 During Term of this Note THIS AGENCY PROMISSORY NOTE is dated May 10,2004 (the "Note") and evidences an indebtedness of the Redevelopment Agency of the City of San Bernardino (the "Agency") to the Low- and Moderate-Income Housing Fund of the Central City North Redevelopment Project (the "Low-Mod Housing Fund"). For value received, the Agency hereby promises to pay to the order of the Low-Mod Housing Fund at such address as the Agency shall designate, the principal amount of the Note at the times specified herein, together with interest thereon in accordance with the terms hereof. The Note is hereby tendered in accordance with Section 4 of that certain Educational Revenue Augmentation Fund Loan From Community Low and Moderate Income Housing Funds, dated as of December 15,2003 (the "ERAF Loan Plan"), as approved by Agency Resolution No. R- _, dated December 15,2003 with respect to the facts set forth in such ERAF Loan Plan: THE AGENCY HEREBY AGREES TO PAY THIS NOTE IN ACCORDANCE WITH THE FOLLOWING TERMS: SECTION 1. The Note is tendered by the Agency to the Low-Mod Housing Fund as evidence of the indebtedness of the Agency to the Low-Mod Housing Fund incurred in connection with an advance (the "Advance") made by the Low-Mod Housing Fund to the Agency under the ERAF Loan Plan. The terms and provisions of the ERAF Loan Plan are hereby incorporated into this Note by this reference. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the ERAF Loan Plan. 1 CDCj2003-45 SECTION 2. Interest on the outstanding principal balance of this Note, together with any accrued and unpaid interest thereon, shall accrue from its date, at a variable rate of interest until paid in full. The variable rate of interest shall be initially established at a rate per annum equal to the rate of interest offered by the Local Agency Investment Fund of the State Treasurer of California on local agency funds invested for one (1) year (the "LAIF Rate of Interest") in effect on the date of this Note, and thereafter such interest rate shall be adjusted on each May 10, commencing on May 10, 2004 to be equal to the LAIF Rate of Interest on each such interest rate adjustment date (e.g.: May 10) for so long as any sum is payable under this Note. SECTION 3. Payments of principal and interest under the Note shall be made by the Agency to the Low-Mod Housing Fund on each May 10, commencing on May 10, 2005, solely from "Excess Revenues", if any, as this term is defined in the ERAF Loan Plan, of the Agency from the Central City North Redevelopment Project, or other legally available funds of the Agency. It is anticipated that the Advance will be repaid to the Low-Mod Housing Fund by the Agency on or before May 10, 2014. SECTION 4. The Agency hereby pledges to make payments hereunder from Excess Revenues of the Agency. The pledge of the Agency under this Section 4 of the Note shall at all times be subordinate to any and all other outstanding, or as hereafter may be outstanding, bonds, notes or other forms of indebtedness of the Agency payable by the Agency in whole or in part from tax increment revenue or other legally available funds of the Agency and shall not constitute a prior lien on such revenues or other legally available funds of the Agency. The Agency hereby acknowledges and agrees that the Note shall be considered as an indebtedness of the Agency as the same is intended for purposes of the filing of a statement of indebtedness with the County of San Bernardino pursuant to Health and Safety Code Section 33675. This Note is a special and limited obligation of the Agency and the sole source offunds as pledged for the repayment thereof is as provided in Section 3 and in this Section 4. Neither the taxing power of the Agency or any other agency is pledged to repay the principal or accrued interest hereunder. SECTION 5. This Note shall mature as of May 10, 2014, unless prepaid in full before such date. The outstanding principal balance of this Note, together with all accrued and unpaid interest thereon, shall be immediately due and payable upon the Maturity Date May 10, 2014, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May 10,2014. SECTION 6. The Agency may prepay the principal amount of the Note and accrued interest thereon, at any time without penalty upon thirty (30) days prior written notice to the Agency. SECTION 7. The Low-Mod Housing Fund shall have no power to transfer or assign its right to receive the payment of principal and payments of accrued interest under the Note unless the Agency has first granted written approval to the Low-Mod Housing Fund for such a proposed assignment in its sole and absolute discretion. 2 California. CDC/2003-45 Executed this _day of at San Bernardino, REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO By: 3 CDCj2003-45 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AGENCY PROMISSORY NOTE (Agency FY 2003-04 ERAF Obligation) THIS PROMISSORY NOTE IS A SPECIAL LIMITED OBLIGATION OF THE AGENCY PAYABLE SOLELY FROM THE SOURCE OF AGENCY FUNDS DESCRIBED HEREIN AND NEITHER THE FAITH NOR CREDIT NOR TAXING POWER OF ANY OTHER LOCAL AGENCY, INCLUDING THE CITY OF SAN BERNARDINO, IS PLEDGED HEREUNDER Initial Principal Amount $70,765.50 Date of this Note: May 10, 2004 Variable Rate ofInterest: LAIF Rate ofInterest on Funds Invested for One (1) Year on Date of Note, and Thereafter Such Interest Rate In Effect on Each Succeeding May 10 During Term of this Note THIS AGENCY PROMISSORY NOTE is dated May 10,2004 (the "Note") and evidences an indebtedness of the Redevelopment Agency of the City of San Bernardino (the "Agency") to the Low- and Moderate-Income Housing Fund of the Central City Redevelopment Projects - Merged Projects - (the "Low-Mod Housing Fund"). For value received, the Agency hereby promises to pay to the order of the Low-Mod Housing Fund at such address as the Agency shall designate, the principal amount of the Note at the times specified herein, together with interest thereon in accordance with the terms hereof. The Note is hereby tendered in accordance with Section 4 of that certain Educational Revenue Augmentation Fund Loan From Community Low and Moderate Income Housing Funds, dated as of December 15, 2003 (the "ERAF Loan Plan"), as approved by Agency Resolution No. R- _, dated December 15, 2003 with respect to the facts set forth in such ERAF Loan Plan: THE AGENCY HEREBY AGREES TO PAY THIS NOTE IN ACCORDANCE WITH THE FOLLOWING TERMS: SECTION 1. The Note is tendered by the Agency to the Low-Mod Housing Fund as evidence of the indebtedness of the Agency to the Low-Mod Housing Fund incurred in connection with an advance (the "Advance") made by the Low-Mod Housing Fund to the Agency under the ERAF Loan Plan. The terms and provisions of the ERAF Loan Plan are hereby incorporated into this Note by this reference. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the ERAF Loan Plan. 1 CDC/2003-45 SECTION 2. Interest on the outstanding principal balance of this Note, together with any accrued and unpaid interest thereon, shall accrue from its date, at a variable rate of interest until paid in full. The variable rate of interest shall be initially established at a rate per annum equal to the rate of interest offered by the Local Agency Investment Fund of the State Treasurer of California on local agency funds invested for one (1) year (the "LAIF Rate of Interest") in effect on the date of this Note, and thereafter such interest rate shall be adjusted on each May 1 0, commencing on May 1 0, 2004 to be equal to the LAIF Rate of Interest on each such interest rate adjustment date (e.g.: May 10) for so long as any sum is payable under this Note. SECTION 3. Payments of principal and interest under the Note shall be made by the Agency to the Low-Mod Housing Fund on each May 10, commencing on May 10, 2005, solely from "Excess Revenues", if any, as this term is defined in the ERAF Loan Plan, of the Agency from the Central City Redevelopment Projects - Merged Projects, or other legally available funds of the Agency. It is anticipated that the Advance will be repaid to the Low-Mod Housing Fund by the Agency on or before May 10, 2014. SECTION 4. The Agency hereby pledges to make payments hereunder from Excess Revenues of the Agency. The pledge of the Agency under this Section 4 of the Note shall at all times be subordinate to any and all other outstanding, or as hereafter may be outstanding, bonds, notes or other forms of indebtedness of the Agency payable by the Agency in whole or in part from tax increment revenue or other legally available funds of the Agency and shall not constitute a prior lien on such revenues or other legally available funds of the Agency. The Agency hereby acknowledges and agrees that the Note shall be considered as an indebtedness of the Agency as the same is intended for purposes of the filing of a statement of indebtedness with the County of San Bernardino pursuant to Health and Safety Code Section 33675. This Note is a special and limited obligation of the Agency and the sole source of funds as pledged for the repayment thereof is as provided in Section 3 and in this Section 4. Neither the taxing power of the Agency or any other agency is pledged to repay the principal or accrued interest hereunder. SECTION 5. This Note shall mature as of May 10, 2014, unless prepaid in full before such date. The outstanding principal balance of this Note, together with all accrued and unpaid interest thereon, shall be immediately due and payable upon the Maturity Date May 10, 2014, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May 10,2014. SECTION 6. The Agency may prepay the principal amount of the Note and accrued interest thereon, at any time without penalty upon thirty (30) days prior written notice to the Agency. SECTION 7. The Low-Mod Housing Fund shall have no power to transfer or assign its right to receive the payment of principal and payments of accrued interest under the Note unless the Agency has first granted written approval to the Low-Mod Housing Fund for such a proposed assignment in its sole and absolute discretion. 2 California. CDC/2003-45 Executed this _day of at San Bernardino, REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO By: 3 CDC/2003-45 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AGENCY PROMISSORY NOTE (Agency FY 2003-04 ERAF Obligation) THIS PROMISSORY NOTE IS A SPECIAL LIMITED OBLIGATION OF THE AGENCY PAYABLE SOLELY FROM THE SOURCE OF AGENCY FUNDS DESCRIBED HEREIN AND NEITHER THE FAITH NOR CREDIT NOR TAXING POWER OF ANY OTHER LOCAL AGENCY, INCLUDING THE CITY OF SAN BERNARDINO, IS PLEDGED HEREUNDER Initial Principal Amount $754 Date of this Note: May 10,2004 Variable Rate of Interest: LAIF Rate of Interest on Funds Invested for One (1) Year on Date of Note, and Thereafter Such Interest Rate In Effect on Each Succeeding May 10 During Term of this Note THIS AGENCY PROMISSORY NOTE is dated May 10, 2004 (the "Note") and evidences an indebtedness of the Redevelopment Agency of the City of San Bernardino (the "Agency") to the Low- and Moderate-Income Housing Fund of the Central City West Redevelopment Project (the "Low-Mod Housing Fund"). For value received, the Agency hereby promises to pay to the order of the Low-Mod Housing Fund at such address as the Agency shall designate, the principal amount of the Note at the times specified herein, together with interest thereon in accordance with the terms hereof. The Note is hereby tendered in accordance with Section 4 of that certain Educational Revenue Augmentation Fund Loan From Community Low and Moderate Income Housing Funds, dated as of December 15,2003 (the "ERAF Loan Plan"), as approved by Agency Resolution No. R- _, dated December 15, 2003 with respect to the facts set forth in such ERAF Loan Plan: THE AGENCY HEREBY AGREES TO PAY THIS NOTE IN ACCORDANCE WITH THE FOLLOWING TERMS: SECTION 1. The Note is tendered by the Agency to the Low-Mod Housing Fund as evidence of the indebtedness of the Agency to the Low-Mod Housing Fund incurred in connection with an advance (the "Advance") made by the Low-Mod Housing Fund to the Agency under the ERAF Loan Plan. The terms and provisions of the ERAF Loan Plan are hereby incorporated into this Note by this reference. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the ERAF Loan Plan. 1 CDC/2003-45 SECTION 2. Interest on the outstanding principal balance of this Note, together with any accrued and unpaid interest thereon, shall accrue from its date, at a variable rate of interest until paid in full. The variable rate of interest shall be initially established at a rate per annum equal to the rate of interest offered by the Local Agency Investment Fund of the State Treasurer of California on local agency funds invested for one (1) year (the "LAIF Rate of Interest") in effect on the date of this Note, and thereafter such interest rate shall be adjusted on each May 1 0, commencing on May 1 0, 2004 to be equal to the LAIF Rate of Interest on each such interest rate adjustment date (e.g.: May 10) for so long as any sum is payable under this Note. SECTION 3. Payments of principal and interest under the Note shall be made by the Agency to the Low-Mod Housing Fund on each May 10, commencing on May 10, 2005, solely from "Excess Revenues", if any, as this term is defined in the ERAF Loan Plan, of the Agency from the Central City West Redevelopment Project, or other legally available funds of the Agency. It is anticipated that the Advance will be repaid to the Low-Mod Housing Fund by the Agency on or before May 10, 2014. SECTION 4. The Agency hereby pledges to make payments hereunder from Excess Revenues of the Agency. The pledge of the Agency under this Section 4 of the Note shall at all times be subordinate to any and all other outstanding, or as hereafter may be outstanding, bonds, notes or other forms of indebtedness of the Agency payable by the Agency in whole or in part from tax increment revenue or other legally available funds of the Agency and shall not constitute a prior lien on such revenues or other legally available funds of the Agency. The Agency hereby acknowledges and agrees that the Note shall be considered as an indebtedness of the Agency as the same is intended for purposes of the filing of a statement of indebtedness with the County of San Bernardino pursuant to Health and Safety Code Section 33675. This Note is a special and limited obligation of the Agency and the sole source of funds as pledged for the repayment thereof is as provided in Section 3 and in this Section 4. Neither the taxing power of the Agency or any other agency is pledged to repay the principal or accrued interest hereunder. SECTION 5. This Note shall mature as of May 10, 2014, unless prepaid in full before such date. The outstanding principal balance of this Note, together with all accrued and unpaid interest thereon, shall be immediately due and payable upon the Maturity Date May 10, 2014, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May 10, 2014. SECTION 6. The Agency may prepay the principal amount of the Note and accrued interest thereon, at any time without penalty upon thirty (30) days prior written notice to the Agency. SECTION 7. The Low-Mod Housing Fund shall have no power to transfer or assign its right to receive the payment of principal and payments of accrued interest under the Note unless the Agency has first granted written approval to the Low-Mod Housing Fund for such a proposed assignment in its sole and absolute discretion. 2 California. CDC/2003-45 Executed this _day of at San Bernardino, REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO By: 3 CDC/2003-45 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AGENCY PROMISSORY NOTE (Agency FY 2003-04 ERAF Obligation) THIS PROMISSORY NOTE IS A SPECIAL LIMITED OBLIGATION OF THE AGENCY PAYABLE SOLELY FROM THE SOURCE OF AGENCY FUNDS DESCRIBED HEREIN AND NEITHER THE FAITH NOR CREDIT NOR TAXING POWER OF ANY OTHER LOCAL AGENCY, INCLUDING THE CITY OF SAN BERNARDINO, IS PLEDGED HEREUNDER Initial Principal Amount $1,202 Date of this Note: May 10, 2004 Variable Rate ofInterest: LAIF Rate ofInterest on Funds Invested for One (1) Year on Date of Note, and Thereafter Such Interest Rate In Effect on Each Succeeding May 10 During Term of this Note THIS AGENCY PROMISSORY NOTE is dated May 10, 2004 (the "Note") and evidences an indebtedness of the Redevelopment Agency of the City of San Bernardino (the "Agency") to the Low- and Moderate-Income Housing Fund of the 40th Street Redevelopment Project (the "Low-Mod Housing Fund"). For value received, the Agency hereby promises to pay to the order of the Low-Mod Housing Fund at such address as the Agency shall designate, the principal amount of the Note at the times specified herein, together with interest thereon in accordance with the terms hereof. The Note is hereby tendered in accordance with Section 4 of that certain Educational Revenue Augmentation Fund Loan From Community Low and Moderate Income Housing Funds, dated as of December 15, 2003 (the "ERAF Loan Plan"), as approved by Agency Resolution No. R- _, dated December 15, 2003 with respect to the facts set forth in such ERAF Loan Plan: THE AGENCY HEREBY AGREES TO PAY THIS NOTE IN ACCORDANCE WITH THE FOLLOWING TERMS: SECTION 1. The Note is tendered by the Agency to the Low-Mod Housing Fund as evidence of the indebtedness of the Agency to the Low-Mod Housing Fund incurred in connection with an advance (the "Advance") made by the Low-Mod Housing Fund to the Agency under the ERAF Loan Plan. The terms and provisions of the ERAF Loan Plan are hereby incorporated into this Note by this reference. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the ERAF Loan Plan. 1 CDCj2003-45 SECTION 2. Interest on the outstanding principal balance of this Note, together with any accrued and unpaid interest thereon, shall accrue from its date, at a variable rate of interest until paid in full. The variable rate of interest shall be initially established at a rate per annum equal to the rate of interest offered by the Local Agency Investment Fund of the State Treasurer of California on local agency funds invested for one (1) year (the "LAIF Rate of Interest") in effect on the date of this Note, and thereafter such interest rate shall be adjusted on each May 1 0, commencing on May 1 0, 2004 to be equal to the LAIF Rate of Interest on each such interest rate adjustment date (e.g.: May 10) for so long as any sum is payable under this Note. SECTION 3. Payments of principal and interest under the Note shall be made by the Agency to the Low-Mod Housing Fund on each May 10, commencing on May 10, 2005, solely from "Excess Revenues", if any, as this term is defined in the ERAF Loan Plan, of the Agency from the 40th Street Redevelopment Project, or other legally available funds of the Agency. It is anticipated that the Advance will be repaid to the Low-Mod Housing Fund by the Agency on or before May 10, 2014. SECTION 4. The Agency hereby pledges to make payments hereunder from Excess Revenues of the Agency. The pledge of the Agency under this Section 4 of the Note shall at all times be subordinate to any and all other outstanding, or as hereafter may be outstanding, bonds, notes or other forms of indebtedness of the Agency payable by the Agency in whole or in part from tax increment revenue or other legally available funds of the Agency and shall not constitute a prior lien on such revenues or other legally available funds of the Agency. The Agency hereby acknowledges and agrees that the Note shall be considered as an indebtedness of the Agency as the same is intended for purposes of the filing of a statement of indebtedness with the County of San Bernardino pursuant to Health and Safety Code Section 33675. This Note is a special and limited obligation of the Agency and the sole source of funds as pledged for the repayment thereof is as provided in Section 3 and in this Section 4. Neither the taxing power of the Agency or any other agency is pledged to repay the principal or accrued interest hereunder. SECTION 5. This Note shall mature as of May 10, 2014, unless prepaid in full before such date. The outstanding principal balance of this Note, together with all accrued and unpaid interest thereon, shall be immediately due and payable upon the Maturity Date May 10, 2014, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May 10,2014. SECTION 6. The Agency may prepay the principal amount of the Note and accrued interest thereon, at any time without penalty upon thirty (30) days prior written notice to the Agency. SECTION 7. The Low-Mod Housing Fund shall have no power to transfer or assign its right to receive the payment of principal and payments of accrued interest under the Note unless the Agency has first granted written approval to the Low-Mod Housing Fund for such a proposed assignment in its sole and absolute discretion. 2 California. CDC/2003-45 Executed this _day of at San Bernardino, REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO By: 3