Laserfiche WebLink
CITY OF FAIRFIELD <br />RESOLUTION NO. 0B2012-17 <br />A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY TO <br />THE FAIRFIELD REDEVELOPMENT AGENCY APPROVING THE DUE DILIGENCE <br />REVIEW OF THE LOW AND MODERATE INCOME HOUSING FUND CONDUCTED <br />PURSUANT TO HEALTH AND SAFETY CODE SECTION 34179.5 AND TAKING <br />CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH <br />WHEREAS, Pursuant to Health and Safety Code Section 34175(b) and the California <br />Supreme Court's decision in California Redevelopment Association, et al. v. Ana <br />Matosantos, ef al. (53 Cal.4th 231(2011), on February 1, 2012, all assets, properties, <br />contracts, leases, books and records, buildings, and equipment of the former Fairfield <br />Redevelopment Agency transferred to the control of the Successor Agency to the <br />Fairfield Redevelopment Agency (the "Successor Agency") by operation of law; and <br />WHEREAS, Health and Safety Code Section 34179.5 requires the Successor Agency <br />to employ a licensed accountant, approved by the County Auditor-Controller, to conduct <br />a Due Diligence Review to determine the unobligated balances available for transfer to <br />taxing entities; and <br />WHEREAS, Health and Safety Code Section 34179.6 requires the Successor Agency <br />to submit the results of the review conducted pursuant to Section 34179.5 for the Low <br />and Moderate Income Housing Fund (the "LMIHF") and specifically the amount of cash <br />and cash equivalents determined to be available for allocation to taxing entities (the <br />"Due Diligence Review") to the Successor Agency's Oversight Board (the "Oversight <br />Board") for the Oversight Board's review and approval; and <br />WHEREAS, Pursuant to Health and Safety Code <br />Successor Agency submitted to the Oversight <br />Officer, the County Auditor-Controller, the State <br />Finance ("DOF") the Due Diligence Review and a <br />Payment Schedule ("ROPS"); and <br />Sections 34179.6 and 34180(j), the <br />Board, the County Administrative <br />Controller and the Department of <br />copy of the Recognized Obligation <br />WHEREAS, Pursuant to Health and Safety Code Section 34179.6(b), upon receipt of <br />the Due Diligence Review, and at least five business days before the Oversight Board <br />considers the approval of the Due Diligence Review, the Oversight Board must hold a <br />public comment session (the "Public Comment Session") at which time the public has <br />an opportunity to hear and be heard on the results of the Due Diligence Review and at <br />which time the Oversight Board considers the opinions, if any, offered by the county <br />auditor-controller on the results of the Due Diligence Review; and <br />