OCII's Oversight Board oversees OCII in its efforts to wind down the operation of the former San Francisco Redevelopment Agency, pursuant to redevelopment dissolution law. Certain OCII actions are subject to Oversight board approval, including the Recognized Obligation Payment Schedule (ROPS). The seven-member Oversight Board is also required to direct OCII to perform specific tasks, including disposal of former SFRA assets and properties, transfer affordable housing responsibilities to the entity that assumes those responsibilities, and terminate or renegotiate outstanding agreements, if that would be in the best interests of the taxing entities. The Oversight Board has a fiduciary responsibility to holders of enforceable obligations and the taxing entities that benefit from the distribution of property tax and other revenues.
The Oversight Board's ongoing responsibilities include consideration of the approval of the following:
- Annual Recognized Obligation Payment Schedule (ROPS) each February.
- If needed, an amendment to the annual ROPS each October, if necessary.
- As necessary, the issuances of Infrastructure housing bond issuances and any re-financing of existing bonds.