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Amended BOPS and FOPS <br />April 2, 2012 <br />Page 2 <br />the Successor Agency under the Dissolution Act to administer the enforceable obligations of the <br />Agency and otherwise unwind the Agency's affairs, all subject to the review and approval by a <br />seven-member Oversight Board. Prior to its dissolution and pursuant to Part 1.8, the Agency <br />adopted an original and an Amended Enforceable Obligation Payment Schedule ("FOPS") and <br />prepared a Recognized Payment Schedule ("BOPS"). <br />Asa result of a recent discussion with the State Department of Finance, certain items on the <br />BOPS, that was prepared as required by March 1 , 2012, have been revised (see highlights on <br />Exhibit A of Exhibitl ), thus the "Amended BOPS" is being presented for approval. Following <br />action by the Successor Agency, the BOPS is required to be presented to the Oversight Board <br />for its approval, and then submitted to both the State Controller's Office and State Department of <br />Finance (April 15, 2012 deadline). The Santa Ana Oversight Board's first meeting is tenatatively <br />scheduled for April 1 O, 2012. <br />To be consistent with the amendments to the BOPS, an update to the Amended FOPS has been <br />prepared ("Second Amended FOPS") and is being recommended for approval as well. The <br />original FOPS was approved by the former Redevelopment Agency ("Agency") on August 24, <br />201 1 , and the Amended FOPS was subsequently approved by the Agency on January 30, 2012 <br />(Exhibit A of Exhibit 2). <br />FISCAL IMPACT <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 />?Y) G?LG?o <br />Nancy T. Ed rds <br />Interim Execu ive Director <br />Community Development Agency <br />NTE/SG/mlr <br />Exhibits: 1. BOPS Resolution <br />2. FOPS Resolution <br />4-2