OBRES 2012-011RESOLUTION NO. OB 2012 -011
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO LA QUINTA REDEVELOPMENT
AGENCY ADOPTING REVISED RECOGNIZED
OBLIGATION PAYMENT SCHEDULES FOR THE PERIODS
OF JANUARY 2012 THROUGH JUNE 2012 AND JULY
2012 THROUGH DECEMBER 2012
WHEREAS, the Oversight Board of the Successor Agency to La Quinta
Redevelopment Agency ( "Oversight Board" as applicable) has been established to
direct the Successor Agency to take certain actions to wind down the affairs of the
Redevelopment Agency in accordance with the California Health and Safety Code; and
WHEREAS, the La Quinta Redevelopment Agency ( "Agency ") was engaged
in activities to execute and implement the Project Area No. 1 Redevelopment Plan
and the Project Area No. 2 Redevelopment Plan (collectively, the "Redevelopment
Plans ") pursuant to the provisions of the California Community Redevelopment Law
(Health and Safety Code § 33000, et seq.) ( "CRL " ); and
WHEREAS, as part of the 2011 -12 State budget bill, the California
Legislature enacted and the Governor signed, companion bill ABx1 26 requiring that
each redevelopment agency be dissolved; and
WHEREAS, an action challenging the constitutionality of ABx1 26 and ABx1
27 was filed in the California Supreme Court by the California Redevelopment
Association, the League of California Cities, and two individual cities; and
WHEREAS, on December 29, 2011, the Court upheld ABx1 26; and
WHEREAS, Health & Safety Code Section 34169 requires successor
agencies to prepare and adopt a "Recognized Obligation Payment Schedule" that
lists all obligations of the former redevelopment agency that are enforceable within
the meaning of subdivision (d) of Section 34167 for six month periods including
January 2012 through June 2012 and July 2012 through December 2012; and
WHEREAS, on March 20, 2012, the City of La Quinta acting as the
Successor Agency to the La Quinta Redevelopment Agency adopted by Resolution
Number SA 2012 -003 approving a Recognized Obligation Payment Schedule for
the period of January 2012 through June 2012; and
WHEREAS, on April 3, 2012, the City of La Quinta acting as the Successor
Agency to the La Quinta Redevelopment Agency adopted by Resolution Number SA
Resolution No. OB 2012 -011
Adoption of Recognized Obligation Payment Schedules
Adopted: May 2, 2012
Page 2
2012 -004 approving a Recognized Obligation Payment Schedule for the period of
July 2012 through December 2012; and
WHEREAS, the California State Department of Finance has reviewed the
Recognized Obligation Payment Schedules for the periods of January -June 2012
and July- December 2012, and has directed that certain items be reclassified as
administrative expenses and further recalculated the administrative allowance for
that those time periods; and
WHEREAS, in order to comply with the California Department of Finance's
direction, staff has duly revised the Recognized Obligations Payment Schedules
referenced above; and
WHEREAS, all other legal prerequisites to the adoption of this Resolution
have occurred.
NOW THEREFORE, BE IT RESOLVED, by the Oversight Board of Successor
Agency to La Quinta Redevelopment Agency, does hereby resolve as follows:
Section 1 . Recitals The Recitals set forth above are true and correct and
incorporated herein by reference.
Section 2 Adoption of Revised Recognized Obligation Payment Schedules In
order to enable the City of La Quinta as Successor Agency to strictly comply with
ABx1 26, and based on the Recitals set forth above, the Oversight Board hereby
adopts the revised Schedules attached hereto as Exhibits A and B as the
Recognized Obligation Payment Schedule for the periods of January 2012 through
June 2012; and for July 2012 through December 2012. Pursuant to Health &
Safety Code Section 34173(e), the Successor Agency's liability, including, but not
limited to, its liability for the obligations on the attached schedule is limited to the
total sum of property tax revenues it receives pursuant to Part 1.85 of AB x1 26.
Section 3 . Implementation The Oversight Board hereby establishes the
Recognized Obligation Payment Schedules, pursuant to Health & Safety Code
Section 34180(g), for the periods of January 2012 through June 2012 and July
2012 through December 2012.
Section 4 . Severability If any provision of this Resolution or the application
thereof to any person or circumstance is held ; invalid, such invalidity shall not affect
other provisions or applications of this Resolution which can be given effect
without the invalid provision or application, and to this end the provisions of this
Resolution are severable., The Oversight Board hereby declares that it would have
Resolution No. OB 2012 -011
Adoption of Recognized Obligation Payment Schedules
Adopted: May 2, 2012
Page 3
adopted this Resolution irrespective of the invalidity of any particular portion
thereof.
Section 5 . The Oversight Board Secretary shall certify to the adoption of this
Hesolutlon.
PASSED, APPROVED, AND ADOPTED at the meeting of the Oversight Board
of the Successor Agency to La Quinta Redevelopment Agency held this 2n day of
May, 2012, by the following vote, to wit:
AYES: Board Members Marshall, Maysels, McDaniel, Nelson, Osborne and
Chairperson P ena
NOES: None
ABSENT: Board Member Ellis
ABSTAIN: None
Oversight Board "of the Successor Agency
to La Quinta Redevelopment Agency
ATTEST:
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