ABx 126 (the “Dissolution Act”) provides for an Oversight Board to be duly constituted to review and approve the activities of the Successor Agency and ensure the former Redevelopment Agency (RDA) assets are distributed to the taxing entities. The Oversight Board was composed of seven members representing various taxing entities and is an independent decision-making body with a fiduciary responsibility to holders of enforceable obligations of the former RDA and the taxing entities that remain in the former redevelopment project areas. The Boards actions are overseen by the State Department of Finance and are subject to disapproval or modifications.
Commencing July 1, 2018, the Oversight Board will be consolidated into a single, countywide Oversight Board. The City of West Covina will be part of the Los Angeles County Consolidated Oversight Board (COB) First Supervisorial District.