RES-OB-0010 Acknowledgement Receipt of Low & Moderate Income Housing FundRESOLUTION NO. OB -0010
A RESOLUTION OF THE OVERSIGHT BOARD OF
THE SUCCESSOR AGENCY TO THE ORANGE
REDEVELOPMENT AGENCY ACKNOWLEDGING
THE RECEIPT OF THE REVIEW OF THE LOW
AND MODERATE INCOME HOUSING FUND
CONDUCTED PRUSUANT TO HEALTH AND
SAFETY CODE SECTION 34179.5
WHEREAS, 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 Ca1.4" 231(2011)), on February 1, 2012, all assets, properties,
contracts, leases, books and records, buildings, and equipment of the former Orange
Redevelopment Agency transferred to the control of the Successor Agency to the Orange
Redevelopment Agency (the "Successor Agency ") by operation of law.
WHEREAS, 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.
WHEREAS, 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.
WHEREAS, pursuant to Health and Safety Code Sections 34179.6 and 341800), 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 ").
WHEREAS, 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.
WHEREAS, 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
Orange Redevelopment Agency does hereby resolve 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.
Section 3 . The Successor Agency and staff 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.
ADOPTED this 3rd day of October, 2012, by the following vote:
sogoF -the Oversight Board to the Successor
offie Orange Redevelopment Agency
ATTEST:
q / /
P
111'
Robert Zorn
Clerk of the Iversight Board
I hereby certify that the foregoing Resolution was duly and regularly adopted by the
Oversight Board of the Successor Agency to the Orange Redevelopment Agency at a regular
meeting thereof held on the 3rd day of October, 2012, by the following vote:
AYES: BOARDMEMBERS: Davert, Buttress, Schulze, Remland, Christensen, Cavecche
NOES: BOARDMEMBERS: None
ABSENT: BOARDMEMBERS: Yarbrough
ABSTAIN: BOARDMEMBERS: None
Robert Zornad
Clerk of the Oversight Board