Oversight Committees shall have fiduciary responsibilities to holders of enforceable obligations and the taxing entities that benefit from distributions of property tax and other revenues (Health and Safety Code Section 34179(i)). The Oversight Committee shall direct the successor agency to do all of the following applicable tasks:
. Establish a Recognized Obligation Payment Schedule;
. Dispose of all assets and properties of the former redevelopment agency that were funded by tax increment revenues of the dissolved redevelopment agency;
. Cease performance in connection with and terminate all existing agreements that do not qualify as enforceable obligations;
. Determine whether any contracts, agreements, or other arrangements between the dissolved redevelopment agency and any private parties should be terminated or renegotiated to reduce liabilities and increase net revenues to the taxing entities, and present proposed termination or amendment agreements to the oversight board for approval.
The commission meets as needed in the Auburn City Hall, 1225 Lincoln Way. If you have any questions, please contact Amy Lind at (530) 823-4211, ext. 112, or email@example.com.