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13138-170 JH:ACH:brf 02/09/05 02/25/05 RESOLUTION NO. 761 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE AUTHORIZING AND DIRECTING EXECUTION OF LOAN AGREEMENT RELATING TO THE ISSUANCE OF CERTAIN BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY, APPROVING OFFICIAL STATEMENT RELATING TO SUCH BONDS AND AUTHORIZING AND APPROVING OTHER MATTERS RELATING THERETO WHEREAS, the California Statewide Communities Development Authority (the "Authority") is a joint powers authority duly organized and existing under and pursuant to that certain "Amended and Restated Joint Exemise of Powers Agreement Relating to the California Statewide Communities Development Authority", dated as of June 1, 1988, and under the provisions of Articles 1 through 4 (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act"), and is authorized pursuant to Article 4 of the Act (the "Bond Law") to issue bonds, notes and other obligations; and WHEREAS, the Redevelopment Agency of the City of Riverside (the "Agency") is a public body, corporate and politic, duly established and authorized to transact business and exercise powers under and pursuant to the provisions of Part 1 of Division 24 of the Health and Safety Code of the State of California; and WHEREAS, Section 33681.15 of the California Health and Safety Code authorizes the Authority to issue bonds, notes or other obligations to provide funds to make loans to redevelopment agencies to make the payments required by Section 33681.12 of the California Health and Safety Code, namely payments to the applicable county auditor for deposit in the county's Educational Revenue Augmentation Fund (the "ERAF Payment"); and WHEREAS, in order to make loans for such purpose to redevelopment agencies, the Authority has determined to issue its California Statewide Communities Development Authority 2005 Taxable Revenue Bonds, Series A (CRA/ERAF Loan Program) in the aggregate principal amount of not to exceed $50,000,000 (the "Bonds"); and WHEREAS, in order to make its ERAF Payment for fiscal year 2004-05, the Agency desires to obtain a loan from the Authority from the proceeds of the Bonds in the amount of not to exceed $1,640,000 (the "Loan") pursuant to the terms and conditions set forth in the Loan Agreement, dated as of April 1, 2005, by and between the Agency and the Authority (the "Loan Agreement"), a form of which Loan Agreement is on file with the Secretary of the Agency; and WHEREAS, the Agency is a member of the Authority; and WHEREAS, in connection with the issuance of the Bonds by the Authority, Section 6586 of the Act requires that the Agency make certain determinations with respect to the significant public benefits to the Agency resulting from the issuance of the Bonds by the Authority, as hereinafter set forth; WHEREAS, as a condition precedent to entering into the Loan Agreement, said Section 33681.15 requires that the Agency obtain the prior approval of the City Council of the City of [insert name of City] (the "City"), by resolution (the "City Council Resolution") adopted by a