HomeMy WebLinkAboutOversight Board - 2012-05 RESOLUTION NO. 2012-05
A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY
TO THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH
APPROVING AND AUTHORIZING THE TRANSMITTAL OF THE
LOW AND MODERATE INCOME HOUSING FUND DUE DILIGENCE REVIEW
WHEREAS, pursuant to Health and Safety Code Section 34175(b) and the California
Supreme Court's decision in California Redevelopment Association, et al. v. Ana Matosantos, et
al. (53 CalAth 231(2011)), on February 1, 2012, all assets, properties, contracts, leases, books
and records, buildings, and equipment of the former Redevelopment Agency of the City of
Huntington Beach transferred to the control of the Successor Agency to the Redevelopment
Agency of the City of Huntington Beach (the "Successor Agency") by operation of law; and
Health & Safety Code Section 34179.5(a) requires the Successor Agency to employ a
licensed accountant, approved by the County Auditor-Controller and with experience and
expertise in local government accounting, to conduct a due diligence review for the Low and
Moderate Income Housing Fund ("Due Diligence Review") to determine the unobligated
balances available for transfer to taxing entities; and
The Successor Agency, with the approval of the Orange County Auditor-Controller,
contracted with Vavrinek, Trine, Day and Co., LLP to perform the Due Diligence Review; and
Section 34179.6(a) provides that the Due Diligence Review shall be submitted to the
Orange County Auditor-Controller's Office, the County Administrative Officer, the State
Controller's Office, and the State Department of Finance at the same time that it is submitted to
the Oversight Board for review; and
Pursuant to Health and Safety Code Section 34179.6(b), upon receipt of the Due
Diligence Review, and at least five business days before the Oversight Board considers the
approval of the Due Diligence Review, the Oversight Board must hold a public comment session
(the "Public Comment Session") at which time the public has an opportunity to hear and be
heard on the results of the Due Diligence Review; and
The Oversight Board must consider the opinions, if any, offered by the County Auditor-
Controller on the results of the Due Diligence Review; and
On November 8, 2012, the Oversight Board held the Public Comment Session pursuant
to Health and Safety Code Section 34179.6(b) and has considered the opinions, if any, offered by
the County Auditor-Controller on the results of the Due Diligence Review; and
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Oversight Board Resolution No. 2012-05
Pursuant to Health and Safety Code Section 34179.6(c), the Oversight Board must
review, approve and transmit to the State Department of Finance and the County Auditor-
Controller, the determination of the amount of cash and cash equivalents in the Low and
Moderate Income Housing Fund available for disbursement to taxing entities as determined
according to the method provided in Section 34179.5. Section 34179.6(c) provides that the
Oversight Board may adjust any amount provided in the Due Diligence Review to reflect
additional information and analysis; and
The Oversight Board now desires to approve the Low and Moderate Income Housing
Fund Due Diligence Review that is attached to this Resolution and authorize its transmittal; and
The Oversight Board may direct staff of the Successor Agency to perform work in
furtherance of the Oversight Board's duties and responsibilities; and
All other legal prerequisites to the adoption of this Resolution have occurred.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS by the Oversight Board of the
Successor Agency to the Redevelopment Agency of the City of Huntington Beach that:
1. The Oversight Board hereby finds and determines that the foregoing recitals are true
and correct.
2. The Oversight Board has received and heard all oral and written objections to the Due
Diligence Review and the determination of the amount of cash and cash equivalents in the Low
and Moderate Income Housing Fund available for disbursement to taxing entities and all such
oral and written objections are hereby overruled.
3. The Oversight Board hereby approves the Low and Moderate Income Housing Fund
Due Diligence Review.
4. Based upon the Due Diligence Review, the Oversight Board hereby determines that
the amount of the cash and cash equivalents in the Low and Moderate Income Housing Fund of
the Successor Agency that is available for distribution to the taxing agencies is zero.
5. The staff of the Successor Agency is hereby directed to transmit to the State
Department of Finance and the County Auditor-Controller on behalf of the Oversight Board
written notice and information regarding the actions taken by this Resolution and specifically the
determination of the amount of cash and cash equivalents in the Low and Moderate Income
Housing Fund that are available for distribution to taxing entities as determined by the Due
Diligence Review. Such notice to the State Department of Finance shall be provided by
electronic means and in a manner of the Department's choosing.
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7. The,staff of the Successor Agency is hereby authorized to execute and record such
documents and instruments and to do any and all other things which they may deem necessary or
advisable to effectuate this Resolution and any such actions previously taken are hereby ratified.
8. The Oversight Board does not intend, by adoption of this Resolution, to waive
any constitutional, legal and/or equitable rights of the Oversight Board, the Successor Agency or
the City under law and/or in equity by virtue of the adoption of this Resolution and actions
approved and taken pursuant to this Resolution and, therefore, reserves all such rights of the
Oversight Board, the Successor Agency and the City under law and/or in equity.
9. This Resolution shall take effect upon the date of its adoption.
PASSED AND ADOPTED by the Oversight Board to the Successor Agency to the
Redevelopment Agency of the City of Huntington Beach, California at a special meeting thereof
held on the 16th day of November, 2012 by the following vote, to wit:
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REVIE ED AND APPROVED: INITIATED AND APPROVED:
e utive Director Deputy Executive Director
APPROVED AS TO FORM:
"r °3Board Counsel
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Oversight Board
Res. No. 2012-05
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF HUNTINGTON BEACH )
I, JOAN FLYNN, Secretary of the Huntington Beach Oversight Board of
the Successor Agency of the Former City of Huntington Beach Redevelopment Agency,
Huntington Beach, California DO HEREBY CERTIFY that the foregoing resolution was
duly adopted by the Huntington Beach Oversight Board of the Successor Agency of the
Former City of Huntington Beach Huntington Beach Redevelopment Agency at a
meeting held on November 16, 2012 and that it was so adopted by the following vote:
AYES: Board Members: Hansen, Carchio, A. Dunn, Fritzal
NOES: Board Members: None
ABSENT: Board Members: Bone, L. Dunn, Delgado
ABSTAIN: Board Members: None
Secr ary of the Huntington Uach
Oversight Board of the Successor
Agency of the Former City of
Huntington Beach Redevelopment
Agency Huntington Beach, California