2012-04 RESOLUTION NO. 01 _04
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAND
TERRACE, CALIFORNIA, ESTABLISHING A REDEVELOPMENT
OBLIGATION RETIREMENT FUND PURSUANT TO HEALTH &
SAFETY CODE SECTION 34170.5(A)
WHEREAS, the Grand Terrace Community Redevelopment Agency ("Agency")
is a public body, corporate and politic, organized and existing under the California
Community Redevelopment Law (Health & Safety Code § 33000 et seq.) ("CRL"); and
WHEREAS, the City of Grand Terrace is a municipal corporation and a general
law city under the California Government Code ("City'); and
WHEREAS, on December 29, 2011, in California Redevelopment Association v.
Matosantos, Case No. S194861, the California Supreme Court upheld ABX1 26, which
dissolves all of the redevelopment agencies in California, and struck down ABX1 27,
which allowed redevelopment agencies to remain in existence if City opted in to the
"Voluntary Alternative Redevelopment Program" ("VARP"); and
WHEREAS, on January 10, 2012 the City Council elected, by Resolution No.
2012-01, to serve as the Successor Agency; and
WHEREAS, pursuant to Health & Safety Code Section 34170.5(a), the City, as
Successor Agency, must establish within its treasury the `Redevelopment Obligation
Retirement Fund" for storing tax increment, and other similar funds, for the purpose of
retiring obligations incurred by the Grand Terrace Community Redevelopment Agency;
and
WHEREAS, the City wishes to establish a Redevelopment Obligation Retirement
Fund pursuant to Health & Safety Code Section 34170.5 (a).
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF GRAND
TERRACE, CALIFORNIA, DOES RESOLVE, AS FOLLOWS:
1. The above recitals are true and correct and are adopted as the findings of the
City Council.
2. The City Manger, or his designee, is hereby authorized and directed to create
the 'Redevelopment Obligation Retirement Fund" within the treasury of the City,
in its capacity as the Successor Agency to the Community Redevelopment
Agency of Grand Terrace, pursuant to Health & Safety Code Section 34170.5(a).
3. The City Manager is hereby authorized and directed to take such additional actions,
` and to execute all documents necessary and appropriate, for the City to comply with
the requirements of Health & Safety Code Sections 34170.5 (a).
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4. This resolution shall become effective immediately upon its adoption.
5. The City Clerk shall certify to the passage and adoption of this resolution and enter it
into the book of original resolutions.
PASSED AND ADOPTED by the Citx Council of the City of Grand Terrace,
California, at a regular meeting held on the 24` of January, 2012.
ATTEST:
City Clerk f the City of Gra Terrace Mayor of the—City of Grand Terrace
and of the City Council and of the City Council thereof
I, Tracey R. Martinez, City Clerk of the City of Grand Terrace, do hereby certify that the
foregoing Resolution was introduced and adopted at a regular meeting of the City
Council of the City of Grand Terrace held on the 24th day of January 2012, by the
following vote:
4W AYES: Councilmembers MCNaboe, Sandoval and Hays; Mayor Pro Tem Garcia and
Mayor Stauckievitz
NOES: None
ABSENT: None
ABSTAIN: None
Trace
City Clerk
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Approved as to r
Richard L. Adams II
City Attorney