Oversight Board Resolution OB2012-12

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OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE FAIRFIELD REDEVELOPMENT AGENCY RESOLUTION NO. 0B2012- 1 Z A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE FAIRFIELD REDEVELOPMENT AGENCY APPROVING A PROPOSED ADMINISTRATIVE BUDGET FOR THE SIX-MONTH FISCAL PERIOD FROM JANUARY 1, 2013 THROUGH JUNE 30, 2013 AND TAKING CERTAIN RELATED ACTIONS WHEREAS, pursuant to Health and Safety Code Section 34177(j), the Successor Agency to the FairField Redevelopment Agency (the "Successor Agency") must prepare a proposed administrative budget for each six-month fiscal period (commencing each January 1 and July 1) and submit each proposed administrative budget to the oversight board for the Successor Agency (the "Oversight Board") for approval; and WHEREAS, there has been presented to this Board for approval a proposed administrative budget for the Successor Agency for the six-month fiscal period from January 1, 2013 through June 30, 2013 ("Administrative Budget No. 3"); and WHEREAS, the allocation of property tax revenues for administrative expenses pursuant to Health and Safety Code Section 34171 is insufficient to meet the duties and obligations of the Successor Agency. NOW, THEREFORE, THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE FAIRFIELD REDEVELOPMENT AGENCY HEREBY RESOLVES: Section 1. The above recitals are true and correct and are a substantive part of this Resolution. Section 2. The Oversight Board hereby approves the proposed Administrative Budget No. 3 substantially in the form attached hereto as Exhibit A. Section 3. The Executive Director shall have the authority to transfer funds from one budget category to another. Section 4. The Oversight Board hereby approves the use of accumulated income of $103,329 from cell tower leases on land owned by the Successor Agency for expenses related to Administrative Budget No. 3. 81000-0172\1479428v2.doc