OB Min 2012-03-29 - Laserfiche WebLink

Browse Search

the website. Mr. Ladabie made some clarifying comments. Mr. Bell, said that if there was the need for a separate Oversight Board page he would like to know how that would be supported and by whom. Mr. Roberts explained that his main concern is that the record is straight and clear. The issue of Closed Sessions came up and Mr. Ladabie explained when these sessions could be held and under what topics. Mr. Navas asked Mr. Ladabie to share his experience and business acumen. Mr. Ponty said that this would be handled under item IV. In order to finish up Agenda Item III Mr. Ponty shared the upcoming key dates that require Oversight Board action or other Agencies: -Early April - certification of the ROPS by the County Auditor -April 9 - City Council as Successor Agency will adopt a revised ROPS (from the original ROPS of February 27, 2012) * Mr. Ponty recommended having the Oversight Board review such ROPS the week of April 9 -April 15- have the first ROPS adopted by the Oversight Board Questions were posed about the ROPS going to Council on April 9 and if it includes revisions. Mr. Ponty confirmed there are revisions to the document. Ms. Christensen asked specific questions about the ROPS and the assets listed and the transfer of assets. Mr. Ponty confirmed that asset transfers are being reported to the State Department of Finance but that no cash was transferred. Ms. Ramirez explained that these were real property asset transfers. Ms. Christensen asked a specific question about a housing project. Mr. Ponty said this was in the low-moderate housing. He explained this was appropriated within the Housing Fund. Ms. Christensen wants to look at this issue. Dates discussion continuation: -April 23 — review of the second ROPS (July 1 through Dec. 31, 2012) -May 11 — review and approve the second ROPS More questions were posed about the ROPS. Mr. Bell explained that the questions being posed are being pulled from a document that not all the Oversight Board Members had reviewed or seen. Mr. Ponty said he would need to review the document in advance in order to answer. Another Board Member opposed having questions derived from a document that was not presented to the full board. It was agreed that these items will be addressed at the next meeting. Ms. Christensen requested that questions posed to the staff liaison be also copied to the Chair. There was concurrence on this matter. The issue of the Oversight Board's role was discussed in detail. Mr. Ladabie explained that Members of the Oversight Board have a fiduciary duty to the debt holders and the enforceable obligations incurred. The dates agreed upon for future meetings were: 1) April 12,from 1:30 p.m. to 4:00 p.m. 2) May 1 from 2:00 p.m. to 4:00 p.m. Two Oversight Board Members would like to have access to the instruments used in the creation of the ROPS. Mr. Ponty suggested 3