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RESOLUTION 2012 -002 <br />RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE <br />TOWN OF LOS GATOS APPROVING AND ADOPTING A FIRST <br />AMENDED ENFORCEABLE OBLIGATION PAYMENT <br />SCHEDULE <br />WHEREAS, pursuant to the California Community Redevelopment Law (Health and <br />Safety Code Section 33000 et sue.; the "Redevelopment Law "), the Town Council (the "Town <br />Council ") of the Town of Los Gatos (the "Town ") adopted Ordinance No. 1882 on November 25, <br />1991, adopting the Redevelopment Plan for the Central Los Gatos Redevelopment Project Area <br />(the "Redevelopment Plan "), as amended from time to time; and <br />WHERAS, the Redevelopment Agency of the Town of Los Gatos (the "Agency ") is <br />responsible for implementing the Redevelopment Plan pursuant to the Redevelopment Law; and <br />WHEREAS, ABxI 26 (the "Dissolution Act ") was enacted on June 28, 2011; and <br />WHEREAS, through its December 29, 2011 decision in the case of California <br />Redevelopment Association v. Matosantos (the "Supreme Court Decision "), the California <br />Supreme Court declared the Dissolution Act to be constitutional and revised certain dates for <br />performance of actions under the Dissolution Act; and <br />WHEREAS, the Dissolution Act provides for dissolution of the Agency as of February <br />1, 2012, at which time the assets and payment obligations (defined in the Dissolution Act as <br />"Enforceable Obligations ") of the dissolving Agency will be transferred to the Town, acting in <br />its capacity as "Successor Agency" (as defined in the Dissolution Act) to the dissolving Agency; <br />and <br />WHEREAS, pursuant to Section 34167(h) and Section 34177(a) of the Redevelopment <br />Law (as added by the Dissolution Act), after August 29, 2011 and until the first "Recognized <br />Obligation Payment Schedule" (as defined in the Dissolution Act) is operative, the Agency or the <br />Successor Agency, as applicable, can only make payments on Enforceable Obligations listed and <br />required on an 'Enforceable Obligation Payment Schedule" (as defined in the Dissolution Act); <br />and <br />WHEREAS, in accordance with the foregoing requirements, the Agency adopted its <br />Enforceable Obligation Payment Schedule on Augustl5, 2011 (the "Initial Schedule "), and <br />transmitted the adopted Initial Schedule to the Santa Clara County Auditor - Controller, the State <br />Controller, and the State Department of Finance, all in accordance with Section 34169(g) of the <br />Redevelopment Law; and <br />WHEREAS, to facilitate an orderly transfer of its Enforceable Obligations payment <br />responsibilities on February 1, 2012 to the Town, acting in its capacity as Successor Agency to <br />the Agency, and as authorized pursuant to Section 33169(g)(2) of the Redevelopment Law, the <br />Agency now desires to amend its previously adopted Initial Schedule in the form of a First <br />