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OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE <br />FAIRFIELD REDEVELOPMENT AGENCY <br />RESOLUTION NO. 0B2012- C� 2- <br />A RESOLUTION OF THE OVERSIGHT BOARD FOR THE <br />SUCCESSOR AGENCY TO THE FAIRFIELD REDEVELOPMENT <br />AGENCY APPROVING ADMINISTRATIVE BUDGETS FOR THE SIX- <br />MONTH FISCAL PERIOD COMMENCING JANUARY 1, 2012 AND <br />ENDING JUNE 30, 2012 AND THE SIX-MONTH FISCAL PERIOD <br />COMMENCING JULY 1, 2012 AND ENDING DECEMBER 31, 2012, <br />APPROVING A COOPERATIVE AGREEMENT, AND TAKING <br />CERTAIN ACTIONS IN CONNECTION THEREWITH <br />WHEREAS, Health and Safety Code Section 34177(j) provides that a successor agency <br />to a former redevelopment agency must prepare an administrative budget in <br />accordance with the requirements of Section 34177(j), with each administrative budget <br />to include estimated amounts for successor agency administrative costs for the <br />upcoming six-month fiscal period; proposed sources of payment for the administrative <br />costs; and proposals for arrangements for administrative and operations services <br />provided by a city or another entity; and <br />WHEREAS, The Successor Agency to the FairField Redevelopment Agency (the <br />"Successor Agency") has submitted to the Oversight Board for the Successor Agency <br />(the "Oversight Board") an administrative budget for the six-month fiscal period that <br />commences on January 1, 2012 and ends on June 30, 2012, attached hereto as Exhibit <br />A and incorporated herein by reference (the "First Administrative Budget"), an <br />administrative budget for the six-month fiscal period that commences on July 1, 2012 <br />and ends on December 31, 2012, attached hereto as Exhibit B and incorporated herein <br />by reference (the "Second Administrative Budget"), and a Cooperative Agreement for <br />Advance and Reimbursement of Administrative, Overhead and other Expenses by and <br />between the Successor Agency and the City of FairField (the "City"), attached hereto as <br />Exhibit C and incorporated herein by reference (the "Cooperative Agreement"); and <br />WHEREAS, Pursuant to Health and Safety Code Section 34177(j), proposed <br />administrative budgets must be submitted to the Oversight Board for its approval. <br />Pursuant to Health and Safety Code Sections 34178(a) and 34180(h), the Successor <br />Agency may enter into agreements with the City with the approval of the Oversight <br />Board. Pursuant to Health and Safety Code Section 34171(d)(1)(F), contracts or <br />agreements for the administration or operation of the Successor Agency are <br />enforceable obligations; and <br />WHEREAS, Pursuant to Health and Safety Code Section 34177(k), the Successor <br />Agency is required to provide administrative cost estimates, from its approved <br />administrative budget that are to be paid from property tax revenues deposited in the <br />Redevelopment Property Tax Trust Fund, to the County Auditor-Controller for each <br />applicable six-month fiscal period; and <br />81000-0 l 72\1436893v2.doc <br />