HomeMy WebLinkAboutOB-015RESOLUTION NO. OB-015
A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR
AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
ACKNOWLEDGING THE RECEIPT OF THE REVIEW OF THE LOW
AND MODERATE INCOME HOUSING FUND CONDUCTED PURSUANT
TO HEALTH AND SAFETY CODE SECTION 34179.5
RECITALS:
A. Pursuant to Health and Safety Code Section 34175(b) and the California
Supreme Court's decision in Califomia Redevelopment Association, et al. v. Ana
Matosantos, et al. (53 Ca1.4th 231(2011)), on February 1, 2012, all assets, properties,
contracts, leases, books and records, buildings, and equipment of the former Palm
Desert Redevelopment Agency transferred to the control of the Successor Agency to
the Palm Desert 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 Successor Agency
to submit the results of the 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 (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(b), upon receipt of
the Due Diligence Review, and at least five business days before the Oversight Board
considers the approval of the Due Diligence Review, 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 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 the date of this Resolution, the Oversight Board will hold the Public
Comment Session pursuant to Health and Safety Code Section 34179.6(b).
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RESOLUTION NO. OB-015
NOW, THEREFORE, THE OVERSIGHT BOARD OF THE SUCCESSOR
AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY HEREBY 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. The Oversight Board hereby acknowledges receipt of the Due
Diligence Review.
Section 3. The staff and the Board of the Successor Agency 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.
PASSED AND ADOPTED this 1st day of October, 2012.
AYES: BUCK, CARVER, LARSON, REYES, and SPIEGEL
NOES: NONE
ABSENT: BRANDL and DEAS
ABSTAIN: NONE
�i`-9
ROBERT A. SPIEGEIZ, CH7
ATTEST:
Rk�HELLE D. KLASSEN, 'SECRETARY
OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE
PALM DESERT REDEVELOPMENT AGENCY
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