HomeMy WebLinkAboutOversight Board Reso 12-0010 OB RESOLUTION NO. 12-0010
A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO
THE FORMER REDEVELOPMENT COMPONENT OF THE CITY OF DOWNEY
COMMUNITY DEVELOPMENT COMMISSION MAKING ITS DETERMINATION ON
THE DUE DILIGENCE REVIEW FOR THE LOW AND MODERATE INCOME
HOUSING FUND
WHEREAS, as a result of the passage of Assembly Bill 26 from the 2011 -12 First
Extraordinary Session of the California Legislature ("ABxI 26" or the "Dissolution Act "), the City
of Downey redevelopment agency ( "RDA ") was dissolved on February 1, 2012; and
WHEREAS, pursuant to Assembly Bill 1484 of the 2011 -12 Legislative Session ( "AB
1484 "), the Downey Successor Agency for the former RDA ( "Successor Agency ") is a separate
public agency now charged with winding down the RDA's affairs, including making payments
due for enforceable obligations (as defined in the Dissolution Act), and perform obligations
required pursuant to enforceable obligations; and
WHEREAS, in connection with winding the former RDA, AB 1484 requires each
successor agency to employ a licensed accountant to conduct a due diligence review of the low
and moderate housing fund (the "Due Diligence Review "); and
WHEREAS, pursuant to Health and Safety Code section 34179.6, added by AB 1484,
the Successor Agency submitted the Due Diligence Review, along with a copy of the applicable
Recognized Obligation Payment Schedule, to the Oversight Board of the Successor Agency
( "Oversight Board "), the California Department of Finance, State Controller's Office, County
Administrative Officer, and County Auditor - Controller; and
WHEREAS, the Oversight Board has been duly established and operating pursuant to
Health and Safety Code section 34179; and
WHEREAS, pursuant to Health and Safety Code section 34179.6(c), on or before
October 15, 2012, the Oversight Board must review, approve, and transmit to the Department of
Finance and County Auditor- Controller the determination of the amount of cash and cash
equivalents that are available for disbursement to taxing entities from the former RDA's low and
moderate income housing fund; and
WHEREAS, a true and correct copy of the Due Diligence Review of the Low and
Moderate Income Housing Fund for the Successor Agency is attached to this Resolution as
Exhibit A and incorporated herein, and
WHEREAS, the Oversight Board held a public comment session, pursuant to Health and
Safety Code section 34179.6(b), prior to the approval of the determination of the amount of cash
and cash equivalents that are available for disbursement to taxing entities from the former
RDA's low and moderate income housing fund; and
WHEREAS, the Oversight Board has taken into consideration its fiduciary responsibility
to the holders of enforceable obligations and the taxing entities that benefit from distributions of
property tax and other revenues.
NOW, THEREFORE, THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO
THE FORMER REDEVELOPMENT COMPONENT OF THE CITY OF DOWNEY COMMUNITY
DEVELOPMENT COMMISSION HEREBY RESOLVES AS FOLLOWS:
SECTION 1. That the above recitals are true and correct and incorporated herein.
OB RESOLUTION NO. 12 -0010
PAGE 2
SECTION 2. The Oversight Board has reviewed and approves the findings made in the
Due Diligence Review,
SECTION 3. Pursuant to HSC section 34179.6(c), the Oversight Board hereby
authorizes the Successor Agency to retain the following assets and funds, identified in the Due
Diligence Review, that correspond to assets and funds as specified in HSC section
34179.5(c)(5)(B) -(E), with the amount, source of funds, and purposes for which they are being
retained as reported in:
(a) Schedule 1: Listing of Assets Transferred to Successor Agency
(b) Schedule 2: Transfer to Housing Successor
(c) Schedule 3: Listing of Assets
(d) Schedule 4: Cash Balances for Retention to Meet Enforceable
Obligations in Fiscal Year 2012 -2013
(e) Schedule 5: Summary of Balances Available For Allocation to Affected
Taxing Agencies
SECTION 4. The Secretary shall certify to the adoption of this resolution.
APPROVED AND ADOPTED THIS 1 1 th DAY OF OCTOBER, 2►
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BRIA S'_ KI, Chairman
ATTEST:
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ADRIA M. JIMENE2 Secretary
State of California )
County of Los Angeles )ss.
City of Downey )
1, Adria M. Jimenez, Secretary of the Oversight Board of the Successor Agency to the
former Redevelopment Agency of the City of Downey, California ( "Oversight Board "), do hereby
certify the fore oing Resolution was duly adopted by said Oversight Board at a regular meeting
held on the 11 day of October 2012, by the following vote, to wit:
Ayes: Oversight Board Members: Brossmer, Delawalla, Flores, LaPlante, Chair Saeki
Noes: Oversight Board Members: None.
Absent: Oversight Board Members: Latham, Helvey
Abstained: Oversight Board Members: None.
.../ACL .-- 1211 '
ADRIA M. JIME Z, ' ecretary