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12/05/2012 <br /> ORIGINAL <br /> RESOLUTION NO. OB-12-05 <br /> RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR <br /> AGENCY TO THE REDWOOD CITY REDEVELOPMENT AGENCY <br /> APPROVING AGREEMENT FOR THE PAYMENT OF CALPERS <br /> PENSION AND RETIREMENT HEALTH BENEFIT UNFUNDED <br /> LIABILITIES <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 <br /> down the affairs of the Redevelopment Agency in accordance with the Dissolution Act; <br /> and <br /> WHEREAS, there are unfunded liabilities for CaIPERS pension benefits and <br /> retiree health benefits incurred by employees who served the former Redevelopment <br /> Agency; and <br /> WHEREAS, Section 34171(d)(1)(C) of the Dissolution Act provides for that <br /> payments required in connection with the former Redevelopment Agency's employees, <br /> including but not limited to, pension payments, pension obligation debt service, <br /> unemployment payments, or other obligations conferred through a collective bargaining <br /> agreement are enforceable obligations; and <br /> WHEREAS, the Successor Agency submitted an agreement between the <br /> Successor Agency and the City for payment of CaIPERS pension and retiree health <br /> benefit unfunded liabilities; and <br /> ATTY/RES0.2271/PENSION AND OPEB PAYMENTS RESO. 12-05 <br /> REV:08-15-12 VR <br /> Page 1 of 2 <br />