HomeMy WebLinkAboutOversight Board Reso 13-0013 OB RESOLUTION NO. 13 -0013
A RESOLUTION OF THE OVERSIGHT BOARD TO THE DOWNEY SUCCESSOR
AGENCY APPROVING THE NON - HOUSING DUE DILIGENCE REVIEW REPORT
PREPARED PURSUANT TO SECTION 34179.5
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 electronically transmitted the Due Diligence Review, 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
January 15, 2013, 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 non -low
and moderate income housing fund; and
WHEREAS, a true and correct copy of the Due Diligence Review of all Non - Housing
monies and obligations of the Successor Agency is attached to this Resolution as Exhibit A and
incorporated herein, and
WHEREAS, the Oversight Board held a public comment session on December 20, 2012,
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; 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.
OB RESOLUTION NO. 13 -0013
PAGE 2
NOW, THEREFORE, THE OVERSIGHT BOARD FOR THE DOWNEY SUCCESSOR
AGENCY HEREBY RESOLVES AS FOLLOWS:
SECTION 1. That the above recitals are true and correct and incorporated herein.
SECTION 2. The Oversight Board having taken into consideration the public comments,
if any, received and the hereby approves the findings made in the Non - Housing Due Diligence
Review Report (Attachment 1).
SECTION 3. The Oversight Board finds that the Review has determined the amount of
unobligated cash and cash equivalents that are available for disbursement to taxing entities as
determined according to the method provided in Section 34179.5.
SECTION 4. The Oversight Board directs staff to transmit to the Department of Finance
and County Auditor- Controller the determination of the amount of cash and cash equivalents
that is available for disbursement to taxing entities, in the amount of $134,033 (One hundred
thirty -four thousand thirty -three dollars).
SECTION 5. The Secretary shall certify to the adoption of this resolution.
APPROVED AND ADOPTED this 10 day of January 013.
( .••.�
B' S a EKI, Chairman
ATTEST:
ADRIA M. JIMEN , 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 foregoing Resolution was duly adopted by said Oversight Board at a adjourned
regular meeting held on the 10 day of January 2013, by the following vote, to wit:
Ayes: Oversight Board Members: Brossmer, Delawalla, Flores, LaPlante, Saeki
Noes: Oversight Board Members: None
Absent: Oversight Board Members: Helvey, Latham
Abstained: Oversight Board Members: None ,,...�
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JAEL
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A: — IA M. JIMENE \ Secretary