SA 13-01 - Laserfiche WebLink

Browse Search

01/28/2013 Exhibit A G. The Successor Agency has included, and the Oversight Board has approved, the payment of the Unfunded Liabilities as enforceable obligations on all Recognized Obligation Payment Schedules ("ROPS")to date. H. The Oversight Board and Successor Agency recognize that the costs reflected on the ROPS for the Unfunded Liabilities were real costs incurred for employees for their past services to the former Redevelopment Agency. However, the Oversight Board has requested that the Successor Agency enter into a long-term payment plan for the Unfunded Liabilities. L The Parties desire to enter into this Agreement to set up a payment schedule for the Successor Agency to pay to the City the Unfunded Liabilities, in accordance with the Oversight Board's direction. J. On December 5, 2012, the Oversight Board approved this Agreement by Resolution No. OB 12-OS at a duly noticed public meeting. AGREEMENT NOW, THEREFORE, in consideration of the foregoing Recitals and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereby agree as follows: 1. Recitals. The Recitals set forth above are incorporated by reference as though fully set forth herein. 2. Payment of Unfunded Liabilities. The Successor Agency shall pay to the City the total amount of Unfunded Liabilities identified in E�chibit A pursuant to the Payment Schedule attached hereto as Exhibit B, attached hereto and incorporated herein by this this reference. Notwithstanding anything in this Agreement to the contrary, the Successor Agency shall be entitled to pre-pay all or part of the Unfunded Liabilities at any time with no penalties. 3. Enforceable Obligation. The Unfunded Liabilities are already enforceable obligations; the purpose of this Agreement is to agree to a schedule for payment of the enforceable obligation consistent with the Oversight Board's direction. However, the obligations of the Successor Agency under this Agreement shall also constitute an indebtedness and enforceable obligation under the Dissolution Act, and the payments agreed to in Section 2 shall be included in the relevant ROPS for payment by the Successor Agency. 4. Remedies. If either party defaults with regard to any of the provisions of this Agreement, the non-defaulting party shall serve written notice of such default upon the defaulting party. If the default is not cured by the defaulting party within thirty (30) days after service of the notice of default, the defaulting party shall be liable to the other party for damages caused by such default. 5. Miscellaneous Provisions. This Agreement is made and entered into in the State of California and shall be interpreted, construed and enforced in accordance with the laws of the State of California without reference to its "choice of laws" rules. If any provision of this ATTY/AGR/2012.103/RDA PERS UNFUNDED LIABILITIES AGREEMENT REV:01-17-13 VR Page 2 of 5 2 RESO SA#13-01 MUFF#904