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3/29/12 LES SUCCESSOR AGENCY RESOLUTION NO. 2012- A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA ACTING AS SUCCESSOR AGENCY TO THE FORMER COMMUNITY REDEVELOPMENT AGENCY APPROVING THE SECOND AMENDED ENFORCEABLE OBLIGATION PAYMENT SCHEDULE (EOPS) AND CERTAIN OTHER ACTIONS PURSUANT TO PART 1.85 OF THE DISSOLUTION ACT BE IT RESOLVED BY THE MEMBERS OF THE SUCCESSOR AGENCY OF THE CITY OF SANTA ANA, AS FOLLOWS: Section 1. The City Council of Santa Ana, acting as Successor Agency, hereby finds, determines and declares as follows: A. The California Supreme Court's decision in the recent California Redevelopment Agency v. Matosantos case upheld ABX1 26 which will now control the dissolution and winding down of every California redevelopment agency. ABX1 26 prohibits agencies from taking numerous actions, requires all agencies to wind down their affairs effective immediately, and provides that agencies are deemed to be dissolved as of February 1, 2012. B. By resolution, on January 9, 2012, pursuant to section 34173 of the California Health & Safety Code, the City of Santa Ana ("City") elected to serve as the "Successor Agency" to the community's dissolved redevelopment agency ("Agency") of the City of Santa Ana 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 serving as the Successor Agency. C. The City is performing its functions as the Successor Agency under the Dissolution Act to administer the enforceable obligations of the Agency and otherwise unwind the Agency's affairs, all subject to the review and approval of a seven-member Oversight Board. D. Prior to its dissolution and pursuant to Part 1.8, the former Agency adopted the original Enforceable Obligation Payment Schedule ("FOPS") on August 24, 2011, and adopted the Amended Enforceable Obligation Payment Schedule on January 30, 2012. E. The Recognized Obligation Payment Schedule ("BOPS") is being amended due to a result of a recent discussion with the State Department of Finance. Due to changes in the BOPS, the EOPS is being amended. Therefore, this Second Amended EOPS (attached hereto and incorporated herein as Exhibit A) is being recommended for approval. F. Health and Safety Code Section 34173(e) provides that "the liability of any successor agency, acting pursuant to the powers granted under the act adding this part, shall be limited to the extent of the total sum of property tax revenues it receives 1 EXHIBIT 2 4-19