Assembly Bill X1 26 (ABX1 26) gives the Oversight Board authority over the former redevelopment agency’s financial affairs. In addition to approving the Successor Agency’s administrative budget, the Oversight Board adopts the Recognized Obligation Payment Schedule (ROPS
) — the central document that identifies the financial obligations of the former redevelopment agency that the Successor Agency
may pay over the next six months and subsequent six-month periods. Actions of an Oversight Board do not go into effect for three business days. During this time, the Department of Finance (DOF) may request a review of the Oversight Board’s action. The DOF, in turn, has ten days to approve the Oversight Board’s action or return it to the Oversight Board for reconsideration.