The Oversight Board was created pursuant to the state law that dissolved the Huntington Beach (the "City"), as the successor agency to the Huntington Beach Redevelopment Agency ("Agency") to create a new oversight board to oversee certain fiscal management of former Agency funds and assets other than affordable housing. In performing that function, the Oversight Board owes a fiduciary duty to the holders of enforceable obligations with the former Agency and to the taxing entities that are entitled to an allocation of property taxes. The City manages the former Agency's affordable housing funds and assets. In addition to the Oversight Board's fiscal duties under state law, the City Council delegated to the Oversight Board the ability to exercise land use, development and design approval authority, in place of the former Agency Commission, under the enforceable obligations for all City of Huntington Beach Redevelopment Agency activities.
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