HomeMy WebLinkAbout12-12 OB SARDA Resolution RESOLUTION NO. OB SARDA 12-12
A, �ESOLiJTION.. OF �'HE OVERSIG�T.: B.OA� OF -�'HE `-
,: S�JC.CESS�12.: ; '�AG�NC�` �O T1i�-IE TEMECi7UL� .. . '• .
REDEVELOPMENT AGENCY APPROVING THE DUE
DILIGENCE REVIEW OF THE OTHER
� REDEVELOPMENT FUNDS CONDUCTED PURSUANT TO
HEALTH AND SAFETY CODE SECTION 34179.5 AND
TAHING CERTAIN OTHER ACTIONS IN "CONNECTION
THEREWITH
RECITALS:
A. Pursuant to Health and Safety Code Section 34.175(b) and the California Supreme,
Court'.s decision in California.Redevelopme�it Association, et al. v. Ana Matosantas, et al.
(53 Ca1.4th 231(2011)), on February �, 2012, all assets, properties, centracts, leases, books and
records, buildings, and equipment of the former Temecula Redevelopment Agency transferred to
the control of the Successor Agency to the Temecula 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 ��:c��ssor Agency to submit
the results of the reyiew conducted pursuant to Section 34179.5 for the Low and Moderate ,
IncomeHousing 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�'n), u�on receipt of the Due
Diligence Review, and at least five business days before the Ov.ersight Board considers the
approval of the Due Diligerice Review� the Oversight Board must hold a public comment session
(the "Pub�.ic 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 December 12, 2012, the Oversight Board held the Public Comment Session
pursuant to Health and Safety Code Section 34179.6 (b).
G. Pursuant to Health and Safety Code Section 34179.6(c), the Oversight Board must
review, approve and transmit to DOF and the county auditor-controller, the detertnination of the
amount of cash and cash equivalents in the LMIHF available for disbursement to taxing entities
as determined according to the method provided in Section 34179.5. Section 34179.6 (c)
provides that the Oversight Board may adjust any amount provided in the Due Diligence Review
to reflect additional information and analysis.
H. Section 34179.6(c) empowers the Oversight Board to authorize the Successor
Agency to retain assets or funds identified in subparagraphs (B) to (E), inclusive, of paragraph
(5) of subdivision(c) of Section 34179.5. If the Oversight Board ma.kes this authorization, the
Oversight Board must identify to DOF the amount of funds authorized for retention, the source
of those f�znds, and the purposes for which those funds are being retained. The determination
and authorization to retain funds and assets shall be subject to the review and approval of DOF
pursuant to Health and Safety Code Section 34179.6(d).
- I. Pursuant to Health and Safety Code Section 34179.6(c), the Oversight Board
desires to approve the Due Diligence Review and to authorize the Successor Agency to retain the
assets and funds, if any, identified pursuant to subparagraphs (B) to (E), inclusive, of paragraph
(5) of subdivision(c) of Section 34179.5, as documented in the Due Diligence Review.
NOW, THEREFORE, THE OVERSIGHT BOARD OF THE SUCCESSOR
AGENCY TO THE TEMECULA REDEVELOPMENT AGEN�'Y HER�BY 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. This Resolution is adopted pursuant to Health and Safety Code Section
34179.6(c).
Section 3. The Oversight Board hereby approves the Due Diligence Review as
presented on file with the Secretary.
Section 4. For the purposes of providing for the transfer of housing functions and
assets pursuant to Health and Safety Code Sections 34176 and 34181(c), the Oversight Board
hereby authorizes the Successor Agency to retain the assets and funds, if any, identified in
subparagraphs (B) to (E), inclusive, of paragraph (5) of subdivision(c) of Section 34179.5, as
documented in the Due Diligence Review, which provides the amount of funds authorized for
retention, the source of those funds, and the purposes for which those funds are being retained.
Section 5. The staff of the Successor Agency is hereby dir.ected to transmit to DOF
and the county auditor-controller written notice and information regarding the actions taken by
this Resolution and specifically the determination of the amount of cash and cash equivalents in
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the LMIHF that are available for disbursement to taxing entities as`det�rmined.according to the
method provided in Health and Safety Code Section 34179.5. Such notice to DOF shall be
provided by electronic means and in a manner of DOF's choosing.
Section 6. The staff and the Board of the Successor Agency are hereby authorized
and directed, jointly and severally, to execute and record such documents and instruments and to
do any and all other things which they may deem necessary or advisable to effectuate this
Resolution and any such actions previously taken are hereby ratified.
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PASSED, APPROVED, AND ADOPTED by the Boarc� of Directors of the Oversight
Board of the Successor Agency to the Temecula Redevelopment Agency this 19th day of
December, 2012.
� '
Gary Thornhill, Vice Chairperson
ATTEST:
usan . Jone , MMC
Boa Secreta �
,
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )
CITY OF TEMECULA )
I, Susan W. Jones, MMC, Board Secretary of the Successor Agency to the ,
Temecula Redevelopment Agency, do hereby certify that the foregoing Resolution No. OB
SARDA 12-12 was duly and regularly adopted by the Board Members of the Oversight
Board of the Successor Agency to the Temecula Redevel�pment Agency of the City of
Temecula at a meeting thereof held on the 19th day of December, 2012, by the following
vote:
AY�S: . 5 BOARD MEMBERS: Thornhill, Gonzales, Ordway-Peck,
Sparkman, Turner
NOES: 0 BOARD MEMBERS:
ABSENT: 2 BOARD MEMBERS: Meyer, Kelliher
ABSTAIN: 0 BOARD MEMBERS:
, Susa . Jones, MMC
Board Secretary
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