12-06 (Not Adopted) a resolution to find the amount available for disbursement to taxing entities RESOLUTION NO. 12-06 (NOT ADOPTED)
RESOLUTION OF THE CUPERTINO SUCCESSOR AGENCY
OVERSIGHT BOARD AUTHORIZING THE TRANSMISSION, TO THE
STATE DEPARTMENT OF FINANCE AND THE COUNTY AUDITOR-
CONTROLLER, OF THE AMOUNT AVAILABLE FOR DISBURSEMENT
TO TAXING ENTITIES
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(ABX l 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 & Saf. Code § 34177); and
WHEREAS, the Successor Agency is required to submit to the Oversight Board, for
review, public comment, and approval, a due diligence review of the Redevelopment Agency
and Successor Agency (Health& Safety Code sections 34179.5 and 34179.6); and
WHEREAS, on August 30, 2012, the Oversight Board reviewed and heard public
comment on the due diligence review of the Low and Moderate Income Housing Fund and all
other funds and accounts of both the Redevelopment Agency and Successor Agency; and
WHEREAS, the Oversight Board has approved the due diligence review.
NOW, THEREFORE, BE IT RESOLVED, the Oversight Board authorizes the
transmission, to the State Department of Finance and the County Auditor-Controller, of the
amount available for disbursement to taxing entities, as disclosed in the due diligence review.
PASSED AND ADOPTED by the Oversight Board of the City of Cupertino Successor to
the Redevelopment Agency, on September 6, 2012, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
IRENE LUI, Chair
ATTEST:
Grace Schmidt, Secretary