12-02 Final ROPS Payments, Transfer all Remaining Funds Balances to the County RESOLUTION NO. 12-02
RESOLUTION OF THE CUPERTINO SUCCESSOR AGENCY
OVERSIGHT BOARD DIRECTING THE SUCCESSOR AGENCY TO
MAKE FINAL ROPS PAYMENTS,TRANSFER ALL REMAINING FUND
BALANCES TO THE COUNTY AUDITOR-CONTROLLER AND
THEREAFTER CEASE TO FUNCTION,AND DIRECTING THAT THE
OVERSIGHT BOARD CEASE TO EXIST
WHEREAS, On January 10, 2012, the Cupertino City Council elected to become the
successor agency ("Successor Agency")to the City of Cupertino Redevelopment Agency
pursuant to Health and Safety Code section(ABX1 26 (2011); and
WHEREAS,the Cupertino Successor Agency Oversight Board ("Oversight Board") was
formed to oversee the Successor Agency pursuant to Health& Safety Code section 34179; and
WHEREAS, the purpose of a successor agency is to make payments due for enforceable
obligations, dispose of assets and otherwise wind down the affairs of the former redevelopment
agency (Health& Safi Code § 34177); and
WHEREAS,the Successor Agency expects to discharge all of the former City of
Cupertino Redevelopment Agency's enforceable obligations early in the 2012/13 Fiscal Year
and there are no outstanding long-term obligations such as bonds or other indebtedness; and
WHEREAS, once the Successor Agency makes final payments pursuant to the approved
Recognized Obligation Payment Schedule ("ROPS") and remits the balance of any
unencumbered redevelopment agency funds to the county auditor-controller, there will be no
further purpose to be served by the Successor Agency and it is in the interest of public policy as
expressed in ABX1 26 for the Successor Agency to cease to function; and
WHEREAS, once the Successor Agency ceases to exist,there is no longer any purpose to
be served by the Oversight Board and it is in the interest of public policy as expressed in ABX1
26 for the Oversight Board to cease to exist.
NOW, THEREFORE, BE IT RESOLVED by the Oversight Board as follows:
1) After making payments pursuant to the approved ROPS, the Successor Agency
is directed to transfer all remaining fund balances to the County of Santa Clara
Auditor-Controller to reimburse the Redevelopment Property Tax Trust Fund
for subsequent distribution to the taxing entities;
2) The City of Cupertino is directed to cease to function as Successor Agency after
performing the actions listed in(1); and
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Resolution 12-02 Page 1 of 2
3) The Oversight Board shall cease to exist after the City of Cupertino ceases to
function as a Successor Agency.
PASSED AND ADOPTED by the Oversight Board of the City of Cupertino Successor
to the Redevelopment Agency, on May 22, 2012, by the following vote:
AYES: Lui, Wong, Atwood, Haggerty, Quinonez, Hausman, Sporleder
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST: APPROVED:
G-Vit&A—CLAO •
Grace Schmidt, Secretary IRENE L I, Chair
Resolution 12-02 Page 2 of 2