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01/28/2013 ORIGINAL RESOLUTION NO. SA 13-01 RESOLUTION OF THE SUCESSOR AGENCY OF THE FORMER REDWOOD CITY REDEVELOPMENT AGENCY APPROVING AGREEMENT FOR THE PAYMENT OF CALPERS PENSION AND RETIREMENT HEALTH BENEFIT UNFUNDED LIABILITIES OF THE DISSOLVED REDEVELOPMENT AGENCY WHEREAS, under AB X1 26, enacted by the California State Legislature and signed by the Governor as part of the 2011-2012 State budget, a new Part 1.85 was added to Division 24 of the California Health and Safety Code (Health and Safety Code Section 34170 et seq., as may be amended, the "Dissolution Act") and, in accordance therewith, all redevelopment agencies in the State of California, including the Redwood City Redevelopment Agency ("Redevelopment Agency"), were dissolved as of February 1, 2012; and WHEREAS, in compliance with the Dissolution Act, the City of Redwood City ("City") determined it would serve as the Successor Agency to the Redwood City Redevelopment Agency ("Successor Agency") effective February 1, 2012; and WHEREAS, there are unfunded liabilities for CaIPERS pension benefits and retiree health benefits incurred by employees who served the former Redevelopment Agency; and WHEREAS, Section 34171(d)(1)(C) of the Dissolution Act provides for that payments required in connection with the former Redevelopment Agency's employees, including but not limited to, pension payments, pension obligation debt service, unemployment payments, or other obligations conferred through a collective bargaining agreement are enforceable obligations; and WHEREAS, the Successor Agency and City staff have prepared an agreement between the Successor Agency and the City for payment of CaIPERS pension and retiree health benefit unfunded liabilities; and WHEREAS, the Oversight Board of the Successor Agency ("Oversight Board"), which was established pursuant to Section 34179 of the Dissolution Act to oversee the Successor Agency's actions in winding down the affairs of the Redevelopment Agency, held a public meeting on December 5, 2012 and approved the agreement between the Successor Agency and the City for payment of CaIPERS pension and retiree health benefit unfunded liabilities. NOW, THEREFORE, THE SUCCESSOR AGENCY TO THE REDWOOD CITY REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS: ATTY/SA-RES0.2271/PENSION AND OPEB PAYMENTS RESO.#SA 13-01 REV:01-17-13 VR MUFF#904 Page 1 of 2