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OBRES 2014-004RESOLUTION NO. OB 2014 - 004 A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE LA QUINTA REDEVELOPMENT AGENCY ADOPTING RECOGNIZED OBLIGATION PAYMENT SCHEDULE 14-15A FOR THE PERIOD OF JULY 2014 THROUGH DECEMBER 2014 WHEREAS, the Oversight Board of the Successor Agency to the La Quinta Redevelopment Agency ("Oversight Board") has been established to direct the Successor Agency to La Quinta Redevelopment Agency ("Successor Agency") to take certain actions to wind down the affairs of the former La Quinta Redevelopment Agency ("Agency") in accordance with the California Health and Safety Code; and WHEREAS, the 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, at seg.); and WHEREAS, as part of the 2011-12 State budget bill, the California Legislature enacted and the Governor signed, Assembly Bill 26 VABx1 26") requiring that each redevelopment agency be dissolved and Assembly Bill 27 VABx1 27") that would have allowed redevelopment agencies to remain in existence if certain remittance payments were made; and WHEREAS, an action challenging the constitutionality of ABx1 26 and ABx1 27 was filed in the California Supreme Court; and WHEREAS, on December 29, 2011, the Court upheld ABx1 26 and struck down ABx1 27 as unconstitutional; and WHEREAS, on January 2, 2012, the City Council of the City of La Quinta adopted City Council Resolution No. 2012-002, affirmatively electing to be the "successor agency"to the Agency; and WHEREAS, on June 27, 2012, the California Legislature enacted, and the Governor signed, Assembly Bill 1484 ("AB 1484"), which, among other things, made certain revisions to certain of the statutes added by ABx1 26; and WHEREAS, Health and Safety Code Section 34177 requires successor agencies to prepare and adopt, on a semi-annual basis, a "Recognized Obligation Payment Schedule" ("ROPS") that lists all obligations of the former redevelopment Resolution No. OB 2014-004 Adoption of Recognized Obligation Payment Schedule Adopted: February 19, 2014 Page 2 of 3 agency that are enforceable within the meaning of subdivision (d) of Section 34171; and WHEREAS, the Successor Agency has prepared and approved ROPS 14-15A for the period of July 1, 2014 through December 31, 2014; and WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred. NOW THEREFORE, BE IT RESOLVED, by the Oversight Board of the Successor Agency to the La Quinta Redevelopment Agency, as follows: SECTION 1. Recitals. The Recitals set forth above are true and correct and incorporated herein by reference. SECTION 2. Approval of ROPS 14-15A. In order to enable the Successor Agency to strictly comply with ABx1 26, and based on the Recitals set forth above, the Oversight Board hereby approves ROPS 14-15A attached hereto as Exhibit A as the Recognized Obligation Payment Schedule for the period of July 2014 through December 2014. Pursuant to Health & Safety 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 authorizes and directs the Executive Director to take any action and execute any documents necessary to implement this Resolution, and further authorizes the Executive Director to forward ROPS 14-15A to the Department of Finance, State Controller, County Administrative Officer, and County Auditor -Controller. 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 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 Resolution. Resolution No. OR 2014-004 Adoption of Recognized Obligation Payment Schedule Adopted: February 19, 2014 Page 3 of 3 PASSED, APPROVED, AND ADOPTED at the meeting of the Oversight Board of the Successor Agency to the La Quinta Redevelopment Agency held this 19th day of February, 2014, by the following vote: AYES: Board Members Nowell, Maysels, McDaniel, Nelson, Vice Chair Osborne NOES: None ABSENT: Board Members Marshall, Chairperson Pena ABSTAIN: None LEE RNE, Vice Chairperson Oversight Board of the Successor Agency to the La Quinta Redevelopment Agency ATTEST: Pam Nieto Oversight Board Secretary F a a E o — E o `o t1 a eme 6 pmp Y 0 cQ = E'E a n vi o n m n N a m m g z° F m m � i. km • e W N A s� Ip O n s a � y d o n a • LY o a o Y E D mpy p 5 = a LL Q O .A G L 9: n m Y rc$8 o4� m, nab z Eo� o 4 o _8 g�g w P ^ LL c c� �f if A F s mYo yq P x o m FT 2 „ Q n Y L Y q L e Y T O yq o n E a o g K a a m r P ac O b. d M c N d H O g o O m. os iNO EJ qq y J Y'Es �pi + O se -so 3 g a. 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