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MEETING DATE: FEBRUARY 17, 2015 TITLE: RECOGNIZED OBLIGATION PAYMENT SCHEDULE 15 -16A AND ADMINISTRATIVE BUDGET FOR THE PERIOD OF ,DULY 1, 2015 THROUGH DECEMBER 31, 2019 (STRATEGIC PLAN NO. 4, 1) r CITY MANAGEiR' RECOMMENDED ACTION „ 7a� CLERK OF THE COUNCIL USE ONLY: APPROVED ® As Recommended ❑ As Amended ❑ Implementing Resolution ❑ Other CONTINUED TO FILE NUMBER Receive and file the Recognized Obligation Payment Schedule 15 -16A and Administrative Budget for the period of July 1, 2015 through December 31, 2015 pursuant to Part 1.85 of Division 24 of the California Health & Safety Code. 2. Direct the City Manager and /or Director of Finance or their designees, as delegated officials of the Successor Agency, to make or accept any augmentation, modification, additions, or revisions to the Recognized Obligation Payment Schedule 15 -16A or the Administrative Budget as the City Manager and /or Director of Finance or their designees may deem necessary and appropriate in their reasonable discretion, based on review or communications from the Oversight Board or the State Department of Finance. DISCUSSION Pursuant to Part 1.85 of Division 24 of the California Health & Safety Code ( "Dissolution Act "), the City Council on January 9, 2012, elected for the City to act as the "Successor Agency" to the dissolved Community Redevelopment Agency ( "Agency'). On February 1, 2012, in accordance with the Dissolution Act and the California Supreme Court's decision in California Redevelopment Association v. Matosantos, Case No. S194861, the Agency was dissolved and the City began to serve as the "Successor Agency." The City Council serves as the governing body of the Successor Agency under the Dissolution Act as amended by AB 1484, to administer the enforceable obligations of the Agency and otherwise unwind the Agency's affairs. The Oversight 3 -1