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REQUEST FOR SUCCESSOR AGENCY - ACTION MEETING DATE: CLERK OF THE COUNCIL USE ONLY: APRIL 2, 2012 TITLE: APPROVED 0 As Recommended SUCCESSOR AGENCY APPROVAL OF O As Amended AMENDED RECOGNIZED OBLIGATION 0 Implementing Resolution 0 Other PAYMENT SCHEDULE (ROPS) AND SECOND AMENDED ENFORCEABLE OBLIGATION PAYMENT SCHEDULE (EOPS) CONTINUED TO FILE NUMBER -JC~~ CITY MANAGER RECOMMENDED ACTION It is recommended that the City Council acting as the Successor Agency to the former Agency: 1. Adopt a Resolution approving the Amended Recognized Obligation Payment Schedule ("BOPS") and certain other actions pursuant to Part 1.85 of the Dissolution Act. 2. Adopt a Resolution approving a Second Amended Enforceable Obligation Payment Schedule ("Second Amended EOPS") and certain other actions pursuant to Part 1.85 of the Dissolution Act. 3. Approve the City Manager and/or Director of Finance, or their designees, as delegated officials of the City acting as Successor Agency, as authorized to make any augumentation, modification, additions, or revisions as may be necessary to the ROPS or EOPS based on review by the State Department of Finance (DOF), or the County of Orange's selected independent auditor in the case of the BOPS. DISCUSSION The California Supreme Court's decision in California Redevelopment Association, et al., v. Matosantos ("Matosantos") upheld Assembly Bill X1 26, the "Dissolution Act." AB X1 26 added Parts 1-8 and 1.85 to Division 24 of the California Health & Safety Code, which caused the dissolution and winding down of all California redevelopment agencies. By resolution, the City Council on January 9, 2012, elected for the City to act as the "Successor Agency" to the community's dissolved redevelopment agency ("Agency") and the Housing Authority of the City of Santa Ana as "Successor Housing Agency." On February 1, 2012, the Agency was dissolved and the City began service as the "Successor Agency." The City is performing its functions as 4-1