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RES-OB-0063 Obligation Payment Schedule 2015RESOLUTION NO. OB -0063 A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE ORANGE REDEVELOPMENT AGENCY APPROVING AND ADOPTING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE AND RELATED ADMINISTRATIVE BUDGET FOR A PERIOD COVERING JULY 1, 2015 THROUGH DECEMBER 31, 2015. WHEREAS, Assembly Bill xl 26 ( "AB 26 ") and AB xl 27 were passed by the State Legislature on June 15, 2011 and signed by the Governor on June 28, 2011; and WHEREAS, among other things, AB 26 amended Sections 33500, 33501, 33607.5 and 33607.7 of the California Health and Safety Code and added Part 1.8 and Part 1.85 of Division 24 to the California Health and Safety Code; and WHEREAS, by enactment of Part 1.85 of Division 24 of the California Health and Safety Code, subject to all reservations herein stated, the Orange Redevelopment Agency (the Agency ") was dissolved as of February 1, 2012; and WHEREAS, Assembly Bill 1484 ( "AB 1484 ") was passed by the State Legislature on June 27, 2012 and signed by the Governor on June 27, 2012 which adds and amends certain provisions contained in AB 26, including the process for adopting Recognized Obligation Payment Schedules; and WHEREAS, California Health and Safety Code Section 34173(a) designates successor agencies as successor entities to former redevelopment agencies; and WHEREAS, on January 10, 2012, by Resolution No. 10625, the City of Orange declared itself as the successor agency (the "Successor Agency ") upon the dissolution of the Agency, subject to all reservations stated in such resolution; and WHEREAS, the Oversight Board of the Successor Agency to the Orange Redevelopment Agency (the "Oversight Board ") has been established to direct the Successor Agency to take certain actions to wind down the affairs of the Agency in accordance with the California Health and Safety Code; and WHEREAS, California Health and Safety Code Section 34177(1) provides that a successor agency must prepare a Recognized Obligation Payment Schedule (ROPS) for every six -month period thereafter; and WHEREAS, California Health and Safety Code Section 341770) provides that a successor agency must prepare an administrative budget concurrently with a ROPS for every six -month period thereafter; and WHEREAS, on February 10, 2015, pursuant to California Health and Safety Code Section 34177(1) and (m), the Successor Agency has prepared, approved and submitted to the Oversight Board for approval its ROPS for the period covering July 1, 2015 through December 31, 2015 ( "ROPS 15 -16A ") and the related administrative budget included on the ROPS 14 -15B as Line Item 70 and incorporated herein by this reference; and, WHEREAS, the Executive Director or his designee may augment, modify, add or revise the format of ROPS 15 -16A into a format acceptable to the State Department of Finance as the Executive Director or his designee may deem appropriate to comply with requirements of AB 26 and AB 1484; and WHEREAS, by this Resolution, pursuant to Sections 34177(1)(2)(B) and 34180(g) of AB 26 and AB 1484, the Oversight Board has received the ROPS 15 -16A and related administrative budget from the Successor Agency. NOW, THEREFORE, the Oversight Board of the Successor Agency to the Orange Redevelopment Agency does hereby resolve as follows: Section 1. The Oversight Board hereby finds and determines that the foregoing recitals are true and correct. Section 2. All legal prerequisites to the adoption of this Resolution have occurred. Section 3. The Oversight Board hereby approves the ROPS 15 -16A substantially in the form attached to this Resolution as Attachment No. 1 and authorizes the Executive Director or his designee to make such augmentation, modifications, additions or revisions as the Executive Director or his designee may deem appropriate to comply with requirements of AB 26 and AB 1484. Section 4. The Oversight Board hereby approves the Administrative Budget included as Line Item 70 on ROPS 15 -16A. Section 5. The attached ROPS 15 -16A and related Administrative Budget are hereby adopted. Section 6. The Executive Director of the Successor Agency or his designee is hereby authorized to take such actions as are necessary and appropriate to comply with AB 26 and AB 1484. Section 7. The Clerk of the Oversight Board shall certify to the adoption of this Resolution. 2 Section 8. This Resolution shall take effect immediately upon its adoption. ADOPTED this l lth day of February 2015. arolyn V C ecche l k airper n f the Oversight Board to the Successor Agency e Orange Redevelopment Agency ATTEST: iLr?Ar &A &f VF Mary E. Mu by Clerk of the Oversight 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 11 day of February 2015, by the following vote: AYES: BOARDMEMBERS: Remland, Christensen, Davert, Buttress, Cavecche, Schulze NOES: BOARDMEMBERS: None ABSENT: BOARDMEMBERS: None ABSTAIN: BOARDMEMBERS: None Mary E. Tourphy Clerk of the Oversight Board 3