Finding of Completion
Pursuant to Health and Safety Code (HSC) Section 34179.7, Finance will issue a finding of completion to the Successor Agency, once the following conditions have been met and verified by December 31, 2015:
- The Successor Agency has paid the full amount as determined during the Due Diligence Reviews and the County Auditor-Controller has reported those payments to Finance, and
- The Successor Agency has paid the full amount as determined during the July True-Up process, or
- The Successor Agency has paid the full amount upon a final judicial determination of the amounts due and confirmation that those amounts have been paid by the County Auditor-Controller, or
- The Successor Agency has entered into a written installment payment plan with Finance for the payments owed from above.
Upon receiving the finding of completion, the Successor Agency will be allowed to do the following:
- Place loan agreements between the former redevelopment agency and sponsoring entity on the ROPS, as an enforceable obligation, provided the oversight board makes a finding that the loan was for legitimate redevelopment purposes per HSC Section 34191.4 (b) (1) Loan repayments will be governed by criteria in HSC section 34191.4 9 (a) (2).
- Utilize proceeds derived from bonds issued prior to Jan. 1, 2011 in a manner consistent with the original bond covenants per HSC Section 34191.4 (c)
- However, if on a payment plan, and the Successor Agency fails to fully make one or more payments agreed to in the written installment plan, the benefits above may be revoked.
Webpage last updated February 14, 2013