RES-OB-0019 Acknowledgement For Receipt of Review For Fund & Account BalancesRESOLUTION NO.OB -0019
A RESOLUTION OF THE OVERSIGHT BOARD OF
THE SUCCESSOR AGENCY TO THE ORANGE
REDEVELOPMENT AGENCY ACKNOWLEDGING
THE RECEIPT OF THE REVIEW FOR FUND AND
ACCOUNT BALANCES OF THE FORMER
ORANGE REDEVELOPMENT AGENCY
PURSUANT 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 Cal.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, on October 10, 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.
WHEREAS, 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 former Orange Redevelopment Agency, excluding the
LMIHF, and specifically the amount of cash and cash equivalents determined to be available
for allocation to taxing entities (the "Other Funds DDR ").
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
Other Funds DDR and copies of the Recognized Obligation Payment Schedule ( "ROPS ").
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's Office and the Department of Finance
DOF ") the Other Funds DDR and copies of the Recognized Obligation Payment Schedule
ROPS ").
WHEREAS, pursuant to Health and Safety Code Section 34179.6(b), upon receipt of
Other Funds DDR, and at least five business days before the Oversight Board considers the
approval of the Other Funds 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 Other Funds DDR and at which time the Oversight Board
considers the opinions, if any, offered by the County Auditor - Controller on the results of the
Other Funds DDR.
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 Other Funds
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Section 3 . The Board of 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 2nd day of January, 2013, by the following vote:
Pis
n f the Oversight Board to the Successor
the range Redevelopment Agency
ATTEST:
Mary E. rphy
Clerk of the Oversight Board
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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 2nd day of January, 2013, by the following vote:
AYES:BOARDMEMBERS:
NOES:BOARDMEMBERS:
ABSENT:BOARDMEMBERS:
ABSTAIN:BOARDMEMBERS:
Cavecche, Buttress, Schulze, Remland, Davert
None
Yarbrough, Christensen
None
At
Mary E. Mufphy
Clerk of the Oversight Board
3