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Oversight Board Resolution OB2013-04A
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Oversight Board Resolution OB2013-04A
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1/15/2013 8:41:43 AM
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1/15/2013 8:41:32 AM
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Resolutions
Title
Oversight Board Resolution
Resolution Number
OB2013-04A
Date Adopted MM/DD/YYYY
1/14/2013
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OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE FAIRFIELD <br />REDEVELOPMENT AGENCY <br />RESOLUTION NO. 0B2013-04A <br />A RESOLUTION OF THE OVERSIGHT BOARD FOR THE <br />SUCCESSOR AGENCY TO THE FAIRFIELD REDEVELOPMENT <br />AGENCY APPROVING THE DUE DILIGENCE REVIEW FOR <br />FUND AND ACCOUNT BALANCES OF THE FORMER <br />FAIRFIELD REDEVELOPMENT AGENCY CONDUCTED <br />PURSUANT TO HEALTH AND SAFETY CODE SECTION <br />34179.5 <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, et 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, Pursuant to Health and Safety Code Section 34179.6, on October 15, <br />2012, the Oversight Board of the Successor Agency (the "Oversight Board") approved <br />the results of the Due Diligence Review conducted pursuant to Section 34179.5 for the <br />Low and Moderate Income Housing .Fund (the "LMIHF") and specifically the amount of <br />cash and cash equivalents determined to be available for allocation to taxing entities; <br />and <br />WHEREAS, Health and Safety Code Section 34179.6 also requires the Successor <br />Agency to submit to the Oversight Board for the Oversight Board's review and approval <br />the results of the Due Diligence Review conducted pursuant to Section 34179.5 for all of <br />the other fund and account balances of the former Fairfield Redevelopment Agency, <br />excluding the LMIHF, and specifically the amount of cash and cash equivalents <br />determined to be available for allocation to taxing entities (the "Other Funds DDR"); and <br />WHEREAS, Pursuant to Health and Safety Code Sections 34179.6 and 34180Q), the <br />Successor Agency submitted to the Oversight Board, the County Administrative Officer, <br />the County Auditor-Controller, the State Controller and the Department of Finance <br />("DOF") the Other Funds DDR and a copy of the Recognized Obligation Payment <br />Schedule ("ROPS"); and <br />
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