HomeMy WebLinkAboutOB Res 12-09 2012-12-11 RESOLUTION NUMBER OB12-09
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO THE SEAL BEACH
REDEVELOPMENT AGENCY ACKNOWLEDGING THE RECEIPT
OF THE REVIEW FOR FUND AND ACCOUNT BALANCES OF
THE SUCCESSOR AGENCY CONDUCTED PURSUANT TO
HEALTH AND SAFETY CODE SECTION 34179.5
RECITALS: 1
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 Ca1.4th 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. Pursuant to Health and Safety Code Section 34179.6, on
October11, 2012, the Oversight Board of the Successor Agency (the "Oversight •
Board") approved the results of the due diligence 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.
D. Health and Safety Code Section 34179.6 also requires the
Successor Agency to submit to the Oversight Board for the Oversight Board's
review and approval the results of the due diligence review conducted pursuant
to Section 34179.5 for all of the other fund and account balances of the
Successor Agency, excluding the LMIHF, and specifically the amount of cash
and cash equivalents determined to be available for allocation to taxing entities
(the "Non-Housing DDR").
E. 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 Non-Housing DDR and a copy of the
Recognized Obligation Payment Schedule ("ROPS").
F. Pursuant to Health and Safety Code Section 34179.6(b), upon
receipt of the Non-Housing DDR, and at least five business days before the
Oversight Board considers the approval of the Non-Housing DDR, 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 Non-Housing DDR and at which time the Oversight Board shall consider the
opinions, if any, offered by the county auditor-controller on the results of the Non-
Housing DDR.
G. On the date of this Resolution, the Oversight Board has held the
Public Comment Session pursuant to Health and Safety Code Section
34179.6(b).
Resolution Number 0812-09
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
Non-Housing DDR.
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 11th day of December , 2012.
AYES: Board Members: j, , ,Aim �z' Jiifna da :" i •
NOES: Board Members: ,-
ABSENT: Board Members: (44,01
ABSTAIN: Board Members:
CHAIR, OVERSIGHT BOARD
ATTEST:
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RETARY, OVERSIGHT BOARD
STATE OF CALIFORNIA )
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 11th day of December , 2012.
L/
SECTARY, OVERSIGHT BOARD