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<br /> <br /> l <br /> 1 i <br /> obligations of the Agency and otherwise unwind the Agency's affairs, all subject to the review and <br /> approval by a seven member Oversight Board formed thereunder. City as Successor Agency is <br /> engaged in activities necessary and appropriate to winding down the activities of the former <br /> Agency's Merged Project Area consisting of six (6) project areas that were originally adopted and <br /> amended by ordinances of the City Council. <br /> 0. Employees of the City will perform day-to-day administration and operation of the <br /> Successor Agency's duties and functions. Since the Agency was originally formed, and upon <br /> Successor Agency's effectiveness as of February 1, 2012, the City has provided and shall continue <br /> to provide services to the Successor Agency, including but not limited to administrative, accounting, <br /> auditing, planning, purchasing, engineering, legal, risk management, financial, clerical, record <br /> keeping, and other services necessary for the Successor Agency to carry out its responsibilities. <br /> H. The City and Successor Agency desire to affirm and document an on-going <br /> cooperative arrangement regarding administrative, financial, and operational services and payment <br /> for services and goods by entering into a new contract whereby City agrees to provide operational <br /> and administrative services and Successor Agency agrees to pay City for the cost of said services to <br /> be provided by City for Successor Agency in an amount equal to the Successor Agency <br /> Administrative Budget prepared pursuant to Health and Safety Code Section 34177 (j) and program <br /> and project expenses defined hereinbelow for each six-month fiscal period under the term of this <br /> Agreement, and approved by the Oversight Board. <br /> 1. The parties agree and acknowledge that this Agreement is subject to Oversight <br /> Board review and approval and that the Oversight Board's actions shall not become effective for <br /> three business days, pending any request for review by the California Department of Finance <br /> ("DOF"). If DOF requests review of the Board action, it shall have ten days from the date of its <br /> request to approve the Board action or return it to the Board for reconsideration, and the action, if <br /> subject to review by DOF, shall not be effective until approved by DOF. <br /> NOW THEREFORE, for and in consideration of their mutual covenants and promises, <br /> hereinafter set forth, and subject to the terms, conditions and other provisions of this Agreement <br /> hereinafter set forth, the parties hereto do hereby agree as follows: <br /> 1. Reimbursement of Administrative Expenses. The Successor Agency shall be liable to the <br /> City for the payment of its Administrative Expenses as set forth in this Agreement and as adopted as <br /> part of an Administrative Budget by the Successor Agency, as approved by the Oversight Board, as <br /> such Administrative Budget may be amended, revised or reconciled from time to time. These <br /> Administrative Expenses shall be in addition to any direct program or project expenses ("Project <br /> Expenses") incurred and noted on the Enforceable Obligations Payment Schedule ("EOPS") and in <br /> the Recognized Obligation Payment Schedule ("ROPS"), including salary and benefits of <br /> employees, and any contracts for goods and services funded by the Successor Agency for Project <br /> Expenses. The Successor Agency shall also be liable to the City for payment of these Project <br /> Expenses where they are adopted as part ofthe EOPS or ROPS. <br /> 2 <br /> 2-12 <br />