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REQUEST FOR <br />SUCCESSOR AGENCY <br />ACTION <br />MEETING DATE: <br />RECORDING SECRETARY USE ONLY: <br />MARCH 19, 2012 <br />TITLE: <br />RECOGNIZED OBLIGATION PAYMENT <br />SCHEDULE PURSUANT TO ABX1 26 <br />VITY MANAGER <br />RECOMMENDED ACTION <br />APPROVED <br />? As Recommended <br />? As Amended <br />? Implementing Resolution <br />? Other <br />CONTINUED TO <br />FILE NUMBER <br />Receive and file the Recognized Obligation Payment Schedule acting as Successor Agency to <br />the former Community Redevelopment Agency of the City of Santa Ana. <br />DISCUSSION <br />On January 9, 2012, City Council adopted Resolution No. 2012-002 and designated the City of <br />Santa Ana as the Successor Agency for the former Community Redevelopment Agency of the <br />City of Santa Ana, and the Housing Authority of the City of Santa Ana as the Successor Housing <br />Agency pursuant to California Health and Safety Code Section 34176. On February 1, 2012, the <br />former redevelopment agency was dissolved and the City assumed the role of the Successor <br />Agency. <br />California Health and Safety Code Section 34173(e) stipulates that "the liability of any successor <br />agency, acting pursuant to the powers granted under the act adding this part, shall be limited to <br />the extent of the total sum of property tax revenues it receives pursuant to this part and the value <br />of assets transferred to it as a successor agency for a dissolved redevelopment agency." Thus, <br />the City's obligations as Successor Agency are limited by the amount of property taxes and the <br />value of assets it receives in its role as the Successor Agency. <br />State Assembly Bill X1 26 requires the Successor Agency to perform specific functions. One <br />such requirement is the preparation of a Recognized Obligation Payment Schedule (ROPS) for <br />each six-month fiscal period. The State Supreme Court's decision to uphold ABX1 26 extended <br />the deadline for the preparation of the initial ROPS to March 1, 2012. Staff prepared the ROPS <br />by the March 1 deadline for the period covering January - June 2012, posted it on the City's <br />internet website, and also provided a copy to the County of Orange Auditor-Controller. <br />The ROPS must be approved by the Oversight Board for the Successor Agency and then <br />submitted to both the State Controller's Office and the Department of Finance. The Oversight <br />1-1