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09/18/2014 <br /> ORIGINAL <br /> RESOLUTION NO. OB-14-04 <br /> RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR <br /> AGENCY TO THE REDWOOD CITY REDEVELOPMENT AGENCY <br /> APPROVING THE ADMINISTRATIVE BUDGET FOR THE PERIOD OF <br /> JANUARY 1, 2015 THROUGH JUNE 30, 2015 (14-15B) <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 AcY') 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 <br /> February 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 <br /> down the affairs of the Redevelopment Agency in accordance with the Dissolution Act; <br /> and <br /> WHEREAS, Section 34177Q) requires the Successor Agency to prepare a <br /> proposed administrative budget for each six month ROPS period, and submit the <br /> administrative budget to the Oversight Board for approval; and <br /> WHEREAS, Section 34177(k) requires the Successor Agency to provide to the <br /> County Auditor-Controller the administrative cost estimated from its approved <br /> administrative budget for each six month ROPS period that are to be paid from property <br /> tax revenues deposited into the Redevelopment Property Tax Trust Fund established <br /> for the Successor Agency (RPTTF); and <br /> WHEREAS, the Successor Agency submitted the proposed administrative <br /> budget for the period of January 1, 2015 through June 30, 2015 ("Administrative Budget <br /> 14-15B") to the Oversight Board for approval; and <br /> WHEREAS, the Oversight Board held a public meeting on September 18, 2014 <br /> and considered the Administrative Budget 14-15B following the notice required by law. <br /> ATTY/RES0.3018/OB APPROVING ADMINISTRATIVE BUDGET 14-15B RESO.OB#14-04 <br /> REV:09-10-14 VR <br /> Page 1 of 3 <br />