HomeMy WebLinkAboutOB Res 12-07 2012-10-02 RESOLUTION NUMBER OB12-07
A RESOLUTION OF THE OVERSIGHT BOARD FOR THE
SUCCESSOR AGENCY TO THE SEAL BEACH
REDEVELOPMENT AGENCY ACKNOWLEDGING THE RECEIPT
OF THE REVIEW OF THE LOW AND MODERATE INCOME
HOUSING FUND CONDUCTED PURSUANT TO HEALTH AND
SAFETY CODE §34179.5
RECITALS:
A. Pursuant to Health and Safety Code Section 34175(b) and the
California Supreme Court's decision in California Redevelopment Association, et
al. v. Ana Matosantos, et al. (53 Cal.4th 231(2011)), on February 1, 2012, all
assets, properties, contracts, leases, books and records, buildings, and
equipment of the former Seal Beach Redevelopment Agency transferred to the
control of the Successor Agency to the Seal Beach Redevelopment Agency (the
"Successor Agency") by operation of law.
B. Health and Safety Code Section 34179.5 requires the Successor
Agency to employ a licensed accountant, approved by the county auditor-
controller, to conduct a due diligence review to determine the unobligated
balances available for transfer to taxing entities.
C. Health and Safety Code Section 34179.6 requires the Successor
Agency to submit the results of the review conducted pursuant to Section
34179.5 for the Low and Moderate Income Housing Fund (the "LMIHF") and
specifically the amount of cash and cash equivalents determined to be available
for allocation to taxing entities (the "Due Diligence Review") to the Successor
Agency's Oversight Board (the "Oversight Board") for the Oversight Board's
review and approval.
D. Pursuant to Health and Safety Code Sections 34179.6 and
34180(j), the Successor Agency submitted to the Oversight Board, the county
administrative officer, the county auditor-controller, the State Controller and the
Department of Finance ("DOF") the Due Diligence Review and a copy of the
Recognized Obligation Payment Schedule ("ROPS").
E. Pursuant to Health and Safety Code Section 34179.6(b), upon
receipt of the Due Diligence Review, and at least five business days before the
Oversight Board considers the approval of the Due Diligence Review, the
Oversight Board must hold a public comment session (the "Public Comment
Session") at which time the public has an opportunity to hear and be heard on
the results of the Due Diligence Review and at which time the Oversight Board
considers the opinions, if any, offered by the county auditor-controller on the
results of the Due Diligence Review.
F. On the date of this Resolution, the Oversight Board will hold the
Public Comment Session pursuant to Health and Safety Code Section
34179.6(b).
NOW, THEREFORE, THE OVERSIGHT BOARD OF THE SUCCESSOR
AGENCY TO THE SEAL BEACH REDEVELOPMENT AGENCY HEREBY
FINDS, DETERMINES, RESOLVES, AND ORDERS AS FOLLOWS:
Section 1. The above recitals are true and correct and are a
substantive part of this Resolution.
Section 2. The Oversight Board hereby acknowledges receipt of the
Due Diligence Review.
12805-0001A1476915v1.doc
Resolution Number 0812-07
Section 3. The staff and the Board of the Successor Agency are hereby
authorized and directed, jointly and severally, to do any and all things which they
may deem necessary or advisable to effectuate this Resolution.
PASSED, APPROVED AND ADOPTED by the Oversight Board at a meeting
held on the 2nd day of October , 2012.
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AYES: Board Members:ILii/.i //L LJi.� /ni_r/ AA's ,
NOES: Board Members:
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ABSENT: Board Members: kJ-Wiwi 0742
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ABSTAIN: Board Members:
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ATTEST:
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S CRETARY, OVERSIGHT BOARD
STATE OF CALIFORNIA )
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COUNTY OF ORANGE ) SS
CITY OF SEAL BEACH )
I, Linda Devine, Secretary to the Oversight Board, hereby certify that the
foregoing resolution was duly adopted at a meeting of the Oversight Board, held
on the 2nd day of October , 2012.
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SE RETARY, OVERSIGHT BOARD
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