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01/11/2018 <br />RESOLUTION NO. OB -18-02 <br />RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR <br />AGENCY TO THE REDWOOD CITY REDEVELOPMENT AGENCY <br />APPROVING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE <br />FOR THE PERIOD JULY 1, 2018 THROUGH JUNE 30, 2019 <br />WHEREAS, under AB X1 26, enacted by the California State Legislature and <br />signed by the Governor as part of the 2011-2012 State budget, a new Part 1.85 was <br />added to Division 24 of the California Health and Safety Code (Health and Safety Code <br />Section 34170 et seq., as may be amended, the "Dissolution Act") and, in accordance <br />therewith, all redevelopment agencies in the State of California, including the Redwood <br />City Redevelopment Agency ("Redevelopment Agency"), were dissolved as of February <br />1, 2012; and <br />WHEREAS, in compliance with the Dissolution Act, the City of Redwood City <br />("City") determined it would serve as the Successor Agency to the Redwood City <br />Redevelopment Agency ("Successor Agency") effective February 1, 2012; and <br />WHEREAS, the Oversight Board of the Successor Agency to the Redwood City <br />Redevelopment Agency ("Oversight Board") has been established pursuant to Section <br />34179 of the Dissolution Act to oversee the Successor Agency's actions in winding down <br />the affairs of the Redevelopment Agency in accordance with the Dissolution Act; and <br />WHEREAS, the Successor Agency prepared a draft of the Recognized Obligation <br />Payment Schedule for the period July 1, 2018 through June 30, 2019 for the enforceable <br />obligations of the Successor Agency ("ROPS 18-19); and <br />WHEREAS, Section 34177 and 34180 require the approval of the ROPS 18-19 by <br />the Oversight Board; and <br />WHEREAS, the Successor Agency submitted a copy of the ROPS 18-19 to the <br />County Administrative Officer, the County Auditor -Controller, and the State Department <br />of Finance at the same time that the Successor Agency submitted the ROPS 18-19 to the <br />Oversight Board for approval; and <br />WHEREAS, the Oversight Board held a public meeting on January 11, 2018, and <br />considered the ROPS 18-19 following the notice required by law. <br />ATTY/RESO.0003./013 RESO APPROVING ROPS 18-19 OB RESOLUTION NO. 18-02 <br />REV: 01-08-18 VR <br />Page 1 of 3 <br />