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08/23/2012 <br /> ORIGINAL <br /> RESOLUTION NO. OB- 12-02 <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 JANUARY 1, 2013 THROUGH JUNE 30, 2013 <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 Mealth 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 <br /> down the affairs of the Redevelopment Agency in accordance with the Dissolution Act; <br /> and <br /> WHEREAS, the Successor Agency prepared a draft of the Recognized <br /> Obligation Payment Schedule for the period January 1, 2013 through June 30, 2013 for <br /> the enforceable obligations of the Successor Agency ("ROPS III"); and <br /> WHEREAS, Section 34177 and 34180 require the approval of the ROPS III by <br /> the Oversight Board by September 1, 2012; and <br /> WHEREAS, the Successor Agency submitted a copy of the ROPS III 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 III to the <br /> Oversight Board for approval; and <br /> WHEREAS, the Oversight Board held a public meeting on August 23, 2012 and <br /> considered the ROPS III following the notice required by law. <br /> ATTY/RES0.2267/APPROVING ROPS III RESO.OB 12-02 <br /> REV:08-13-12 VR <br /> Page 1 of 3 <br />