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HomeMy WebLinkAboutOversight Board - 2013-05 RESOLUTION NO. 2013-05 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 DUE DILIGENCE REVIEW OF SUCCESSOR AGENCY FUNDS AND ACCOUNTS OTHER THAN THE LOW AND MODERATE INCOME HOUSING FUND 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 and 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 separate due diligence reviews for the Low and Moderate Income Housing Fund and for all other funds and accounts combined, in order 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 reviews; and The due diligence review of the Low and Moderate Income Housing Fund was approved by the Oversight Board on November 16, 2012 and the due diligence review for the other funds and accounts of the Successor Agency ("Due Diligence Review") has since been completed; 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 January 8, 2013, 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 12-3561.001/89565 1 Oversight Board Resolution No. 2013-05 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 funds and accounts of the Successor Agency, other than the Low and Moderate Income Housing Fund, available for disbursement to taxing entities as determined according to the method provided in Section 34179.5. Health and Safety Code 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 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, the Oversight Board of the Successor Agency to the Redevelopment Agency of the City of Huntington Beach does hereby resolve as follows: 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 funds and accounts of the Successor Agency, other than 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 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 funds and accounts of the Successor Agency other than the Low and Moderate Income Housing Fund 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 funds and accounts of the Successor Agency other than 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. 12-3561.001/89565 2 Oversight Board Resolution No. 2013-05 6. 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. 7. 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 of Huntington Beach 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 of Huntington Beach under law and/or in equity. 8. This Resolution shall take effect upon the date of its adoption. PASSED AND ADOPTED by the Oversight Board of the Successor Agency to the Redevelopment Agency of the City of Huntington Beach at a special meeting thereof held on the day of , 2013. Chairperson REVIEWEP AND APPROVED: INITIAT AND APPROVED: �IeAAI/e Director Deputy Executive Director APPROVED AS TO FORM: Board Couhsel 12-3561.001189565 3 Res. No. 2013-05 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) 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 Redevelopment Agency at a meeting held on January 15,2013 and that it was so adopted by the following vote: AYES: Board Members: Boardman, Bone, A. Dunn, L. Dunn, Carchio, Fritzal NOES: Board Members: None ABSENT: Board Members: Delgado ABSTAIN: Board Members: None Rn6 1Ye Secretary of the Huntingt n Beach Oversight Board of the Successor Agency of the Former City of Huntington Beach Redevelopment Agency Huntington Beach, California