AgdaPkt 2012-01-23 - Laserfiche WebLink

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8. B. - Page 4 for enforceable obligations prior to the May 1, 2012 effective date of the Recognized Obligation Payment Schedule (ROPS). The EOPS must list all of the "enforceable obligations" of the Agency, and is subject to approval by the State Department of Finance. "Enforceable obligations" include: bonds; loans legally required to be repaid pursuant to a payment schedule with mandatory repayment terms; payments required by the federal government, preexisting obligations to the state or obligations imposed by state law; judgments, settlements or binding arbitration decisions that bind the Agency; legally binding and enforceable agreements or contracts; and contracts or agreements necessary for the continued administration or operation of the Agency, including agreements to purchase or rent office space, equipment and supplies. The EOPS may be amended at any public meeting of the Agency. The Agency adopted an EOPS in accordance with AB1X26, and now desires to amend the EOPS and update it to include all of the current enforceable obligations of the Agency. OVERSIGHT BOARD The legislation provides for the establishment of an Oversight Board in each county. The Oversight Board is intended to supervise the activities of the successor agency. The Oversight Board will have a fiduciary obligation to debt-holders and taxing entities that benefit from distribution of property tax and other revenues. The Oversight Board will consist of seven members including two City representatives as follows: 1. One member appointed by the county board of supervisors; 2. One member appointed by the mayor for the city that formed the redevelopment agency; 3. One member appointed by the largest special district by property share within territory in the territorial jurisdiction of the former redevelopment agency, which is of the type of special district that is eligible to receive property tax revenues pursuant to Section 34188; 4. One member appointed by the county superintendent of education to represent schools if the superintendent is elected, and if appointed, then by the county board of ed ucation; 5. One member appointed by the Chancellor of the Community Colleges; 6. One member of the public appointed by the county board of supervisors; 7. One member representing employees of the former redevelopment agency appointed by the mayor or chair of the board of supervisors, from the recognized employee organization representing the largest number of former redevelopment agency employees by the successor agency at that time. The City appointments need not be made at this meeting, but should be done relatively quickly and no later than May 1, 2012.