HomeMy WebLinkAboutRES NO OB007-12RESOLUTION NO. �• 0 0 % _ 1 2-
A RESOLUTION OF THE OVERSIGHT BOARD TO THE
SUCCESSOR AGENCY OF THE DISSOLVED BAKERSFIELD
REDEVELOPMENT AGENCY APPROVING THE DUE
DILIGENCE REVIEWS OF THE SUCCESSOR AGENCY OF THE
DISSOLVED CITY OF BAKERSFIELD REDEVELOPMENT
AGENCY.
WHEREAS, On January 11, 2012, the Bakersfield City Council elected to
become the Successor Agency of the Dissolved City of Bakersfield
Redevelopment Agency ( "Successor Agency ") pursuant to Health and Safety
Code section 34173; and
WHEREAS, the Oversight Board to the Successor Agency of the Dissolved
City of Bakersfield Redevelopment Agency ( "Oversight Board ") was formed to
oversee the Successor Agency pursuant to Health and Safety Code section
34179; and
WHEREAS, the purpose of the Successor Agency is to make payments due
for enforceable obligations, dispose of assets and otherwise wind down the
affairs of the Dissolved City of Bakersfield Redevelopment Agency (Health &
Safety Code section 34177); and
WHEREAS, Health & Safety Code Section 34179.5(a) as amended by AB
1484 and in furtherance of subdivision (d) of Section 34177 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 and a separate Due Diligence Review for the All Other
Funds (Non- Housing) of the Successor Agency, to determine the unobligated
balances available for transfer to taxing entities; and
WHEREAS, the Successor Agency, with the approval of the Kern County
Auditor - Controller, contracted with the accounting firm of Brown Armstrong to
perform the Due Diligence Review for the Low and Moderate Income Housing
Fund and the Due Diligence Review for the All Other Funds (Non- Housing) of the
Successor Agency and have completed and issued the reviews that are
attached; and
WHEREAS, Section 34179(a), as amended by AB 1484, also provides that
the Due Diligence Review for the Low and Moderate Income Housing Fund shall
be submitted by October 1, 2012, to the Kern County Auditor - Controller's Office,
the State Controller's Office, and the State Department of Finance at the same
time that it submits it to the Oversight Board for review; and
WHEREAS, Section 34179(a), as amended by AB 1484, also provides that
the Due Diligence Review for the All Other Funds (Non- Housing) shall be
submitted by December 15, 2012, to the Kern County Auditor - Controller's Office,
the State Controller's Office, and the State Department of Finance at the same
time that it submits it to the Oversight Board for review; and
WHEREAS, the Oversight Board shall convene a public comment session to
take place at least five business days before the Oversight Board holds the
approval vote specified in the Section 34179.6(c); and
WHEREAS, Section 34179.6(c), as amended by AB 1484, requires by
October 15, 2012 that the Oversight Board shall review, approve, and transmit to
the Kern County Auditor - Controller, the State Controller, and the State
Department of Finance, the determination of the amount of cash and cash
equivalents that are available for disbursement to taxing entities as determined
by the Low and Moderate Income Housing Fund Due Diligence Review and
according to the method provided in Section 34179.5; and
WHEREAS, Section 34179.6(c), as amended by AB 1484, requires by
January 15, 2013, that the Oversight Board shall review, approve, and transmit to
the Kern County Auditor - Controller, the State Controller, and the State
Department of Finance, the determination of the amount of cash and cash
equivalents that are available for disbursement to taxing entities as determined
by the All Other Funds (Non- Housing) Due Diligence Review and according to
the method provided in Section 34179.5; and
WHEREAS, on October 5, 2012, the Oversight Board reviewed and heard
public comment on the Due Diligence Review for the Low and Moderate
Income Housing Fund and the Due Diligence Review for the All Other Funds
(Non- Housing) and accounts of both the Dissolved City of Bakersfield
Redevelopment Agency and Successor Agency.
NOW, THEREFORE, BE IT RESOLVED by the Oversight Board to the Successor
Agency of the Dissolved City of Bakersfield Redevelopment Agency as follows:
SECTION 1. The Oversight Board hereby finds and determines that the
foregoing recitals are true and correct.
SECTION 2. The Oversight Board hereby approves and adopts the Due
Diligence Reviews of the Successor Agency of the Dissolved Bakersfield
Redevelopment Agency as presented.
S: \Admin \Admin Reports \Successor Agency \SA - OB Reso - Due Di ligenceReviews.docx
SECTION 3. The Oversight Board hereby directs the Successor Agency to
transmit to the Kern County Auditor - Controller, the State Controller, and the
State Department of Finance, the determination of the amount of cash and
cash equivalents that are available for disbursement to taxing entities as
determined according to the method provided in Health and Safety Code
Section 34179.5.
PASSED AND ADOPTED by the Oversight Board to the Successor Agency of the
Dissolved City of Bakersfield Redevelopment Agency, at the special meeting
held on October 15, 2012,
MIZENEW
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ATTEST:
STATE OF CALIFORNIA
COUNTY OF KERN }
CITY OF BAKERSFIELD }
I, ROBERTA GAFFORD, Acting Secretary to the Oversight Board, hereby
certify that the foregoing resolution was duly adopted at the special meeting of
the Oversight Board on October 15, 2012.
AYES: ? BOARD MEMEBERS:
BOARD MEMBERS:
ABSENT- BOARD MEMMBERS
APPROVED OCT 1 5 2012
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By /�
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CHAIR, Oversight Board
APPROVED AS TO FORM:
VIRGINIA GENNARO
City Attorney
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ROBERTA GAFFORD, Acti Secretary
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WJOSHUA H. RUDNICK
Deputy City Attorney II
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S: \Admin \Admin Reports \Successor Agency \SA - OB Reso - DueDiligenceReviews.docx