12-05 Cash and cash equivalents available for disbursement to taxing entities RESOLUTION NO. 12-05
RESOLUTION OF THE CUPERTINO SUCCESSOR AGENCY
OVERSIGHT BOARD CONCURRING WITH THE USE OF AN AUDIT
PROVIDED BY THE COUNTY AUDITOR-CONTROLLER TO COMPLY
WITH APPLICABLE LAW AND APPROVING THE DETERMINATION
OF THE AMOUNT OF CASH AND CASH EQUIVALENTS 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 (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 & Saf. Code § 34177); and
WHEREAS, the Successor Agency is required to cause to be conducted a"due diligence
review"to determine the unobligated balances available for transfer to taxing entities pursuant to
Health& Safety Code section 34179.5; and
WHEREAS,the Successor Agency may, with the concurrence of the Oversight Board,
use an audit provided by the County Auditor-Controller that provides the information required
pursuant to Health & Safety Code section 34179.5 in place of the due diligence review; and
WHEREAS, the Successor Agency is required to submit to the Oversight Board, for
review the results of the audit referenced above for the Low and Moderate Income Housing
Fund and all of the other fund and account balances and, specifically,the amount of cash and
cash equivalents determined to be available for allocation to taxing entities; and
WHEREAS, upon receipt of the audit or review results, the Oversight Board is required to
convene a public comment session at least five business days before the oversight board
approves the amount of cash and cash equivalents that are available for disbursement to taxing
entities as determined according to the method provided in Health& Safety Code section
34179.5; and
WHEREAS, on August 30, 2012, the Oversight Board convened such a public comment
session;
NOW, THEREFORE, BE IT RESOLVED, that the Oversight Board
(1) concurs with the use of the audit as presented to the Oversight Board by the County
Auditor-Controller to comply with the requirements of Health& Safety Code section 34179.5;
and
(2) assures that it has reviewed the determination of the amount of cash and cash
equivalents available for disbursement to taxing entities as determined according to the method
provided in Health & Safety Code section 34179.5 and as presented by the County Auditor-
Controller; and
(3) approves the determination of the amount of cash and cash equivalents available for
disbursement to taxing entities as determined according to the method provided in Health&
Safety Code section 34179.5 and as presented by the County Auditor-Controller; and
(4) directs the Successor Agency,pursuant to the requirements of Health& Safety Code
section 34179.6(c), to transmit to the County Auditor-Controller and the California Department
of Finance the determination of the amount of cash and cash equivalents available for
disbursement to taxing entities as determined according to the method provided in Health&
Safety Code Section 34179.5 and as presented by the County Auditor-Controller.
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: Lui, Woo, Haggerty, Quinonez, Hausman, Rock
NOES: None
ABSENT: Atwood
40
ABSTAIN: None p' `
i
IRENE LUI, Chair
ATTEST:
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Grace Schmidt, Secretary
Resolution No. 12-05 Page 2 of 2