3 - RECOGNIZED OBLIGATION PAYMENT SCHEDULE

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h/15/12 LES E. On July 12, 2012, DOF sent a letter to all redevelopment agencies stating that no further revised BOPS for periods prior to January 1, 2013 would be accepted and no further requests for reconsideration of such prior BOPS (or items on such BOPS) would be considered. F. The ROPS (Exhibit A of Exhibit 1) and Budget (Exhibit B of Exhibit 1) for the January 1, 2013 through June 30, 2013 period is now being presented for Successor Agency approval- Based on the DOF instructions for the third BOPS, the DOF is allowing the Agency/Oversight Board to include previously disputed items on this third BOPS. These disputed items are included as directed in the "Notes" section of the form provided by DOF. G. Following action by the Successor Agency, the BOPS and Budget will be forwarded to the Oversight Board, DOF, County and other appropriate entities as required by AB 1484. The Oversight Board will consider the ROPS and Budget at a special meeting anticipated to be held August 28, 2012. H. Pursuant to AB 1484 and DOF directive, the approved BOPS must be submitted to the DOF no later than September 4, 2012, or the Successor Agency/City will be subject to severe financial penalties. I. 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. Despite this language, the Dissolution Act (as amended by AB 1484) also provides for the withholding and diversion of sales tax and property tax revenues otherwise due to the City in order to recover certain expenditures deemed to have been improperly made by the former Agency; however this offset is inapplicable to the present actions. 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 January 1, 2013 through June 30, 2013, in order to meet the pre-existing commitments of contracts and obligations that were established prior to the effective date of the Dissolution Act. Such approval is conditional upon approval of the Oversight Board. Section 3_ Pursuant to the Dissolution Act, the Successor Agency approves the proposed Administrative Budget, attached hereto as Exhibit B and incorporated by this reference- Such approval is conditional upon approval of the Oversight Board. Following action by the Successor Agency, the BOPS and Budget will be forwarded to the Oversight Board, DOF, County and other appropriate entities as required by AB 1484. 2 3-6