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HomeMy WebLinkAboutOB Reso No 2012-012RESOLUTION NO. OB- 2012 -012 A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE DUE DILIGENCE REVIEW FOR THE LOW AND MODERATE INCOME HOUSING FUND CONDUCTED PURSUANT TO HEALTH AND SAFETY CODE SECTION 34179.5 AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH WHEREAS, the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore ( "Oversight Board ") has been established to direct the Successor Agency to take certain actions to wind down the affairs of the former Redevelopment Agency of the City of Lake Elsinore in accordance with the California Health and Safety Code; WHEREAS, pursuant to Health and Safety Code Section 34179.5, the Successor Agency employed a licensed accountant, engaged White, Nelson Diehl Evans LLP, approved by the County- Auditor Controller, to conduct a due diligence review of the low and moderate income housing fund ( "LMIHF Report") to determine the unencumbered LMIHF balances available for disbursement to the taxing entities; WHEREAS, Health and Safety Code Section 34179.6 requires the Successor Agency to provide the Oversight Board the results of the LMIHF Report and specifically the amount of cash and cash equivalents of unencumbered LMIHF monies available for disbursement as provided in Section 34179.5; WHEREAS, on October 1, 2012 pursuant to Health and Safety Code Section 34179.6 and 341800), 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 LMIHF Report and a copy of the Recognized Obligation Payment Schedule; WHEREAS, in accordance with Health and Safety Code Section 34179.6 (b), the Oversight Board held a public comment session on October 3, 2012, which such date is five business days prior to the date of this meeting, at which time the Oversight Board heard any public comments and any opinions offered by the County Auditor - Controller regarding the results of the LMIHF Report; WHEREAS, no comments were submitted at the meeting or since the date of the meeting; and WHEREAS, pursuant to Health and Safety Code Section 34179.6(c), the Oversight Board must review, approve and transmit to DOF and the county- auditor controller, the determination of the amount of cash and cash equivalents from unencumbered LMIHF monies available for disbursement to the taxing entities, calculated in accordance with Health and Safety Code Section 34179.5; and OVERSIGHT BOARD RESOLUTION NO. OB 2012 -012 Page 2 �I WHEREAS, pursuant to Health and Safety Code Section 34179.6(c), the Oversight Board desires to approve the LMIHF Report and direct the Successor Agency to transmit $5,598,729 of unencumbered LMIHF monies to the county auditor - controller for distribution to the taxing entities in accordance with the statutory requirements; and WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred. NOW, THEREFORE, THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: SECTION 1. The Recitals set forth above are true and correct and incorporated herein by reference. SECTION 2. This Resolution is adopted pursuant to Health and Safety Code Section 34179.6(c). SECTION 3. The Oversight Board hereby approves the LMIHF Report as presented and on file with the Clerk to the Oversight Board and attached hereto. SECTION 4. For the purposes of providing for the transfer of housing functions and assets pursuant to Health and Safety Code Sections 34176 and 34181(c), the Oversight Board hereby authorizes the Successor Agency to retain the assets and funds, if any, identified in subparagraphs (B) to (E), inclusive, of paragraph (5) of subdivision (c) of Section 34179.5, as documented in the LMIHF Report, which provide for the amount of funds authorized for retention, the source of those funds, and the purposes for which those funds are being retained. SECTIONS. The staff of the Successor Agency is hereby directed to transmit to the county auditor controller, upon demand therefore by DOF, $5,598,729 of unencumbered LMIHF monies, and to transmit to DOF and the county auditor - controller written notice of this Resolution and the LMIHF Report, and specifically the determination of the amount of cash and cash equivalents that are available for disbursement to the taxing entities, as determined in accordance with Health and Safety Code Section 34179.5. SECTION 6. The staff and the Board of the Successor Agency are hereby authorized and directed, jointly and severally, to execute and record such documents and instruments and to do any and all other things which they may deem necessary or advisable to effectuate this Resolution and any such action previously taken are hereby ratified. SECTION 7. If any provision of this Resolution or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or F OVERSIGHT BOARD RESOLUTION NO. OB 2012 -012 Page 3 applications of this Resolution which can be given effect without the invalid provision or application, and to this end the provisions of this resolution are severable. The Oversight Board hereby declares that it would have adopted this Resolution irrespective of the invalidity of any particular portion thereof. SECTION 8. This Resolution shall take effect from and after the date of its passage and adoption. PASSED, APPROVED AND ADOPTED at a special meeting of the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore, held this 12`h day of October, 2012. Chairpe sr on, Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore OVERSIGHT BOARD RESOLUTION NO. OB 2012 -012 Page 4 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF LAKE ELSINORE ) I, Virginia J. Bloom, Oversight Board Secretary and City Clerk of the City of Lake Elsinore, California, hereby certify that Resolution No. OB- 2012 -007 was adopted by the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore, California, at a Special Meeting held on the 12th day of October 2012, and that the same was adopted by the following vote: AYES: Board Member Williams, Vice -Chair Schultz, Board Member Carlson, Board Member Oster, Board Member Lillibridge and Chairman Tisdale NOES: None ABSENT: Board Member Kelley ABSTAIN: None irginia Bloo City Clerk Oversight Boa Secretary r F