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HomeMy WebLinkAboutR34-Economic Development Agency ECONOMIC DEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO REOUEST FOR COMMISSION/COUNCIL ACTION FROM: Gary Van Osdel Executive Director SUBJECT: Education Revenue Augmentation Fund Low Moderate Income Housing Note DATE: April II, 2003 ORIGiNAL -------------------------------------------------------------------------------------------------------------.----------------------------- Svnonsis of Previous Commission/CounciVCommittee Action(s): On April 10, 2003 Redevelopment Committee Members Anderson, Estrada and Suarez unanimously recommended approval of the ERAF financing plan and borrowing from the Low and Moderate Income Housing Fund. -------.---------------------------------------.----------------------------------------------------------------------------------------.-- Recommended Motion(s): (Communitv Development Commission) MOTION: RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO, CALIFORNIA, APPROVING AN EDUCATIONAL REVENUE AUGMENT ATlON FUND LOAN FROM COMMUNITY LOW AND MODERATE INCOME HOUSING FUNDS AND PROMISSORY NOTES FROM REDEVELOPMENT PROJECT AREAS, AND AUTHORIZING EXECUTION THEREOF. ------------------------------------------------------------------------------------------------------------------------------------------- Contact Person(s): Garv Van OsdeVBarbara Lindseth Phone: 663-1044 Project Area(s): All Ward(s): All Supporting Data Attached:1RI Staff Report 0 Resolution(s) 0 Agreement(s)/Contract(s) 0 Map(s) 0 LtrlMemo FUNDING REQUIREMENTS: Amount: $622.600 Source: LM Income Housine Fund, GC, Land Budget Authority: Reauested SIGNATURE: ,) / j." ../' ,3;_l :/{CClC<..c::........J,''7('~9 ......f:; Barbara Lindseth Administrative Services Director --~_._...._-----------------------------------------------------------------------_.------------------------------------------------------- Commission/Council Notes: \2t;;o ,jJ c:.. 0::.1 , CD 3 - \ \ ----------------------~------------------------------------------------------------------------------------------ GVO:bl:Agenda CDC ERAF .doc COMMISSION MEETING AGENDA MEETING DATE: 412112003 Agenda Item Number: 1Z3tf ECONOMIC DEVELOPMENT AGENCY STAFF REPORT ------------------------------------------------------------------------------------------------------------------ Education Revenue AUl!mentation Fund Low Moderate Income Housinl! Note Backl!round: On September 1, 2002, the State Assembly and the Senate passed Assembly Bill 1768, Chapter 1127. This bill requires redevelopment agencies to make an allocation to the county auditor in the 2002-03 fiscal year of an amount of revenue, determined in accordance with specific calculations made by the State Director of Finance, and based on a specific report of the Controller, for deposit into the Education Revenue Augmentation Fund ("ERAF") in each county for allocation to school entities. During the 2002-03 fiscal year, a redevelopment agency shall, prior to May 1 0,2003, remit an amount equal to the amount determined as defined above to the county auditor. In making the determinations required, the State Director of Finance shall use those amounts reported as the "Tax Increment Retained by Agency" for all agencies in the 2000-01 fiscal year Controller's State of California Community Redevelopment Agencies Annual Report ("State Controller's Report"). An agency may borrow up to 50% of its ERAF obligation from the 2002-03 fiscal year 20% low and moderate income housing set-aside, unless executed contracts would be impaired if the agency reduced the amount allocated to the Low and Moderate Income Housing Fund. No carry-over moneys held in a low and moderate income fund as of July 1, 2002 may be used for this purpose. Further, as a condition of borrowing, an agency shall make a finding that there are insufficient other moneys to meet the deposit requirement, and any funds borrowed from the Low and Moderate Income Housing Fund must be repaid in full within ten (10) years following the date on which the funds were borrowed. In order to make the full ERAF allocation, an agency may use any funds that are legally available and not legally obligated for other uses, including, but not limited to, reserve funds, proceeds of land sales, proceeds of bonds or other indebtedness, lease revenues, interest, and other earned income. The ERAF obligation imposed, including the amounts owed, if any, have been declared by this legislation to be an indebtedness of the redevelopment project to which the allocation relates, payable from taxes allocated to the agency, and shall constitute an indebtedness of the agency with respect to the redevelopment project, until paid in full. If an agency fails to transmit the full amount of funds required, if it is precluded by court order from transmitting the amount, or it is otherwise unable to meet its full obligation, the county auditor, no later than May 15, 2003, shall transfer any amount necessary to meet the obligation from the legislative body's property tax allocation. ------------------------------------------------------------------------------------------------------------------ GVO:bl:Agenda CDC ERAF.doc COMMISSION MEETING AGENDA MEETING DATE: 4/21/2003 Agenda Item Nnmber: li.JiJ Community Development Commission Agenda Item Education Revenue Augmentation Fund Low Moderate Housing Note Staff Report Page -2- Current Issues: Pursuant to the State Director of Finance, the ERAF obligation for each of the Agency's redevelopment project areas, based on the 2000-01 State Controller's Report is as follows: ERAF by Redevelopment Project Area Redevelopment Proiect Area 2000-01 Tax Increment ERAF Transfer State College Central City North Central City West Southeast Industrial Park Northwest Tri City Uptown South Valle Central City Projects Mt Vernon 40th Street Totals 5,237,489.52 1,030,536.43 14,606.15 3,438,019.96 1,445,427.27 1,704,520.09 434,126.94 635,508.65 2,245,240.75 341,290.52 0.00 16.526.766.28 197,332.98 38,820.30 550.21 129,510.21 54,449.24 64,209.27 16,353.56 23,939.61 84,578.21 12,856.41 0.00 622,600.00 The total ERAF obligation for the fiscal year 2002-03 is $622,600. Based upon the legislation, the Agency is allowed to use Low and Moderate Income Housing Funds, in the form of a ten (10) year note receivable from the redevelopment project areas, for 50% ofthe ERAF obligation ($311,300) if the Agency has no other funds available. However, for the remaining 50% obligation ($311 ,300) the Agency must find and use other available funds, or the obligation could fall upon the City. In accordance with the condition of borrowing from the Low and Moderate Income Housing Fund, the Agency must make a finding that there are insufficient other moneys to meet the full 100% ERAF obligation. The following chart makes such a finding and demonstrates the negative impact upon each of the redevelopment project areas if 100% of the ERAF obligation is imposed, without the benefit of borrowing 50% of the ERAF obligation from the Low and Moderate Income Housing Fund. ------------------------------------------------------------------------------------------------------------------ GVO:bl:Agenda CDC ERAF.doc COMMISSION MEETING AGENDA MEETING DATE; 4/21/2003 Agenda Item Number; /!.3'{ Community Development Commission Agenda Item Education Revenue Augmentation Fund Low Moderate Income Housing Note Staff Report Page - 3 - Actual 2002-03 ERAF Pavment A B C D E F G H I Project Area 2002-03 100% Deposit All Pass Non-Housing Admin Costs Net Net Tax ERAF 20% to Low Thru Debt SVG & & Operation Remaining Remaining Increment Obligation Mod Payments Contractual Expenses & Fiscal Year Including Receipts Housing Obligations Other Mise Tax Other Fund Expenses Increment Revenue Only Sources State College 5,603,592 197,333 1,120,718 0 4,324,072 336,000 -374,531 172,424 CCNorth 965,976 38,820 193,195 0 1,401,885 56,000 -723,924 -81,134 CCWest 17,909 550 3,582 0 358 2,000 11,419 21,068 Southeast 3,407,507 129,510 681,501 0 2,623,150 200,000 -226,654 76,179 Ind Northwest 1,587,245 54,449 317,449 350,000 825,745 90,000 -50,398 101,510 TriCity 1,791,726 64,209 358,345 31,780 1,433,835 100,000 -196,443 97,176 Uptown 448,086 16,354 89,617 0 436,562 45,000 -139,447 -76,376 South Valle 733,040 23,940 146,608 16,000 442,661 76,000 27,831 56,697 CCProjects 2,442,043 84,578 488,409 0 3,318,841 100,000 -1,549,785 -859,318 Mt Vernon 650,199 12,857 130,040 31,300 360,619 40,000 75,383 244,708 40th Street 26,000 0 5,200 0 10,520 0 10,280 10,280 17,673,323 622,600 3,534,664 429,080 15,178,248 1,045,000 -3,136,269 -236,786 The Agency's projected gross tax increment for the fiscal year 2002-03 is shown in column "B", with the 100% ERAF obligation shown in column "C". The 20% low and moderate set-aside (from which the Agency may borrow 50% for the ERAF obligation) is shown in column "D". Other obligations ofthe Agency, including administration and operating costs, are shown in columns "E", "F" and "G". After subtraction of the ERAF and other obligations, the Agency is in a negative position ($3,136,269) in most redevelopment project areas when only current fiscal year 2002-03 tax increment is considered as available (column "H"). When all other project area revenue sources (land sales, bond reserves, interest earnings, notes receivable, leases, etc) that may be available to the redevelopment project area are included, the negative impact ofthe ERAF obligation ($236,786) is shown in column "1", To avoid the negative ERAF impact on the project areas it is recommended that 50% of the ERAF obligation ($311,300) be borrowed from the 2002-03 Low and Moderate Income Housing Funds. It is further proposed that the remaining 50% of the ERAF obligation be taken from the receipt of $180,000 of recent land sale proceeds from the Auto Recycle property (not included in column "1"), along with $131,300 of golf course revenues received since July I, 2002 (all other golf course revenues are pledged towards the repayment of the Community Reinvestment Loan). ------------------------------------------------------------------------------------------------------------------ GVO:bl:Agenda CDC ERAF,doc COMMISSION MEETING AGENDA MEETING DATE: 4/21/2003 Agenda Item Number: ~'I Community Development Commission Agenda Item Education Revenue Augmentation Fund Low Moderate Income Housing Note Staff Report Page - 4 - The following represents how the total $622,600 ERAF payment will be made on May 10, 2003: I. Low and Moderate Income Housing Notes $311,300 State College Central City North Central City West Southeast Ind Park Northwest Tri City Uptown South Valle Central City Projects MtVemon Total $98,667 19,410 275 64,755 27,224 32,105 8,177 11,970 42,289 6.428 31 1.300 2. Land Sales Proceeds Auto Recycle 180,000 3. Golf Course Revenues Total 13 1.300 $622,600 It is requested that the Commission approve the financing plan for the 2002-03 ERAF payment and approve notes payable from each of the redevelopment project areas, as outlined above. Environmental Impact: None. Fiscal Impact: As required by Assembly Bill 1768, Chapter 1127, the amountof$622, 600 will be paid by May 10, 2003 to the County Auditor for deposit into the Education Revenue Augmentation Fund. One half of this amount, $311,300, will be paid from redevelopment project area land sales proceeds, and golf course revenues. The remaining $311 ,300 will be paid from the Low and Moderate Income Housing Fund. Notes payable, as described above, will be executed in each of the redevelopment project areas as required. GVO:bl:Agenda CDC ERAF.doc ------------------------------------------------------------------------------------------------------------------ COMMISSION MEETING AGENDA MEETING DATE: 4/21/2003 Agenda Item Number: RJ'{ Community Development Commission Agenda Item Education Revenue Augmentation Fund Low Moderate Income Housing Note Staff Report Page - 5 - Recommendations: Tillzm"llY IJw,lopmcol C,mmt"l"" .d<>p1 Ihe ,(("hed R=l,',". 7/1?/~/ Gilly V <J,ifOsdel / Executive Director GVO:bl:Agenda CDC ERAF.doc ------------------------------------------------------------------------------------------------------------------ COMMISSION MEETING AGENDA MEETING DATE: 4/2112003 Agenda Item Number: /l.J1f 8 9 10 11 12, , I I 131 14 15 16 1 171 , 18 19 1 20 21 22 23 24 25 26 27 28 \ \ 1 RESOLUTION NO. 2 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSlOl'" 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. 3 t ~ 6 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 Sah 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 15. 2003; WHEREAS. the Agency received a letter. dated October 1,2002. from the Department of Finance of the State of California stating that the Agency is required to remit the total sum of Six Hundred Twenty-Two Thousand Six Hundred Dollars ($622.600) (the "Agency FY 2002-03 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 2002-03 ERAF Obligation, without borrowing funds from the Low and Moderate Income Housing 4/2103 J:30jmm SB2003:3515.2 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 I 2 ;{ 1 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 2002-03 ERAF .~ 6 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 2002-03 ERAF Obligation will not impair any executed existing contractsofthe 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 Three Hundred Eleven Thousand Three Hundred Dollars ($311.300) 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 2 4/2/03 1:30 Jmm 5B2003:3515.2 .,1 -, .t ;) 6: 8 9 ](I II 12: I 13 " l.t 15 16 17 18 19 20 21 22 23 24 25 26 27 28 I 11 Auditor for deposit into the ERAF for Fiscal Year 2002-03 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 Three Hundred Eleven Thousand Three Hundred Dollars ($311,300) from the Low-Mod Funds (the "ERAF Loan Plan Amount") to remit to the County of San - ' I Bernardino Auditor for deposit into the ERAF in partial satisfaction of the Agency FY 2002-03 ERAF Obligation under Health and Safety Code Section 33681.7 for fiscal year 2002-2003. 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 $98,667 Central City North Redevelopment Project 19.410 Central City West Redevelopment Project 275 Southeast Industrial Park Redevelopment Project 64,755 Northwest Redevelopment Project 27,224 Tri City Redevelopment Project 32,105 Uptown Redevelopment Project 8.177 South Valle Redevelopment Project 11.970 Central City Redevelopment Projects (Merged Projects) 42.289 Mt Vernon Corridor Redevelopment Project 6,428 3 4/21031:30Jmm SB200335152 ] 2 :~ t ;} 6 8! 9 ]0 ]] ]3 14 ]5 ]6 ]7 ]8' ]9 20 2] 22 23 24 25 26 27 28 40th Street Redevelopment Project Q Total ERAF Loan Plan Amount lor FY 2002-03: $3] 1.300 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 "J". 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 9, 2003. 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 June 30. 2004 and on each following June 30. thereafter to and including tenth (I Olh) 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 defmed 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 1,2003 and May 1,2013, 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. 4 4/2/03 ] :30 Jmm SB2003:3515_2 ] 2 3' 4 ;) 6 8 9 ]0 ]] ]2' ]3 ]4 ]5 ]6 ]i ]8 ]9 20 I 2] i 22 23 24 25 26 2i 28 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 Three Hundred Eleven Thousand Three Hundred Dollars ($311.300) 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 9, 2003. Section 8. The Executive Director of the Agency is further authorized and directed to identify the indebtedness as hereby created, in the Statements of 5 4/2/03 ] :30 jmm 582003:3515.2 1 2 :l t a 6 - . 8 9 10 11 12 13 14 15 ]6 17 ! 18 19 20 ' ! 21 ! 22 23 24 25 26 27 28 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMM]SSION 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 meeting thereof. held on the _day of . 2003, by the following vote. to wit: Commission Members Navs Abstain Absent All ESTRADA LONGVILLE MCGINNIS DERRY SUAREZ ANDERSON MCCAMMACK Secretary The foregoing Resolution is hereby approved this _day of .2003. ^ Chairperson. Community Development Conmlission of the City of San Bernardino By: 7 4/2/03 1:30 jmm SB::!003:3515.2 REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO EDlJCA TIONAL REVENUE AUGMENTATION FUND LOAN FROM COMMUNITY LOW AND MODERATE INCOME HOUSING FUNDS (Fiscal Year 2002-2003) THIS EDUCATIONAL REVENUE AUGMENT A TION FUND LOAN FROM COMMlTNITY LOW AND MODERATE INCOME HOUSING FUNDS ("ERAF Loan Plan") is dated as of March I, 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 2002-2003 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 15,2003; WHEREAS, the Agency received a letter, dated October I, 2002, from the Department of Finance of the State of California stating that the Agency is required to remit the total sum of Six Hundred Twenty-Two Thousand Six Hundred Dollars ($622,600) (the "Agency FY 2002-03 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 2002-03 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 2002-03 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 4'203 1 :30 Jmm SB~(J(l3:35152 loan of Low-Mod Funds to pay a portion of the Agency FY 2002-03 ERAF Obligation will not impair any executed existing contracts ofthc Low-Mod Funds; NOW, THEREFORE, THE AGENCY HEREBY APPROVES THE E~i\F LOA]\; PLAN FOR FUNDS BORROWED FROM THE AGENCY'S LOW AJ\D MODERATE INCOME HOUSING FUNDS AS SET FORTH HEREIN Al'i'D DIRECTS THE EXECUTIVE DIRECTOR OF THE AGENCY TO REMIT TO THE AUDITOR OF THE COUNTY OF SAN BERNARDINO THE SUM OF S31 1,300 FROM THE AGENCY'S LOW-MOD FLl\'DS FOR DEPOSIT INTO THE EDUCATIONAL REVENUE AUGMENTATION FUl'i'D FOR FISCAL YEAR 2002-2003: Section I. The purpose of this ERAF Loan Plan is to evidence an indebtedness of the Agency in the original principal amount of Three Hundred Eleven Thousand Three Hundred Dollars ($3 I 1.300) 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 E~ for Fiscal Year 2002-03 pursuant to Stats 2002: Chapter I 127 (Health and Safety Code Section 3368 1.7). Section 2. The Agency hereby declares its intention to borrow the sum of Three Hundred Eleven Thousand Three Hundred Dollars ($3 I 1,300) from the Low-Mod Funds (the "E~i\F Loan Plan Amount") to remit to the County of San Bernardino Auditor for deposit into the ERAF in partial satisfaction of the Agency FY 2002-03 E~ Obligation under Health and Safety Code Section 3368 1.7 for fiscal year 2002-2003, 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 E~ Loan Plan Amount for FY 2002-03: $98,667 19,410 275 64,755 27,224 32,105 8,177 11,970 42,289 6,428 ...Q $311,300 Section 4. The E~ Loan Plan Amount shall be evidenced by the ten (10) promissory notes attached to this E~ Loan Plan as Exhibits "A" through "J", inclusive. The ~ ..L!.'03 1:30 Jmm SS::00335152 Chairperson of the Community Development Commission of the City of San Bemardino is hereby authorized and directed to execute each of the ten (l0) 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 9. 2003. The principal amount and interest under each such promissory note shall be payable by each redevelopment project area in accordance with the temlS 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 June 30, 2004 and on each following June 30, thereafter to and including tenth (lOth) armiversary 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 I, 2003 and May I, 2013, 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 Three Hundred Eleven Thousand Three Hundred Dollars ($3 1 l,300) 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 Bemardino County Auditor for deposit to the ERAF on or before May 9, 2003. 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. , , .V2:03 1:30 Jmm SB20033515_2 follows: IN WITNESS WHEREOF, the Agency executes this ERAF Loan Plan, as (SEAL) ATTEST: Agency Secretary 4.'2:03 1 :30 Jmm SB2003:35152 AGENCY Redevelopment Agency of the City of San Bernardino By: Judith Valles Chairperson of the Community Development Commission, its governing board 4 Exhibit "A" REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AGENCY PROMISSORY NOTE (Agency FY 2002-03 ERAf Obligation) THIS PROMISSORY NOTE IS A SPECIAL LIMITED OBLlGA TlON OF THE AGENCY PAY ABLE 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 $19,410 Date of this Note: May 9,2003 Variable Rate oflnterest: LAIF Rate of Interest on Funds Invested for One (l) Year on Date of Note, and Thereafter Such Interest Rate In Effect on Each Succeeding July I During Term of this Note THIS AGENCY PROMISSORY NOTE is dated May 9, 2003 (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 March I, 2003 (the "ERAF Loan Plan"), as approved by Agency Resolution No. R- ~, dated April ~, 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 I. 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 SB2003:11888 I 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 July 1. commencing on July I, 2003 to be equal to the LAIF Rate of Interest on each such interest rate adjustment date (e.g: July I) 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 June 30, commencing on June 30, 2004, 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 9,2013. 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 9, 2013, 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 9, 2013, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May 1. 2013. 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 SB2003118881 California. SB~003:1 1888.1 Executed this _day of at San Bernardino. REDEVELOPMENT AGENCY OF THE CITY OF SAN BER.NARDINO By: 3 Exhibit IIEIl REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AGENCY PROMISSORY NOTE (Agency FY 2002-03 ERAF Obligation) THIS PROMISSORY NOTE IS A SPECIAL LIMITED OBLIGA TION OF THE AGENCY PAY ABLE SOLELY FROM THE SOURCE OF AGENCY FUNDS DESCRIBED HEREIN AND NEITHER THE FAITH NOR CREDIT NOR TAXING POWER OF A!\'Y OTHER LOCAL AGENCY, INCLUDING THE CITY OF SAN BERNARDINO, IS PLEDGED HEREUNDER Initial Principal Amount 5275 Date of this Note: May 9,2003 Variable Rate ofInterest: LA IF Rate of Interest on Funds Invested for One (1) I' ear on Date of Note, and Thereafter Such Interest Rate In Effect on Each Succeeding July I During Term of this Note THIS AGENCY PROMISSORY NOTE is dated May 9, 2003 (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 March 1,2003 (the "ERAF Loan Plan"), as approved by Agency Resolution No. R- _' dated April _, 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 SB2003:11R891 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 Califomia on local agency funds invested for one (I) year (the "LAIF Rate of Interest") in effect on the date of this Note, and thereafter such interest rate shall be adjusted on each July I, commencing on July 1,2003 to be equal to the LAIF Rate of Interest on each such interest rate adjustment date (e.g.: July I) for so long as any sum is payable under this Note. SECTION 3. Payments ofprincipaJ and interest under the Note shall be made by the Agency to the Low-Mod Housing Fund on each June 30, commencing on June 30, 2004, solely from "Excess Revenues", if any, as this tem1 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 9, 2013. 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 9, 2013, 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 9, 2013, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May 1,2013. 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 SB2003.118891 California. SA~003: 11889_1 Executed this _day of at San Bernardino, REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO By: 3 Exhibit "ell REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AGENCY PROMISSORY NOTE (Agency FY 2002-03 ERAF Obligation) THIS PROMISSORY NOTE IS A SPECIAL LIMITED OBLIGATION OF THE AGENCY PAYABLE SOLELY FROM THE SOURCE OF AGENCY FUl'mS DESCRIBED HEREIN AND NEITHER THE FAITH NOR CREDIT NOR TAXING POWER OF ANY OTHER LOCAL AGENCY, INCLUDING THE CITY OF SAN BERt'\!ARDINO, IS PLEDGED HEREillmER Initial Principal Amount S64,755 Date of this Note: May 9,2003 Variable Rate oflnterest: LAIF Rate of Interest on Funds Invested for One (I) Year on Date of Note, and Thereafter Such Interest Rate In Effect on Each Succeeding July I During Tcrm of this Note THIS AGENCY PROMISSORY NOTE is dated May 9, 2003 (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 March 1,2003 (the "ERAF Loan Plan"), as approved by Agency Resolution No. R- _, dated April _, 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 582003.] ] 890 ] SECTION 2. Interest on the outstanding principal balance of this "'ote. together w'ith 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 Califomia 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 Julv I. commencing on July I, 2003 to bc equal to the LAIF Rate of Interest on each such interest rate adjustment date (e.g.: July 1) 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 June 30, commencing on June 30, 2004, 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 9,2013. SECTIO>J 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 Bemardino 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 intcrest hereunder. SECTION 5. This Note shall mature as of May 9, 2013, 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 9, 2013, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May 1,2013. 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 SB.:~00311R90,] California. SB2003:11890 1 Executed this _day of at San Bernardino, REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO By: 3 Exhibit "D" REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AGENCY PROMISSORY NOTE (Agency FY 2002-03 ERAF Obligation) THIS PROMISSORY NOTE IS A SPECIAL LIMITED OBLIGA nON 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 $27,224 Date of this Note: May 9,2003 Variable Rate oflnterest: LA IF Rate of Interest on Funds Invested for One (1) Year on Date of Note, and Thereafter Such Interest Rate In Effect on Each Succeeding July I During Term of this Note THIS AGENCY PROMISSORY NOTE is dated May 9, 2003 (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 March 1, 2003 (the "ERAF Loan Plan"), as approved by Agency Resolution No. R- _, dated April _' 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 582003:]] 8921 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 (I) year (the "LAIF Rate of Interes!") in effect on the date of this Note. and thereafter such interest rate shall be adjusted on each July I. commencing on July 1.2003 to be equal to the LAIF Rate of Interest on each such interest rate adjustment date (e.g.: July I) for so long as any sum is payable under this l\'ote. SECTION 3. Payments of principal and interest under the Note shall be made by the Agency to the Low-Mod Housing Fund on each June 30, commencing on June 30. 2004, 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 9, 2013. 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 fornls 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 9, 2013, 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 9, 2013. and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May 1,2013. 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 582003: 1 ] SQ2 ] California. SB200;i I J fl92_] Executed this _day of at San Bernardino. REDEVELOPMENT AGENCY Of THE CITY Of SAN BER.c'\!ARDINO By: 3 Exhibit "E" REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO AGENCY PROMISSORY NOTE (Agency FY 2002-03 ERAF Obligation) THIS PROMISSORY NOTE IS A SPECLA..L LIMITED OBLIGATION OF THE AGENCY PAY ABLE 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 532, I 05 Date of this Note: May 9,2003 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 July I During Term of this Note THIS AGENCY PROMISSORY NOTE is dated May 9, 2003 (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 March I, 2003 (the "ERAF Loan Plan"), as approved by Agency Resolution No. R- _' dated April _' 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 I. 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 teo11S used herein and not otherwise defined shall have the meaning assigned to them in the ERAF Loan Plan. 1 S82003\1893_1 SECTION 2. Intcrcst 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 cach July I, commencing on July L 2003 to be equal to the LA IF Rate of Interest on each such interest rate adjustment date (eg: July 1) for so long as any sum is payable under this Note. SECTION 3. Payments ofprineipal and interest under the Note shall be made by the Agency to the Low-Mod Housing Fund on each June 30, commencing on June 30, 2004, 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 othcr 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 9, 2013. 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 thc 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 9, 2013, 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 9, 2013. and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May L 2013. 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 writtcn 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 SB~003:1 lR93.1 Califomia. SB2003.] 1893.1 Executed this ~day of at San Bemardino. REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO By: 3 Exhibit "F" REDEVELOPME1"T AGENCY OF THE CITY OF SAN BERNARDINO AGENCY PROMISSORY NOTE (Agency FY 2002-03 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 $8,177 Date of this Note: May 9,2003 Variable Rate of Interest: LAIF Rate of Interest on Funds Invested for One (I) Year on Date of Note, and Thereafter Such Interest Rate In Effect on Each Succeeding July I During Term of this Note THIS AGENCY PROMISSORY :t\'OTE is dated May 9, 2003 (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 March I, 2003 (the "ERAF Loan Plan"), as approved by Agency Resolution No. R- _' dated April _, 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 SB2U03]] 8<;14.1 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 \'ariable 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 Califomia 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 July I, commencing on July I, 2003 to be equal to the LAIF Rate of Interest on each such interest rate adjustment date (e.g.: July 1) 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 June 30, commencing on June 30, 2004. 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 9,2013. 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 Bemardino 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 9, 2013, 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 9, 2013, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May 1,2013. 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 SD~n0311 894.1 California. SB~003:11R94,1 Executed this ~ day of at San Bernardino. REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO By: 3 Exhibit "G" REDEVELOPMENT AGENCY OF THE CITY OF SAJ\ BERNARDINO AGENCY PROMISSORY NOTE (Agency FY 2002-03 ERAF Obligation) THIS PROMISSORY NOTE IS A SPECIAL LIMITED OBLIGA TION 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 511,970 Date of this Note: May 9,2003 Variable Rate oflnterest: 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 July I During Term of this Note THIS AGENCY PROMISSORY NOTE is dated May 9, 2003 (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 J\ote 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 March I, 2003 (the "ERAF Loan Plan"), as approved by Agency Resolution No. R- _' dated April _' 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 I. 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 SB200:.:118Q5,1 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 Trcasurcr 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 July L commencing on July L 2003 to be equal to the LA IF Rate of Interest on each such interest rate adjustment date (e.g.: July I) for so long as any sum is payable undcr 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 June 30, commencing on June 30, 2004, 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 9, 2013. 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 9. 2013, 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 9, 2013, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May 1,2013. 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 SB~003: 11 8951 California. SB2003:11895.1 Executed this ~day of at San Bernardino. REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO By 3 Exhibit "HI! REDEVELOPMEl\:T AGENCY OF THE CITY OF SAN BERl\ARDINO AGENCY PROMISSORY NOTE (Agency FY 2002-03 ERAF Obligation) THIS PROMISSORY NOTE IS A SPECIAL LIMITED OBLIGATION OF THE AGENCY PAY ABLE SOLELY FROM THE SOURCE OF AGENCY FlJ},'DS 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 $42,289 Date of this Note: May 9,2003 Variable Rate of Interest: LA IF Rate of Interest on Funds Invested for One (I) I' ear on Date of Note, and Thereafter Such Interest Rate In Effect on Each Succeeding July I During Term of this Note THIS AGENCY PROMISSORY NOTE is dated May 9, 2003 (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 tcndered in accordance with Section 4 of that certain Educational Revenue Augmentation Fund Loan From Community Low and Moderate Income Housing Funds, dated as of March I, 2003 (the "ERAF Loan Plan"), as approved by Agency Resolution No. R- _, dated April _, 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 I. 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 dcfined shall have the meaning assigned to them in the ERAF Loan Plan. 1 S82003: 118961 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 (I) year (the "LA IF Rate of Interest") in effect on the date of this Note, and thereafter such interest rate shall be adjusted on each July 1, commencing on July 1,2003 to be equal to the LAIF Rate of Interest on each such interest rate adjustment date (e.g.: July I) 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 June 30, commencing on June 30, 2004, 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 9,2013. 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 9, 2013, 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 9, 2013. and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May 1,2013. 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 SB::'OU3118l)()1 California. 582003 ] ] 896 ] Executed this _day of at San Bernardino. REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO By: 3 California. SB2003:11899_1 Executed this _day of at San Bernardino. REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO By: 3 Exhibit "J" REDEVELOP:VIENT AGENCY OF THE CITY OF SAN BERc'\JARDINO AGENCY PROMISSORY KOTE (Agency FY 2002-03 ERAF Obligation) THIS PROMISSORY NOTE IS A SPECIAL LIMITED OBLIGATION OF THE AGENCY PAYABLE SOLELY FROM THE SOURCE OF AGENCY FUNDS DESCRlBED HEREIN AND NEITHER THE FAITH NOR CREDIT NOR T AXING POWER OF ANY OTHER LOCAL AGENCY, INCLUDING THE CITY OF SAN BERNARDINO, IS PLEDGED HEREUNDER Initial Principal Amount 598,667 Date of this Note: May 9,2003 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 July I During Term of this Note THIS AGENCY PROMISSORY NOTE is dated May 9, 2003 (the "Note") and evidences an indebtedness of the Redevelopment Agency of the City of San Bemardino (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 March I, 2003 (the "ERAF Loan Plan"), as approved by Agency Resolution No. R- ~, dated April ~, 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 1 SB200311 R09_1 hereby incorporated into this Note by this reference Capitalized tenns used herem and not otherwise defined shall have the meaning assigned to them in the ERAF Loan Plan. 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 Califomia 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 July I. commencing on July 1,2003 to be equal to the LAIF Rate of Interest on each such interest rate adjustment date (e.g.: July I) 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 June 30, commencing on June 30, 2004, solely from "Excess Revenues", if any, as this tenn 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 9,2013. 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 fonns 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 Bemardino 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 9, 2013, 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 9, 2013, and the Agency shall tender to the Low-Mod Housing Fund such amount on or before May 1,2013. 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 2 582003.] 1809) Note unless the Agency has first granted written appro\'al to the Low-Mod Housing Fund for such a proposed assignment in its sole and absolute discretion. Executed this _day of at San Bernardino. California. 582003.1 1809] REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO By: 3 ** FOR OFFICE USE ONLY - NOT A PUBLIC DOCUMENT ** RESOLUTION AGENDA ITEM TRACKING FORM Meeting Date (Date Adopted): "'-t - 2\-0?, Item # Ie':::, '" Resolution # Vote: Ayes \- '1 Nays -E:r Abstain -Gr Change to motion to amend original documents: CDe IZfAl6 - , \ I Absent ~ Reso. # On Attachments:./ Contract term: - Note on Resolution of Attachment stored separately: ~ Direct City Clerk to (circle I): PUBLISH, POST, RECORD W/COUNTY By: Null/Void After: - Date Sent to Mayor: -4- 2 3-""{) 3 Date of Mayor's Signature: 4- ?~~O:> Date ofClerkJCDC Signature: .t\,?-'I -03> Reso. Log Updated: Seal Impressed: ,,/ ..../' 60 Day Reminder Letter e Oth day: 90 Day Reminder Letter Sent on 45th day: See Attached: See Attached: See Attached: Date Returned: - Request for Council Action & Staff Report Attached: Updated Prior Resolutions (Other Than Below): Updated CITY Personnel Folders (6413, 6429, 6433, 10584, 10585, 12634): Updated CDC Personnel Folders (5557): Updated Traffic Folders (3985, 8234, 655, 92-389): Yes ,./ No Yes No~ Yes No~ Yes NO~ Yes No_ Copies Distributed to: City Attorney Parks & Rec. Code Compliance Dev. Services Police Public Services Water EDA v Finance ". MIS Others: Notes: BEFORE FILING, REVIEW FORM TO ENSURE ANY NOTATIONS MADE HERE ARE TRANSFERRED TO THE YEARLY RESOLUTION CHRONOLOGICAL LOG FOR FUTURE REFERENCE (Contract Term, etc.) Ready to File: _ Date: Revised 01/12/01