HomeMy WebLinkAboutOB Reso No 2013-002RESOLUTION NO. OB- 2013 -002
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 (ALL OTHER FUNDS) DETERMINING THAT
THERE ARE NO UNENCUMBERED CASH OR CASH
EQUIVALENTS AVAILABLE FOR DISBURSEMENT PURSUANT
TO HEALTH & 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
non - housing funds ( "DDR Report") to determine the unencumbered 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 DDR Report and specifically
the amount of cash and cash equivalents of unencumbered monies available for
disbursement as provided in Section 34179.5;
WHEREAS, 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 DDR 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 January 8, 2013, 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 DDR Report;
WHEREAS, no comments were submitted at the meeting or since the date of the
meeting;
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 other fund monies available for disbursement to the taxing entities,
calculated in accordance with Health and Safety Code Section 34179.5;
OVERSIGHT BOARD RESOLUTION NO. OB 2013 -002
Page 2
WHEREAS, pursuant to Health and Safety Code Section 34179.6(c), the
Oversight Board desires to approve the DDR Report and determine that there are no
cash or cash equivalents from unencumbered other fund monies available for
disbursement to the taxing entities; 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 DDR Report as
presented and distributed to the Oversight Board, County Administrative Officer, the
County Auditor - Controller, the State Controller and the DOF and on file with the Clerk to
the Oversight Board and attached hereto.
SECTION 4. Following its review of the DDR Report and the public comments
received, if any, and pursuant to Health & Safety Code Section 34179.6(c), the
Oversight Board hereby approves and authorizes the Successor Agency to retain those
assets and funds, the sources of those assets and funds, and the purpose for which
those assets and funds are being retained by the Successor Agency as set forth in the
DDR Report in accordance with subparagraphs (B) to (E), inclusive, of paragraph (5) of
subdivision (c) of Section 34179.5.
SECTION 5. Based information contained in the DDR Report and those assets
and funds to be retained by the Successor Agency as set forth in the DDR Report, the
Oversight Board hereby determines that there are no cash or cash equivalents available
to be disbursed to the taxing entities.
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
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.
OVERSIGHT BOARD RESOLUTION NO. OB 2013 -002
Page 3
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 he City of Lake
Elsinore, held this 15 day of January, 2013. / ~� �
Vice YjWairpdi
Successor Ac
Agency of the
)1?4ersight Board to the
r /of the Redevelopment
of Lake Elsinore
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, Virginia J. Bloom, Clerk of the Oversight Board and City Clerk of the City of Lake
Elsinore, California, hereby certify that Resolution No. OB- 2013 -002 was adopted by the
Oversight Board to the Successor Agency of the Redevelopment Agency of the City of
Lake Elsinore, California, at a regular meeting held on the 15 day of January 2013,
and that the same was adopted by the following vote:
AYES: Board Members Carlson, Oster, Kelley, Landon and Vice -Chair Schultz
NOES: None
ABSENT: Board Member Williams and Chairman Tisdale
ABSTAIN: None I
Virginia J Bloom
Clerk of the Boar