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3/29/12 LES SUCCESSOR AGENCY RESOLUTION NO. 2012 -002 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA ACTING AS SUCCESSOR AGENCY TO THE FORMER COMMUNITY REDEVELOPMENT AGENCY APPROVING THE AMENDED RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS) 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 Califomia 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. 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 for the former Community Redevelopment Agency ( "Agency ") of the City of Santa Ana and the Housing Authority of the City of Santa Ana as "Successor Housing Agency ". C. The City will perform 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 Agency prepared the original Recognized Obligation Payment Schedule ( "ROPS ") by March 1, 2012, which was received and filed by the Successor Agency on March 19, 2012. E. As the result of a recent discussion with the State Department of Finance, certain items on the ROPS have been revised (see Exhibit A, attached hereto and incorporated herein by this reference). Following action by the Successor Agency, the ROPS is required to be presented to the Oversight Board for its approval, then submitted to both the State Controller's Office and the State Department of Finance. 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 pursuant to this part and the value of assets transferred to it as a successor agency for a dissolved redevelopment agency." Thus, the City's obligations as Successor Agency Resolution No. 2012 -002 Page 1 of 3