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5/1/12 LES F. The subject ROPS will cover the period of July 1, 2012 through December 31, 2012 (see Exhibit A, attached hereto and incorporated herein by this reference). Following this action by the Successor Agency, the ROPS is required to be presented to the Oversight Board for its approval, then submitted to the State Controller's Office and the State Department of Finance, and County Auditor-Controller. G. Health and Safety Code Section 341770), as modified by the Supreme Court decision, requires the Successor Agency to prepare a proposed administrative budget every six months, along with the ROPS, and submit it to the Oversight Board for approval. H. Pursuant to Section 341770), the Successor Agency's "Administrative Budget" is to include all of the following: (a) estimated amounts of the Successor Agency's administrative costs for the up-coming six month fiscal period; (b) the proposed sources of payment for the costs identified in (a); and (c) proposals for arrangements for administrative and operations services provided by the City serving as Successor Agency. The proposed Administrative Budget (attached hereto and incorporated herein as Exhibit B) shall cover the same time frame as the ROPS (July 1, 2012 through December 31, 2012). 1. Pursuant to the Dissolution Act, most actions of the Oversight Board, including the ROPS approved by this Resolution, do not become effective for three (3) business days pending any request for review by the Department of Finance ("DOF"), and if the DOF requests review hereof, DOF will have 10 days from the date of its request to approve the Oversight Board action or return it to the Oversight Board for reconsideration and the action, if subject to review by DOF, will not be effective until approved by DOF. J. 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 are limited by the amount of property taxes and the value of assets it receives in its role as the Successor Agency. Section 2. The attached Recognized Obligation Payment Schedule (Exhibit A), which is hereby approved by the Successor Agency, establishes those obligations which the Community Redevelopment Agency of the City of Santa Ana has binding commitments that it has entered into and includes legal commitments that it is obligated to perform from July 1, 2012 through December 31, 2012, in order to meet the pre-existing commitments of contracts and obligations that were established prior to the effective date of ABX1 26. Such approval is conditional upon approval of the Oversight Board. Upon approval of the Oversight Board, the Successor Agency shall transmit the ROPS to the DOF, State Controller's Office, and County Auditor-Controller. Section 3. Pursuant to the Dissolution Act, the Successor Agency approves the proposed Administrative Budget, attached hereto as Exhibit B and incorporated by this 2 3-4