SERAF definition

SERAF means the 2009-2010 and 2010-2011 Supplemental Educational Revenue Augmentation Fund, which is the state property tax allocation system that shifts property taxes from local governments to local educational agencies.
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SERAF means Supplemental Educational Revenue Augmentation Funds borrowed by the State from Redevelopment Agencies and now required to be repaid and deposited into each Successor Agency's Housing Asset Fund.
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Examples of SERAF in a sentence

  • Sufficient funds are available to fund this project and make any required SERAF payments.

  • The parties acknowledge and agree that the SERAF Loan amounts due to the City reflect repayment to the City of amounts loaned to or advanced on behalf of the Redevelopment Agency to further the Redevelopment Agency’s redevelopment activities, and was for legitimate redevelopment purposes.

  • Although the attached LMIH status report shows an expected balance of $1.67 million in the current fiscal year, up to $1.2 million may be borrowed to pay the Supplemental Education Revenue Augmentation Funds (SERAF), as required by AB 26 4X this year.

  • Repayments made pursuant to this Agreement shall be made only after amounts due to the former Low and Moderate Income Housing Fund for repayment of that portion of the SERAF Loan made from the Low and Moderate Income Housing Fund (the “Low Mod Fund Loan”) are made pursuant to Section 34176(e)(6).

  • As such, notwithstanding the provisions of Section 7.02 subsection E., of this Agreement, in the event that, for any reason, the Ice Centre Reserve Fund falls below the amount of funds projected to be needed in any year to pay debt service, insurance premiums, lease oversight costs and the items contained in the annual Capital Repair Plan, the City shall first call the amounts loaned to the Agency under the SERAF Loan.

  • That portion of the SERAF Loan designated as the Inter-Fund Loan, in the total principal amount of $10, 000,000, disbursed to the former Agency to pay a portion of the May 10, 2010 SERAF payment, is hereby reinstated as a valid and binding obligation of the Successor Agency.

  • It is the understanding and agreement of the parties that the total amount of the SERAF Loan owed to the City is $1,687,703.00, plus interest calculated at the rate established under Health and Safety Code Section 34191.4(b)(3).

  • This is critical in determining current fund balances and whether the Successor Agency will face shortfalls in the future, particularly as the CAC distributes deferred litigation settlement payments and the Successor Agency repays SERAF and housing deferral loans.

  • The purpose of this Amendment is (a) to ratify the existence and validity of the SERAF Loan, and (b) to establish the repayment terms of the SERAF Loan pursuant to the Dissolution Act.

Related to SERAF

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  • DIA means the department of inspections and appeals established in Iowa Code chapter 10A.