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1 <br />2 <br />3 <br />4 <br />5 <br />RESOLUTION NO. 21 <br />A RESOLUTION OF THE OVERSIGHT BOARD FOR THE CITY OF <br />RIVERSIDE AS SUCCESSOR AGENCY TO THE REDEVELOPMENT <br />AGENCY OF THE CITY OF RIVERSIDE AUTHORIZING AND <br />APPROVING THE SUCCESSOR AGENCY TO RETAIN A CERTIFIED <br />PUBLIC ACCOUNTANT AS REQUIRED BY HEALTH & SAFETY CODE <br />SECTION 34179.5 AND THE EXECUTION OF A LOAN AGREEMENT <br />WITH THE CITY OF RIVERSIDE. <br />WHEREAS, on January 10, 2012, the City Council adopted Resolution No. 22322 re- <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />?R <br />affirming the authorization of the City of Riverside to become the Successor Agency to the <br />Redevelopment Agency of the City of Riverside ("Successor Agency") pursuant to A.Bx 126; and <br />WHEREAS, subsequent legislation entitled "Assembly Bill 1484", signed into law on June <br />27, 2012, makes substantive amendments to ABxI 26 and specifically includes a requirement, set <br />forth at Health & Safety Code section 34179(e), that all actions taken by the oversight board be <br />adopted by resolution; and <br />WHEREAS, pursuant to Health & Safety Code section 34179.5, each successor agency is <br />required to employ a licensed accountant approved by the county auditor-controller and with <br />experience and expertise in local government accounting, to conduct a due diligence review to <br />determine the unobligated balances available for transfer to taxing entities; and <br />WHEREAS, the issue regarding the retention of a duly approved licensed accountant was <br />reviewed and approved by the Oversight Board for the City of Riverside as Successor Agency to the <br />Redevelopment Agency of the City of Riverside ("Oversight Board") on August 30, 2012; and <br />WHEREAS, the Oversight Board further approved and authorized the Successor Agency to <br />enter into a Loan Agreement, with the City of Riverside, for the hiring of a certified public account <br />for an amount not to exceed Fifty Thousand Dollars ($50,000); and <br />WHEREAS, Health & Safety Code section 34173 (h) provides that a city that <br />authorized the creation of a redevelopment agency may loan or grant funds to a successor agency for <br />administrative costs, enforceable obligations or project-related expenses at the city's discretion, but <br />the receipt and use of these funds shall be reflected on the Recognized Obligation Payment Schedule <br />or the administrative budget and are subject to approval of the oversight board. <br />CrrY A:r 'S 01TICE <br />3900 MAN STREET <br />RIVERSWE CA 92522 <br />(951) $26-5567 <br />