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HomeMy WebLinkAbout01/15/2013 Oversight Board Agenda PacketSPECIAL MEETING OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE AGENDA BRIAN TISDALE, CHAIR JUSTIN CARLSON, BOARD MEMBER DAVE OSTER, BOARD MEMBER GENIE KELLEY, BOARD MEMBER GEORGE LANDON, BOARD MEMBER ROGER SCHULTZ, VICE CHAIR PHIL WILLIAMS, BOARD MEMBER (951) 5743124 PHONE (951) 5742392 FAX LAKE ELSINORE CITY HALL 130 SOUTH MAIN STREET LAKE ELSINORE, CA 92530 ..............a•. u.u.....u.... ••u.. am ...u. noun January 15, 2013 at 3:45 P.M. NOTE: THIS MEETING AND SUBSEQUENT MEETINGS OF THE OVERSIGHT BOARD WILL BE HELD IN CONFERENCE ROOM "A" IN THE LAKE ELSINORE CITY HALL LOCATED AT 130 SOUTH MAIN STREET, LAKE ELSINORE, CALIFORNIA DURING THE SEISMIC RETROFIT OF THE LAKE ELSINORE CULTURAL CENTER. The agenda is posted 72 hours prior to each meeting outside of the Lake Elsinore City Hall located at 130 South Main Street and is available at each meeting. The agenda and related reports are also available at the Lake Elsinore City Clerk's Office on the Friday prior to the Oversight Board meeting and are available on the City's website at www. ;ake- eisinore.om Any writing distributed within 72 hours of the meeting will be made available to the public at the time it is distributed to the Oversight Board. In compliance with the Americans with Disabilities Act, any person with a disability who requires a modification or accommodation in order to participate in a meeting should contact the Lake Elsinore City Clerk's Office at (951) 674 -3124 Ext. 262, at least 48 hours before the meeting to make reasonable arrangements to ensure accessibility. Oversight Board Agenda Page 2 of 4 Special Meeting of January 15, 2013 CALL TO ORDER - 3:45 P.M. PLEDGE OF ALLEGIANCE ROLL CALL • Mayor Brian Tisdale, Chairman (City of Lake Elsinore — Mayor's appointment) • Mr. Justin Carlson, Board Member (City of lake Elsinore — Employee Union Member) • Mr. Dave Oster, Board Member (President, Storm Baseball - County Board of Supervisor's appointment) • Ms. Genie Kelley, Board Member (County Board of Supervisor's member of the public appointment) • George Landon, Board Member (County Superintendent of Schools appointment) • Dr. Roger Schultz, Vice Chairman (Superintendent/President Mt San Jacinto Community College District - Community College District appointment) • Director Phil Williams, Board Member (EVMWD appointment) PUBLIC COMMENTS — AGENDIZED ITEMS (Please read & complete a form Request to Address the Oversight Board prior to the start of the Oversight Board meeting and submit it to the Secretary/Clerk. The Chairperson will call on you to speak when your item is called.) PRESENTATIONS - • Introduction of Alternate Board Members, if any - CONSENT CALENDAR CONSENT CALENDAR 1. Approval of Minutes Recommendation It is recommended that the Oversight Board approve the minutes of. a. Oversight Board Regular Meeting of December 11, 2012 b. Oversight Board Regular Meeting of January 8, 2013 2. Update on Successor Agency Activities a. Investment Reports b. Warrant Lists Oversight Board Agenda Page 3 of 4 Special Meeting of January 15, 2013 Recommendation It is recommended that the Oversight Board receive and file the Investment Reports and Warrant Lists. 43 of Lake Elsinore Recommendation - It is recommended that the Oversight Board adopt Resolution No. OB- 2013 -001 changing the time and location for meetings of the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore. BUSINESS ITEMS 4. Due Diligence Review (All Other Funds) Recommendations: It is recommended that the Oversight Board receive public comments and any opinions offered by the County Auditor- Controller on the Due Diligence Review (All Other Funds) prepared by White Nelson Diehl Evans LLP on behalf of the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore pursuant to California Health and Safety Code Section 34179.5. It is further recommended and that the Oversight Board adopt Resolution No. 06- 2013-002 approving the Due Diligence Review (All Other Funds) determining that there are no unencumbered cash or cash equivalents available for disbursement pursuant to Health & Safety Code Section 34179.5 and taking certain other actions in connection therewith. 5. Consideration of Cancellation of January 22, 2013 Regular Meeting Recommendation It is recommended that the Oversight Board cancel its regularly scheduled meeting of January 22, 2013. PUBLIC COMMENTS — NON- AGENDIZED ITEMS STAFF COMMENTS Perpetual Calendar OVERSIGHT BOARD MEMBER COMMENTS ADJOURNMENT Oversight Board Agenda Page 4 of 4 Special Meeting of January 15, 2013 The Oversight Board will adjourn this meeting to a special meeting on February 12 2013 at 3:45 pm, at the City Hall, Conference Room A located at 130 S. Main Street, Lake Elsinore, CA. AFFIDAVIT OF POSTING I, Virginia J. Bloom, the City Clerk of the City of Lake Elsinore, do hereby affirm that a copy of the foregoing Agenda of the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore Special Meeting of January 15, 2013 was posted at City Hall 24 hours in advance of this meeting. - Virginia J. Bloom, City Clerk OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: MEMBERS OF THE OVERSIGHT BOARD FROM: BARBARA LEIBOLD, SUCCESSOR AGENCY COUNSEL DATE: JANUARY 15, 2013 SUBJECT: APPROVAL OF MINUTE(S) Discussion The following Oversight Board Meeting Minute(s) are submitted for approval: a. Oversight Board Regular Meeting December 11, 2012 b. Oversight Board Regular Meeting January 8, 2013 Recommendation It is recommended that the Oversight Board approve the minutes of: a. Oversight Board Regular Meeting December 11, 2012 b. Oversight Board Regular Meeting January 8, 2013 Prepared by: Virginia Bloom City Clerk/Oversight Board Secretary AGENDA ITEM 1 Page 1 REGULAR MEETING OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE 130 South Main Street, Lake Elsinore, CA 92530 MINUTES January 8, 2013 CALL TO ORDER Chairman Tisdale called the meeting to order at 3:47 p.m. PLEDGE OF ALLEGIANCE Chairman Tisdale led the pledge of allegiance. ROLL CALL PRESENT: Brian Tisdale, Chairman Genie Kelley, Board Member Justin Carlson, Board Member Dave Oster, Board Member George Landon, Board Member Phil Williams, Board Member ABSENT: Dr. Roger Schultz, Vice- Chair Also present: City Attorney Barbara Leibold, City Manager Grant Yates, City Clerk/Clerk of the Board Virginia Bloom, and Director of Administrative Services James Riley. PUBLIC COMMENTS — AGENDIZED ITEMS None PRESENTATIONS None CONSENT CALENDAR None BUSINESS ITEMS 1. Public Comment Session — Due Diligence Review (All Other Funds) Recommendations: That the Oversight Board receive public comments and any opinions offered by the County Auditor - Controller on the Due Diligence Review of All Other Funds prepared by White Nelson Diehl Evans LLP on behalf of the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore pursuant to California Health and Safety Code Section 34179.5 (the "DDR Reps, " ). Regular Oversight Board Meeting Minutes of January 8, 2013 Page 2 of 2 City Attorney Leibold presented the report. Administrative Services Director Riley announced the final Due Diligence Report was distributed to the Board Members on January 7, 2013 which reflects a deficit with greater liabilities than assets and no available unencumbered funds. He stated that the DDR Report was consistent with the Successor Agency EOPS and ROPS and that the Successor Agency did not anticipate challenges from the Department of Finance on this report. No public comments were received. PUBLIC COMMENTS — NON - AGENDIZED ITEMS None STAFF COMMENTS City Attorney Leibold discussed with the Oversight Board the scheduling of the Special Meeting of January 15, 2013 in order for the Board to approve the Due Diligence Report. OVERSIGHT BOARD MEMBER COMMENTS None ADJOURNMENT There being no further business to come before the Oversight Board, Chairman Tisdale adjourned the meeting at 4 :08 p.m. to the Special Meeting of January 15, 2013 at 3:45 p.m. to be held at City Hall, Conference Room A located at 130 S. Main Street in Lake Elsinore, CA. Brian Tisdale, Chairman ATTEST: Virginia J. Bloom Clerk of the Oversight Board REGULAR MEETING OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE 130 South Main Street, Lake Elsinore, CA 82530 MINUTES December 11, 2012 CALL TO ORDER Chairman Tisdale called the meeting to order at 3:35 a.m. PLEDGE OF ALLEGIANCE Chairman Tisdale led the pledge of allegiance. ROLL CALL PRESENT: Brian Tisdale, Chairman Genie Kelley, Board Member Justin Carlson, Board Member Dave Oster, Board Member George Landon, Board Member Phil Williams, Board Member ABSENT: Dr. Roger Schultz, Vice -Chair Also present: City Attorney Barbara Leibold, City Manager Grant Yates, City Clerk/Clerk of the Board Virginia Bloom, and Director of Administrative Services James Riley. PUBLIC COMMENTS — AGENDIZED ITEMS None Clerk Bloom administered the Oath of Office to Board Member Landon, appointee of the Lake Elsinore Unified School District. CONSENT CALENDAR 1. Approval of Minutes Recommendation It is recommended that the Oversight Board approve the minutes of a. Oversight Board Special Meeting October 12, 2012 Regular Oversight Board Meeting Minutes of December 11, 2012 Page 2 of 3 2. Update on Successor Agency Activities a. Warrant Lists Recommendation It is recommended that the Oversight Board receive and file the Warrant Lists. Motion by Board Member Williams, seconded by Board Member Kelley to approve the Consent Agenda was approved by unanimous vote. BUSINESS ITEMS 3. Stadium Interim Management Agreement Recommendation: That the Oversight Board adopt Resolution No. OB- 2012 -013 Approving the Stadium Interim Management Agreement Dated January 1, 2013 Between the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore and the Lake Elsinore Storm LP. Board Member Oster announced a conflict of interest and left the dais at 3:40 p.m. City Attorney Leibold presented the report to the Board. Motion by Board Member Kelley, seconded by Board Member Williams to approve the Stadium Interim Management Agreement passed by unanimous vote. Board Member Oster returned to the dais at 3:58 p.m. 4. Oversight Board Legal Counsel Recommendation: That the Oversight Board receive and file a report from the subcommittee as to the status of its review of the proposals and direct staff to send an acknowledgment to each applicant that its proposal has been received. Board Member Williams advised that he and Board Member Kelley had reviewed all of the submitted proposals and announced that the two law firms selected for a face -to -face meeting with the subcommittee. The Board directed staff to send out letters to all the law firms that submitted proposals that this matter would be coming back to the Oversight Board in January 2013. 5. Recommendation It is recommended that the Oversight Board receive and file the Staff Report and attached Oversight Board 2012 -2013 Perpetual Calendar and consider a special meeting on January 15, 2013. City Attorney Leibold presented the report and agreed to a Special meeting to be scheduled for January 15, 2013 at 3:45 p.m. Regular Oversight Board Meeting Page 3 of 3 Minutes of December 11, 2012 PUBLIC COMMENTS — NOWAGENDIZED ITEMS None STAFF COMMENTS Chairman Tisdale requested that staff bring back an item adjusting the start time of the regular meetings be changed to 3:45 p.m. OVERSIGHT BOARD MEMBER COMMENTS None ADJOURNMENT There being no further business to come before the Oversight Board, Chairman Tisdale adjourned the meeting at 4:15 p.m. to the regularly scheduled meeting of January 11, 2013 at 3:45 p.m. to be held at City Hall, Conference Room A located at 130 S. Main Street in Lake Elsinore, CA. He reminded everyone that the regular meeting of December 25, 2012 was cancelled. ATTEST: Brian Tisdale, Chairman Virginia J. Bloom Clerk of the Oversight Board OVERSIGHT BOARD OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: MEMBERS OF THE OVERSIGHT BOARD FROM: BARBARA LEIBOLD, SUCCESSOR AGENCY COUNSEL DATE: JANUARY 15, 2013 SUBJECT: INVESTMENT REPORTS AS OF JUNE 30, 2012 THROUGH NOVEMBER 30, 2012 Discussion: Attached are the Investment Reports Summaries of Pooled Cash and Investments of the Successor Agency as of June 30, 2012 through November 30, 2012. Note that though such accounts include housing funds, only unencumbered housing funds are held by the Successor Agency. Recommendation: That the Oversight Board receive and file the attached Investment Report Summaries. Prepared and approved by: Barbara Leibold, City Attorney /Successor Agency Counsel AGENDA ITEM 2a Page 1 CITY OF ,wv` LADE aLSINOKE - ~As� DREAM ptrILEME. REPORT TO CITY COUNCIL AS SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: THOMAS EVANS INTERIM CITY MANAGER DATE: JULY 24, 2012 �'uNE SUBJECT: INVESTMENT REPORT— OW2012 Recommendation Receive and file. Discussion The Investment Report is a listing of all funds invested for the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore as of the date shown on the report. Prepared By: Nancy L. Lassey n�X Accounting Supe r Prepared By. James R. Rile/ Director of Adml ttve Services Approved By: Thomas Evans Interim Executive DIZ.? � , AGENDA ITEM NO. SA 2 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF JUNE 30,2012 Bank of America - Successor Agency General Bank of America - Housing Fund Total Active Accounts INVESTMENTS Successor. Successor local Agency Investmem Fund Successor CAMP Pool Account Successor U.S. Treasury Bond / Notes Successor Federal Agency Bond / Notes Successor Corporate Notes Housing: Housing CAMP Pool Account Housing U.S. Treasury Bond / Notes Housing Federal Agency Sond f Notes Housing CArporsts Notes Subdotal Investments Unrealized Gain/ (Lose) at 6 -30-11 per GASB 31(IAIF) Unrealized Gain( (lase) at 6 -30.11 per GASS 31 (Other) Unrealized Gain/ (Loss) at 8.30.11 per GASS 31 (Total) Total Investments TOTAL POOLED CASH AND INVESTMENTS BANK BALANCE DEPOSITS IN TRANSIT OUTSTANG. CHECKS BOOK BALANCE $5.659,953.97 0.00 (9,956.87) 5,649,995.30 249,972.87 0.01) 0.00 249,972.67 5.809.926.64 0.00 (9.958.67) 5,899,968.17 4,602,20527 - - 4,602,205.27 34,418.03 - - 34,418.03 2,433,610.85 - 2,433,610.85 6,601,861.83 - - 6.601,661.83 1,321,381.82 - - 1,321.381.82 97,759.65 - 17,759.65 1.167.954.53 - - 1,167,954.53 3.198,792.38 - - 3,198,792.38 545.025.33 545.025.33 19,923.029.09 - 10,023,029.09 17,325.32 - - 17,325.32 156.731.25 156.73125 174,056.57 174.056.67 20,097,088.26 - - 20,097,088.28 28.007,613.10 (9,958.67) 25,997,054.43 25,997,054.43 I ceriNy that this report accurately reflects all pooled Investments and it Is M conformity with the Investment policy as approved by the Members of the Redevelopment Agency on November 8, 2011. A copy of Oft policy Is avellabie M the office of the Chy dark. The pooled Investments shown above provide sutflrfent cash Bow l4uldlty to most the net slz months estimated eVerdlhaes. James R. Way Ady 16, 2012 Director of Adm4dstrative Servoos Date SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE LOCAL AGENCY. INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING JUNE 30, 2012 Interest Rate Purchase Date Maturity Rate 0.358% Daily 24 -Hour BeainninD Balance Net Increase /Decrease Ending Balance $ 2,205.27 $ 4,600,000.00 $ 4,602,205.27 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF JUNE 30, 2012 FUND NAME Area I Area 11 Area III Housing Stadium Lease Trust Fund CFO 90 -2 Debt Service Fund Total Pooled Cash & Investments AMOUNT 10,409,839.79 6,138,750.74 932,321.03 7,901,246.09 598,223.74 16,673.04 25,997,054.43 CITY OF .. LAKE 0LSIN0R,E -�� DREAM EKTPJME. REPORT TO CITY COUNCIL AS SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: THOMAS EVANS - INTERIM CITY MANAGER DATE: AUGUST 28, 2092 SUBJECT: INVESTMENT REPORT — JULY 2012 Recommendation Receive and file. Discussion The Investment Report is a listing of all funds Invested for the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore as of the date shown on the report. Prepared By: Nancy L Lassey Accounting Supervisor Prepared By: James R. Riley Director of Admini t tine Services Approved By Thomas Evans E Interim Executiv recto AGENDA ITEM NO. SA2 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF JULY 81, 2012 ACTIVE ACCOUNTS Sank of America - Successor Agency General Bank of America - Housing Fund I NVESTMENTS Successor: Successor Loral Agency Investment Fund Successor CAMP Pool Account Successor U.S. Treasury Bond f Notes Successor Federal Agency Bond I Notes Successor Corporate Notes Housing: Housing CAMP Pool Assamt Housing U.S. Treasury . Bond I Notes Housing. Federal Agency Bond I Notes Housing Corporate Notes Sub -total Investments Unrealized Gaird (Loss) at 6 -11 per GASB 31(LAIF) Unrealized Gairu (Loss) at 0-3D-1 11 per GASS 31 (Other) Unrealized GaIM (Loss) at 830.11 per GASS 31 (Total) TOTAL POOLED CASH AND INVESTMENTS 28A09.878.49 I certify that this report accurately retecls all pooled imesbnets and It Is In canfmm0y with rite Invastmenl policy as approved by the Members of the Redevelopment Agency on November 8, 2011. A copy of We policy Is available In the office of the City park. The pooled investments dw m above provide suf6det cash low liquidity b meet tee n0# six months eatknated wpedihues. BANK - DEPOSITS OUTSTANG. BOOK BALANCE IN TRANSIT CHECKS BALANCE 45.631.04520 0.00 (9,&58.67) 5,621.066.62 250,004.63 0.00 0.00 250,004.63 X5.861.049.92 0.00 (9.968.87) 5.871419125 4,602,700.92 - - 4,602,700.02 61.959.89 - - 61859.89 2.433,810.85 - - 2,433,610.85 0.347,434.33 - - 8.347.434.33 1,576.721.82 - - 1,576,721.82 30,084.37 30.064.37 1,167;954.53 - - 1,167,954.53 3,071,558.83. - - 3,071,688.63 672.895.33 a 3 19.984,730.87 - - 19,964,730.67 17.325.32 - - 17,325.32 156.73125 - - 156.73125 174,056.57 174,056.57 20,138,78724 - - 20,136,787.24 26.019.837.16 (8 26.009:67 &49 James R. Riley August 14, 2012 Director of Administrative Servces Date SUCCESSOR AGENCY OF THE I. REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING JULY 31, 2012 Interest Rate Purchgse Date Maturity Rate 0.363% Daily 24 -Hour Beginning Balance Net Increase/Decrease Ending Balance $ 4,602,205.27 $, 495.65 $ 4,602,700.92 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF JULY 31, 2012 FUND NAME AMOUNT Area 1 11,565,704.95 Area II 7,086,933.01 Area III 694,684.26 Housing 6,047,822.85 Stadium Lease Trust Fund 598,223.74 CFD 90-2 Debt Service Fund 16,709.68 Total Pooled Cash & Investments 26,009,878.49 CITY OF LADE E2LSIHOKE -�? DREAM EX REPORT TO CITY COUNCIL AS SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: THOMAS EVANS INTERIM CITY MANAGER DATE: SEPTEMBER 25, 2012 SUBJECT: INVESTMENT REPORT— AUGUST 2012 Recommendation Receive and file. Discussion The Investment Report is a listing of all funds invested for the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore as of the date shown on the report. Prepared By: Nancy L. Lassey I Accounting Supervisor Prepared By: James R. Rile Director of Admi rative Services Approved By: Thomas Evans � 9 Interim Executive AGENDA ITEM NO. SA3 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS - AS OF AUGUST 31,2012 INVESTMEN Successor. Successor Local Agency Investment Fund BANK DEPOSITS OUTSTANG. BOOK ACTIVE ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank of America- Successor Agency General $322,415.80 0.00 (180,(151.03) 181,78477 Bank ofAmerka- Housing Fund 250,111.68 0.00 0.00 250,111.08 Total Active Accounts 572:527.48 0.00 (160,651.03) 403,878.45 INVESTMEN Successor. Successor Local Agency Investment Fund 5.602,700.92 - - 5.602 Successor CAMP Pool Account 28,840.71 - - 28,840.71 Successor U.S. Treasury Bored 7 Notes 2,557,170.42 - - 2,557.170.42 Successor Federal Agency Bond I Notes 8,270,754.83 - - 8,270,754.93 Sucoeaeor Corporate Notes 1,576,721.82 - - 1,576,721.82 Housing: Housing CAMP Pool Account 27,589.25 - - 27,589:26 Housing U.S. Treassy Bond I Notes 1,288,80219 - - 1,288,802.19 Housing Federal Agency Bond I Notes 2,978,379.82 - - 2.978,379.82 Housing Corporate Notes 672.895.33 672.695.33 Sub -tonal Investments 20,979,855.30 - - 20,979,955.30 Unrealized GaW (Lass) at 6 -3042 psrGASB 31 (LAIF SUC) 5,813.05 - - 5,613.05 UnreaOmd GeW ( Loss) at 6 -30-12 per GASS 31 (CAMP SUC) 117,865.57 117.865.57 Unrealized Ga1N (Loss) at 630-12 per GASS 31 (CAW HSNG) 56.395.57 58.395.57 Unraabzed Gaird (Loss) at 6-30.12 per GASB 31 (Total) _ 17 9,874.19 179.874.19 Total lnvestnems 21,159,529.49 - - 21,159,529.49 21,732,058.97 (160,651.03) 21,571,405.94 TOTAL POOLED CASH AND INVESTMENTS 21,571.405.94 I certify that this report accurately reflects all pooled Investments and it Is In conformity %M the investment policy as approved by the Members of One Redevelopment Agency on November 8, 2011. A copy of We poky Is available In the office of the City Clerk. Ilia pooled Investments shown above provide sdHdem cash Now liquidity to meet One oed six months estimated expend8ues. James R. Riley Saptember25, 2012 Director ofAdminlalbs ve Servoas Date - - SUCCESSOR AGENCY OF THE - REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING AUGUST 31, 2012 Interest Rate Purchase Date 0.377% Daily Beginning Balance Net Increase/Decrease $ 4,602,700.92 $ 1,000,000.00 Maturity Rate 24 -Hour Endim Balance . $ 5,602,700.92 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF AUGUST 31, 2012 AMOUNT $9,781,253.18 5,858,133.87 379,409.80 5,057,977.80 477,930.73 16,700.56 FUND NAME Areal Area II Area III Housing Stadium Lease Trust Fund CFD 90 -2 Debt Service Fund Total Pooled Cash & Investments 21,571,405.94 CITY OF ,4s-,�N LAK, E _�LSIN0PZ -� DREAM EXTREME- REPORT TO CITY COUNCIL AS SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: THOMAS EVANS INTERIM CITY MANAGER DATE: NOVEMBER 13, 2012 SUBJECT: INVESTMENT REPORT — SEPTEMBER 2012 Recommendation Receive and file. Discussion The Investment Report is a listing of all funds invested for the Successor Agency of the Redevelopment Agency of the City of lake Elsinore as of the date shown on the report. Prepared By: Nancy L. Lassey M Accounting Supervisor Prepared By: James R. Rile Director of Adm istrative Services Approved By: Thomas Evans � Interim Executiv otor AGENDA ITEM NO. SA3 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF SEPTEMBER 30, 2012 INVESTMENTS Successor: BANK DEPOSITS OUTSTANG. BOOK ACTIVE ACCOUNTS BALANCE IN TRANSIT CHECKS BALANCE Bank of America - Successor Agency General $161,764.77 0.00 (2,880.00) 158,884.77 Bank of America - Housing Fund 250,142.43 0.00 0.00 250,142.43 Total Active Accounts 411,907.20 0.00 (2,880.00) 409,027.20 INVESTMENTS Successor: Successor Loral Agency Investment Fund 5,802.700.92 - - 5.802,700.92 Successor CAMPPool Account 34 ,140.07 - - 34,140.07 Successor U.S. Treasury Bond / Noes 1,830,528.43 - - 1,830,526443 Successor Federal Agency Bond I Notes 1,971,458.85 - - 1,971,458.85 Successor Corporate Notes 1,398280.14 - - 1,398,260.14 Housing: Housing CAMP Pod Account 9,067.74 - - 9,067.74 Housing U.S. Treasury Bond l Notes 2,193,444.18 - 2,193,444,18 Housing Federal Agency Bond 1 Notes 7296.234.90 - 7298,234.90 Housing Corporate Notes 851,157.01 851,157.01 Sub4oW Investments 20.960.99224 - - 20,9611.992.24 Unveermad GaW (Loss) a1630 -12 per GASB 31(WF SUC) 5,813.05 - - 5.613.05 UnreaOmd GaW (Loss) at 6-30-12 per GASB 31 (CAMP SUC) 117,865.57 117,885.57 Unrest ad GaW (Leas) at 6 -3012 par GASB 31 (CAMP HSNG) 58.305.57 58,395.57 Unrealized GeIrd (Loss) at &3012 per GASB 31 (Tate!) 170.87 — _ 179,874.19 Total Investments 21,188,888.43 - - 21,188,868.43 21,578,773.83 (2,880.00) 21,575,893.63 TOTAL POOLED CASH AND INVESTMENTS 21.575,883.83 I certify that INS report ecodratety reflects an pooled Irweebnents and it is in ocnfmm0y with the Irmstment poky as approved by the Members of the Redevelopment Ageray on November 8, 2011. A copy of Ule policy is available In the office of the City Clerk. The pooled investments sham above provide sultdent cash Now tqukity to meet the nehd six months estimated expenditures. James R. Ribv November 6, 2012 Director of Adminlsbathre Servces Date SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING SEPTEMBER 30, 2012 Interest Rate 0.348% Beginning Balance $ 5,602,700.92 Purchase Date Maturity Rate Daily 24 -Hour Net Increase/Decrease Ending Balance $ $ 5,602,700.92 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF SEPTEMBER '30, 2012 FUND NAME Area I Area 11 Area III Housing Stadium Lease Trust Fund CFD 90 -2 Debt Service Fund AMOUNT $9,788,590.12 5,856,693.87 377,969.80 5,058,008.55 477,930.73 16,700.56 Total Pooled Cash & Investments 21,575,893.63 CITY dF �lor� LADE rpLSIHOR � � DREAM EXTREME- REPORT TO CITY COUNCIL AS SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE -- TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: GRANT M. YATES CITY MANAGER DATE: DECEMBER 11, 2012 SUBJECT: INVESTMENT REPORT - OCTOBER 2012 Recommendation Receive and file. Discussion The Investment Report is a listing of all funds invested for the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore as of the date shown on the report. Prepared By: Nancy L. Lassey V / Accounting Supervisor Prepared By: James R. Rile Director of Ad istrative Services Approved By: Grant M. Yates �y City Manager 'a AGENDA ITEM NO. SA2 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF OCTOBER 31, 2012 ACTIVE ACCOUNTS Bank of America - Saxes Agency Genaral Bank of Nnedca - Horsing Fund Total Atbve Accornls SANK DEPOSITS OUTSTANG. BOOK BALANCE IN TRANSIT CHECKS BALANCE $121,804.32 0100 (3,985.92) 117,715.40 250,174.21 0.00 0.00 254174.21 371.778.53. 0.00 (3,888.92) 387889.81 INVESJ]MENM : -- Succassor Successor Local Agency Inveshnent Fund Successor CAMP Pod Account Successor U.S. Treasury Baal ( Notes Successor Federal Agency Bond t Notes Successor Corporate Notes Housing Housing CAMP Pool Account Housing U.S. Treasury Bond / Notes Housing Federal Agency Bond / Notes Housing Corporate Notes Subtotal Investment UnreeBxed GeW (Loss)a1630 -12 per GASS 31 (LAW SUC) Unrealload Gain/ (Loss) at 630-12 per GASS 31 (CAMP SUC) Unn atmd Gat/ (Loss) at 630-12 per GASS 31 (CAMP HSNG) Unrea9sed Geint(Loss) at 6 -30-12 per GASS 31 (Total) Total Inveshnents TOTAL POOLED CASH AND INVESTMENTS 21,582,493.53 I trey Bat Biwa repot accurately, retects all pocks Investments and It is in csnfarmlty with the investment policy as approved by the Members of the Redevelopment Agency on November 4 2011. A copy of Oft potty Is eva9nble In the o81os of the City Clark. The pooled Investments drown above provide sul6dwd cash flow Yquitlty to meet the next atK maathe ostmated expen fiftow.. 5,507,577.44 .5,607.577.44 24,439.92 - - - 24.439.92 1,555,504.02 - - 1,554504.02 1,971,458.85 - - 1,971,458.85 1,495,157.14 - - 1,498,157.14 36,408.33. - 36,408.33 2,142,113.12 - - 2,142,113.12 7,107,070.40 - - 7,197.070.40 1.001.002.51 - 1.0011002:51 21,034,729.73 - - 21,034.729.73 5,613.05 - - 5,613.05 117,855.57 117,865.57 58.395.57 55.395.57 179,874.19 179,874.19 21,214,603.92 - - 21,214,003.92 21,584392.45 a (3,888.92) 21,682A93.53 James R, Riley December4, 2012 Director of Administrative Samoss Date SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF OCTOBER 31, 2012 FUND NAME Area I Area 11 Area III Housing Stadium Lease Trust fund CFD 90 -2 Debt Service Fund Total Pooled Cash & Investments AMOUNT $9,956,231.91 5,856,346.30 367,180.53 4,911,992.42 474,041.81 16,700.56 $ 21,582,493.53 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING OCTOBER 31, 2012 Interest Rate Purchase Date Maturity Rate 0.340% Daily 24 -Hour Beginning Balance Net Increase /Decrease Ending Balance $ 5,602,700.92 $ 4,876.52 $ 5,607,577.44 CITY OF rsk-�q LADE �LSINOKE DREAM EXTREME REPORT TO CITY COUNCIL AS SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: GRANT M. YATES CITY MANAGER DATE: JANUARYS, 2013 SUBJECT: INVESTMENT REPORT— NOVEMBER 2012 Recommendation Receive and file. Discussion The Investment Report is a listing of all funds invested for the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore as of the date shown on the report. Prepared By: Nancy L. Lassey Accounting Supe sor Prepared By: James R. Riley Director of Administrative Services Approved By: Grant M. Yates City Manager AGENDA ITEM NO. SA2 SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE INVESTMENT REPORT OF POOLED CASH AND INVESTMENTS AS OF NOVEMBER 30, 2012 ACTIVE ACCOUNTS Bank of America - SumaasorAgenq General Bank of Amedce - Housing Fund. Total Active Ate. INVESTMENTS Successor. Successor local Agency Investment Fund SucressorCAMP Pool Account Successor U.S. Treasury Bond / Notes Successor Federal Agency Bond /Notes Successor Corporate Noise Housing: Housing CAMP Pool Account Housing U.S. Treasury Bond / Notes Housing Federal Agency Bond f Notes Housing Corporate Notes Sub-lotal Investments Unrealized GaIN (I=) at 9.30 -12 per GASS 31 (LAIF SUC) Unrealized GaW (Loss) at 9.30.12 per GASS 31 (CAMP SUC) Unrealzed GeIN (Lose) at 8 -30 -12 per GASS 31 (CAMP HSNG) Unealzed Geld (Lose) at 830.12 par GASS 31 (Total) Total Investments TOTAL POOLED CASH AND INVESTMENTS .BANK BALANCE DEPOSITS IN TRANSIT OUTSTANG. CHECKS BOOK BALANCE $71,280.45 250,204.87 0.00 0.00 (48,385.08) 0.00 22,875.37 250.204.97 321 485.42 0.00 (48.385.08) 273.080.34 117,885.57 117,885.57 58.395.57 - - 58,395.57 5,907,577.44 27.240.19 - 1,809,413.40 - 1,718,813.30 - 1,498,157.14 - 5,807,577.44 27,240.19 1,909,413.40 1,718,813.30 1,498,157.14 27,985:94 - - 27.985.94 1,491,332.50 - - 1,491,332.50 2.135.820.77 - - 2,135,820.77 1.178.409.28 1.178,408.28 15.490,728.94 - - 15,490,728.94 5,813.05 - - 5,813.05 117,885.57 117,885.57 58.395.57 - - 58,395.57 179,874.19 179.874.19 15,870.903.13 - - 15,870,803.13 15,802A88.55 (48,385.08) 15,943,883.47 15,943,883A7 I cadify that this report amuetey reflex all pooled Investments and it is In contmmitywith the Investment policy as approved by the Members of 8re Redevelopment Agency on December 11, 2012. A copy of ft policy Is avalleble in the office of the City CWK The pooled investments shown above provide sufficient cash Bow liquidity to meet the nwd six months estimated expenditures. James R RNev December 27 2012 Director of Admlydstrathe Senses Date SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE POOLED CASH AND INVESTMENTS BY FUND AS OF NOVEMBER 30, 2012 FUND NAME Area I Area 11 Area III Housing Stadium Lease Trust Fund CFD 90 -2 Debt Service Fund AMOUNT $6,515,485.51 3,404,705.58 675,697.66 - 4,930,952.38 400,141.78 16,700.56 Total Pooled Cash & Investments $ 15,943,683.47 SUCCESSOR AGENCY OFTHE -- REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE LOCAL AGENCY INVESTMENT FUND TRANSACTION SUMMARY FOR THE MONTH ENDING NOVEMBER 30, 2012 Interest Rate 0.324% Beginning Balance $ 5,607,577.44 Purchase Date Maturity Rate Daily 24 -Hour Net Increase/Decrease Ending Balance $ - $ 5,607,577.44 OVERSIGHT BOARD OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: MEMBERS OF THE OVERSIGHT BOARD FROM: BARBARA LEIBOLD, SUCCESSOR AGENCY COUNSEL DATE: JANUARY 15, 2013 SUBJECT: WARRANT LISTS Discussion: The warrant list is a listing of all general checks issued by the Successor Agency. Attached are warrant lists for all disbursements made by the Successor Agency between November 1, 2012 and December 31, 2012. All checks issued are for items reflected on the Recognized Obligations Payment Schedule (ROPS) adopted by the Successor Agency and the Oversight Board and do not represent expenditures for any new items. Recommendation: That the Oversight Board receive and file the attached Warrant lists. Prepared and approved by: Barbara Leibold, City Attorney /Successor Agency Counsel Attachments: 1. Warrant Summary dated November 15, 2012 2. Warrant List dated November 15, 2012 3. Warrant Summary dated November 29, 2012 4. Warrant List dated November 29, 2012 5. Warrant Summary dated December 13, 2012 6. Warrant List dated December 13, 2012 7. Warrant Summary dated December 31, 2012 8. Warrant List dated December 31, 2012 AGENDA ITEM 2b Page 1 CITY OF LAKJE C LSIN0R E DREAM EXTREME REPORT TO CITY COUNCIL AS SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: GRANT YATES CITY MANAGER DATE: DECEMBER 11, 2012 SUBJECT: WARRANT LIST DATED NOVEMBER 157' S 2e, 2012 Recommendation It is recommended that the City Council as Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Warrant List dated November 15 & 29 2012 Discussion The warrant list is a listing of all general checks issued by the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore since the prior Warrant List. Prepared By: Frances Ramirez Account Specialist II Reviewed By: James R. Riley Director of Admirk6trative Services Approved By: Grant Yates 01 City Manager AGENDA ITEM NO. SA1 Page I of 6 Page 2 of 6 NOVEMBER 15.2012 WARRANT SUMMARY SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THH CITY OF LAKE ELSINORE FUND# FUND DESCRIMON TOTAL 514 SUCCESSOR TO RDA HOUSING 6,645.00 GRAND TOTAL $ 6,645.00 1214/2012 warrant 11 15 12 1 Oft Page 3 of 6 NOVEMBER 15, 2012 WARRANT LIST SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE C= OF LAKE ELSINORE CHECK #, VENDOR NAME AMOUNT 7121 WHITE, NELSON, DIEHL, EVANS, LLP $ 6,645.00 WA RRANT TOTAL 6.645.00 GRAND TOTAL 6,645.00 121412012 Warrant 11 15 12 1 of 1 Page 4 of 6 NOVEMBER 29. 2012 WARRANT SUMMARY SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE FUND# FUND DESCRIPTION TOTAL 1 2/412 01 2 Warrant 1129 12 1 at I P ge 5 of 6 GRAND TOTAL 88,195.03 NOVEMBER 29, 2012 WARRANT LIST SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE CHECK#i VENDOR NAME AMOUNT GRAND TOTAL S 88,195.03 1 2/412 01 2 Warrant 1129 12 1 of 1 Page 6 of 6 WARRANT TOTAL 88.195.03- CITY OF LsINORE DREAM EXTREME REPORT TO CITY COUNCIL AS SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: GRANT YATES CITY MANAGER DATE: JANUARY 08, 2013 SUBJECT: WARRANT LIST DATED DECEMBER 13th & 31st, 2012 Recommendation It is recommended that the City Council as Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Warrant List dated December 13th & 31 st, 2012 Discussion The warrant list is a listing of all general checks issued by the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore since the prior Warrant List. Prepared By: Frances Ramirez Account Specialist 11 Reviewed By: James R. Riley Director of Adminis ive Services Approved By: Grant Yates City Manager AGENDA ITEM NO. SA1 Page 1 of 3 DECEMBER 31. 2012 WARRANT SUMMARY SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE FUND# FUND DESCRIPTION TOTAL 510 _ SUCC TO RDA AREA 1 _ $ 333.34 520 SUCCESSOR TO RDA AREA 2 333.33 53O SUCCESSOR TO RDA AREA 3 333.33 GRAND TOTAL $ 1,000.00 1/V2O13 Wertent 12 31 12 1 of 1 Page 2 of 3 DECEMBER 31. 2012 WARRANT LIST SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE CHECK# VENDOR NAME AMOUNT 7128 WHITE, NELSON, DIEHL, EVANS, LLP $ 1,000.00 WARRANT TOTAL 1.000.00 GRAND TOTAL $ 1,000.00 V212013 werreou2 31 12 1 of f Page 3 of 3 OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: MEMBERS OF THE OVERSIGHT BOARD FROM: BARBARA LEIBOLD, SUCCESSOR AGENCY COUNSEL DATE: JANUARY 15, 2013 SUBJECT: CONSIDERATION OF A RESOLUTION CHANGING THE TIME AND LOCATION FOR MEETINGS OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE Background The Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore is charged with specific oversight, approval and monitoring activities with respect to the winding down of the former Redevelopment Agency's obligations. The Oversight Board will continue to perform these functions until 2016, when the oversight boards within each county will be consolidated into one county -wide Oversight Board. Pursuant to the meeting requirements of the Ralph M. Brown Act, the Oversight Board adopted Resolution No. OB- 2102 -001 establishing its regular date, time and location for meetings as 3:30 pm on the second and fourth Tuesdays of every month at the Lake Elsinore Cultural Center. Discussion In order to better accommodate Oversight Board Member schedules, the Board desires to change the regular meeting time to 3:45 pm. Regular meeting dates will remain unchanged as the second and fourth Tuesday of every month. However, due to the seismic retrofit of the Cultural Center, the location of the regular meetings must be temporarily moved from that facility to Conference Room A at Lake Elsinore City Hall. Staff anticipates that the seismic retrofit project will be complete in December 2013. Upon completion, regular meetings of the Oversight Board will resume at the Cultural Center. AGENDA ITEM 3 Page 1 Consideration of a Resolution Changing the Time and Location for Meetings Page 2 of 2 Recommendation Adopt Resolution No. OB- 2013 -001 changing the time and location for meetings of the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore. Prepared and approved by: Barbara Leibold, City AttomeytSuccessor Agency Counsel Attachment: Resolution No. OB- 2013 -001 - A Resolution of the Oversight Board to the Successor Agency of the Redevelopment Agency of the City Of Lake Elsinore Changing the Time and Location of Oversight Board Meetings AGENDA ITEM 3 Page 2 RESOLUTION NO. OB- 2013 -001 A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE CHANGING THE TIME AND LOCATION OF OVERSIGHT BOARD MEETINGS WHEREAS, the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore ( "Oversight Board ") adopted Resolution No. OB- 2012 -001 establishing a regular date, time and location for its meetings as 3:30 pm on the second and fourth Tuesdays of every month at the Lake Elsinore Cultural Center located at 183 North Main Street, Lake Elsinore; and WHEREAS, in order to better accommodate Oversight Board Member schedules, the Board desires to change the regular meeting time to 3:45 pm. and to temporarily change the meeting location to Lake Elsinore City Hall during the seismic retrofit of the Cultural Center. NOW, THEREFORE, THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: SECTION 1. Regular meetings of the Oversight Board shall be changed to 3:45 p.m. on the 2 nd and 4 Tuesday of each month. SECTION 2. During the seismic retrofit of the Lake Elsinore Cultural Center, regular meetings of the Oversight Board shall be held in Conference Room A at Lake Elsinore City Hall located at 130 South Main Street, Lake Elsinore. Upon completion of the seismic retrofit project, regular meetings will resume at the Cultural Center. SECTION 3. This Resolution shall take effect from and after the date of its passage and adoption. PASSED, APPROVED AND ADOPTED at a special meeting of the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore, held this 15 day of January, 2013 by the following vote: AYES: NOES: ABSENT: ABSTAIN: Chairperson, Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore AGENDA ITEM 3 Page 3 OVERSIGHT BOARD RESOLUTION NO. 2013-001 Page 2 of 2 ATTEST: Oversight Board Secretary AGENDA ITEM 3 �. Page 4 OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: CHAIRMAN TISDALE AND MEMBERS OF THE OVERSIGHT BOARD FROM: BARBARA LEIBOLD, SUCCESSOR AGENCY COUNSEL DATE: JANUARY 15, 2013 SUBJECT: DUE DILIGENCE REVIEW (ALL OTHER FUNDS) REQUIRED BY HEALTH AND SAFETY CODE SECTION 34179.5 Background Pursuant to the requirements of Health & Safety Code Section 34179.5, the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore ( "Successor Agency ") engaged White, Nelson Diehl Evans LLP to conduct the due diligence reviews of the low and moderate income housing fund ( "LMIHF ") and of all other funds. The purpose of the reviews is to determine the amount of unencumbered funds, if any, available for distribution to the taxing entities. The LMIHF Review was completed and approved by the Oversight Board and submitted to the Department of Finance ( "DOF ") in October 2012. Based upon the DOF's review, the Successor Agency transferred $5,650,042 in unencumbered LMIHF to the County Auditor Controller in November 2012. Discussion The Due Diligence Review (All Other Funds) (the "DDR Report") has been prepared and distributed to the Oversight Board, the DOF, County Auditor Controller and County Administrative Officer. The DDR Report (Schedule 8) concludes that no unencumbered Other Fund monies are available for distribution to the taxing entities. Schedule 5 shows legally restricted assets, Schedules 6a and 6b show the cash balances to be retained by the Successor Agency to meet enforceable obligations consistent with the approved ROPS and Schedule 7 shows the non - liquid assets of the Successor Agency. The law requires that the Oversight Board hold a "public comment session" to hear any public comments and any opinions offered by the County Auditor - Controller at least 5 business days before the Board takes any action with respect to the results of the DDR Report. A public comment session was held on the results of the DDR Report on January 8, 2013. No comments were submitted at the meeting and none have been received since the meeting. AGENDA ITEM 4 Page 1 Due Diligence Review January 15, 2013 Page 2 At least five business days following the public comment session, the Board is required to take action on the DDR Report. The Board must determine the amount of unencumbered funds, if any, available to be transferred by the Successor Agency to the County Auditor - Controller. The Oversight Board's determination is due to the DOF and the County Auditor - Controller by January 15, 2013. The DOF may reject the determination of the Oversight Board and adjust the Report numbers on or prior to April 1, 2013. The Successor Agency may contest the DOF findings and request a meet and confer session within 5 business days of receipt of the DOF's determination. Recommendation That the Oversight Board approve the attached Resolution No. OB -2013 -002 approving the Due Diligence Review (All Other Funds) determining that there are no unencumbered cash or cash equivalents available for disbursement pursuant to Health & Safety Code Section 34179.5 and taking certain other actions in connection therewith. Prepared and approved by: Barbara Leibold, City Attorney /Successor Agency Counsel Attachment: Resolution No. OB- 2013 -002 DDR Report AGENDA ITEM 4 Page 2 RESOLUTION NO.OB- 2013 -002 A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE DUE DILIGENCE REVIEW (ALL OTHER FUNDS) DETERMINING THAT THERE ARE NO UNENCUMBERED CASH OR CASH EQUIVALENTS AVAILABLE FOR DISBURSEMENT PURSUANT TO HEALTH &- SAFETY CODE SECTION 34179.5 AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH WHEREAS, the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore ( "Oversight Board ") has been established to direct the Successor Agency to take certain actions to wind down the affairs of the former Redevelopment Agency of the City of Lake Elsinore in accordance with the California Health and Safety Code; WHEREAS, pursuant to Health and Safety Code Section 34179.5, the Successor Agency employed a licensed accountant, engaged White, Nelson Diehl Evans LLP, approved by the County - Auditor Controller, to conduct a due diligence review of the non - housing funds ( "DDR Report") to determine the unencumbered balances available for disbursement to the taxing entities; WHEREAS, Health and Safety Code Section 34179.6 requires the Successor Agency to provide the Oversight Board the results of the DDR Report and specifically the amount of cash and cash equivalents of unencumbered monies available for disbursement as provided in Section 34179.5; WHEREAS, pursuant to Health and Safety Code Section 34179.6 and 341800), the Successor Agency submitted to the Oversight Board, the County Administrative Officer, the County Auditor- Controller, the State Controller and the Department of Finance ( "DOF ") the DDR Report and a copy of the Recognized Obligation Payment Schedule; WHEREAS, in accordance with Health and Safety Code Section 34179.6 (b), the Oversight Board held a public comment session on January 8, 2013, which such date is five business days prior to the date of this meeting, at which time the Oversight Board heard any public comments and any opinions offered by the County Auditor - Controller regarding the results of the DDR Report; WHEREAS, no comments were submitted at the meeting or since the date of the meeting; and WHEREAS, pursuant to Health and Safety Code Section 34179.6(c), the Oversight Board must review, approve and transmit to DOF and the County Auditor Controller the determination of the amount of cash and cash equivalents from AGENDA ITEM 4 Page 3 OVERSIGHT BOARD RESOLUTION NO. OB 2013 -002 Page 4 unencumbered other fund monies available for disbursement to the taxing entities, calculated in accordance with Health and Safety Code Section 34179.5; and WHEREAS, pursuant to Health and Safety Code Section 34179.6(c),_ the Oversight Board desires to approve the DDR Report and determine that there are no cash or cash equivalents from unencumbered other fund monies available for disbursement to the taxing entities; and WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred. NOW, THEREFORE, THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: SECTION 1. The Recitals set forth above are true and correct and incorporated herein by reference. SECTION 2. This Resolution is adopted pursuant to Health and Safety Code Section 34179.6(c). SECTION 3. The Oversight Board hereby approves the DDR Report as presented and distributed to the Oversight Board, County Administrative Officer, the County Auditor - Controller, the State Controller and the DOF and on file with the Clerk to the Oversight Board and attached hereto. SECTION 4. Following its review of the DDR Report and the public comments received, if any, and pursuant to Health & Safety Code Section 34179.6(c), the Oversight Board hereby approves and authorizes the Successor Agency to retain those assets and funds, the sources of those assets and funds, and the purpose for which those assets and funds are being retained by the Successor Agency as set forth in the DDR Report in accordance with subparagraphs (B) to (E), inclusive, of paragraph (5) of subdivision (c) of Section 34179.5. SECTION 5. Based information contained in the DDR Report and those assets and funds to be retained by the Successor Agency as set forth in the DDR Report, the Oversight Board hereby determines that there are no cash or cash equivalents available to be disbursed to the taxing entities. SECTION 6. The staff and the Board of the Successor Agency are hereby authorized and directed, jointly and severally, to execute and record such documents and instruments and to do any and all other things which they may deem necessary or advisable to effectuate this Resolution and any such action previously taken are hereby ratified. AGENDA ITEM 4 Page 4 OVERSIGHT BOARD RESOLUTION NO.OB 2043 -002 Page 5 SECTION 7. If any provision of this Resolution or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of this Resolution which can be given effect without the invalid provision or application, and to this end the provisions of this resolution are severable. The Oversight Board hereby declares that it would have adopted this Resolution irrespective of the invalidity of any particular portion thereof. SECTION 8. This Resolution shall take effect from and after the date of its passage and adoption. PASSED, APPROVED AND ADOPTED at a special meeting of the Oversight Board to the Successor Agency of the Redevelopment Agency of the City' of Lake Elsinore, held this 15 day of January, 2013 by the following vote: AYES: NOES: ABSENT: ABSTAIN: Chairperson, Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore ATTEST: Oversight Board Secretary AGENDA ITEM 4 Page 5 SUCCESSOR AGENCY TO THE LAKE ELSINORE REDEVELOPMENT AGENCY Independent Accountants' Report on Applying Agreed -Upon Procedures On the Lake Elsinore Redevelopment Agency's And The Successor Agency to the Lake Elsinore Redevelopment Agency's All Other Funds Pursuant to California Health and Safety Code Section 34179.5 SUCCESSOR AGENCY TO THE LAKE ELSINORE REDEVELOPMENT AGENCY AGREED -UPON PROCEDURES RELATED TO ALL OTHER FUNDS Table of Contents Page Independent Accountants' Report on Applying Agreed -Upon Procedures Related to All Other Funds Attachment A - Agreed -Upon Procedures and Findings Related to All Other Funds 2 SUPPORTING SCHEDULES AND EXHIBITS: Schedule 1 - Listing of Assets Transferred to Successor Agency as of February 1, 2012 Schedule 2 - Transfers to the City of Lake Elsinore Schedule 3 - Reconciliation of Financial Transactions for the Periods Ended June 30, 2010, June 30, 2011, January 31, 2012 and June 30, 2012 Schedule 4 - Listing of Assets as of June 30, 2012 Schedule 5 - Calculation of Unrestricted Asset Balance for Retention Schedule 6 - Schedule of Cash Balances for Retention to Meet Enforceable Obligations in Fiscal Year 2012 -2013 Schedule 7 - Summary of Balance-Available for Allocation to Affected Taxing Agencies Exhibit 1 - Launch Ramp Project Reimbursement Agreement Between the Redevelopment Agency of the City of Lake Elsinore and the City of Lake Elsinore Dated as of March 10, 2011 Taxing Agencies Exhibit 2 - City Reimbursement LERA Exhibit 3 - City Bond Debt Service Requirements LERA Exhibit 4 - Redevelopment Agency Plan Amendments Exhibit 5 - Seismic Retrofit Project Exhibit 6 - Stadium Agreement Exhibit 7 - MG /Chelsea Outlet OPA (BOPS 1, Pages I and 2, Line 8) Exhibit 8 - Agreements for Cooperation Between the Riverside County Flood Control and Water Conservation District, the City of Lake Elsinore and the Redevelopment Agency of the City of Lake Elsinore Independent Accountants' Report on Applying Agreed -Upon Procedures Related to All Other Funds Oversight Board of the Successor Agency to the Lake Elsinore Redevelopment Agency Lake Elsinore, California We have performed the minimum required agreed -upon procedures (AUP) enumerated in Attachment A, which were agreed to by the California Department of Finance, the California State Controller's Office, the Riverside County Auditor - Controller, and the Successor Agency to the Lake Elsinore Redevelopment Agency (Successor Agency), (collectively, the Specified Parties), solely to assist you in meeting the statutory requirements of Health and Safety Code Section 34179.5 related to all other funds except for the Low and Moderate Income Housing Fund (All Other Funds) of the former Lake Elsinore Redevelopment Agency and the Successor Agency. Management of the Successor Agency is responsible for meeting the statutory requirements of Health and Safety Code Section 34179.5 related to All Other Funds. This agreed -upon procedures engagement was conducted in accordance with attestation standards established by the American institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of those parties specified in the report. Consequently, we make no representation regarding the sufficiency of the procedures described below, either for the purpose for which this report has been requested or for any other purpose. The scope of this engagement was limited to performing the agreed -upon procedures as set forth in Attachment A. Attachment A also identifies the findings noted as a result of the procedures performed. We were not engaged to and did not conduct an audit, the objective of which would be the expression of an opinion on whether the Successor Agency has met the statutory requirements of Health and Safety Code Section 34179.5 related to All Other Funds. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. This report is intended solely for the information and use of the Oversight Board and management of the Successor Agency to the Lake Elsinore Redevelopment Agency, the California Departrnent of Finance, the California State Controller's Office, and the Riverside County Auditor - Controller, and is not intended to be, and should not be, used by anyone other than these specified parties. h2z� A;,t& aa,XaJ &P Irvine, California January 4, 2013 2875 Michelle Drne, Suite 300, Inine, CA 92606 • Tel: 714.978.1300 • Fax: 714.9%8✓ 893 (?#i,e to ved to Orange and.Van Diego Cornrtier SUCCESSOR AGENCY TO THE LAKE ELSINORE REDEVELOPMENT AGENCY ATTACHMENT A - AGREED -UPON PROCEDURES AND FINDINGS RELATED TO ALL OTHER FUNDS Procedure: Obtain from the Successor Agency a listing of all assets that were transferred from All Other Funds of the former redevelopment agency to the Successor Agency on February 1, 2012. Agree the amounts on this listing to account balances established in the accounting records of the Successor Agency. Identify in the Agreed -Upon Procedures (AUP) report the amount of the assets transferred to the Successor Agency as of that date, Finding: We agreed the amounts listed on Schedule I to the Successor Agency's accounting records without exceptions. The former redevelopment agency transferred $66,016,540 in assets from All Other Funds to the Successor Agency as detailed in Schedule 1. 2A. Procedure: Obtain a listing prepared by the Successor Agency of transfers (excluding payments for goods and services) from All Other Funds of the former redevelopment agency to the city that formed the redevelopment agency for the period from January 1, 2011 through January 31, 2012. For each transfer, the Successor Agency should describe the purpose of the transfer and describe in what sense the transfer was required by one of the Agency's enforceable obligations or other legal requirements. Provide this listing as an attachment to the AUP report. Finding: The former redevelopment agency transferred assets totaling $12,073,008 to the City of Lake Elsinore other than payments for goods and services from All Other Funds during the period from January 1, 2011 through January 31, 2012 as shown in Schedule 2. 2B. Procedure: Obtain a listing prepared by the Successor Agency of transfers (excluding payments for goods and services) from All Other Funds of the Successor Agency to the city that formed the redevelopment agency for the period from February 1, 2012 through June 30, 2012. For each transfer, the Successor Agency should describe the purpose of the transfer and describe in what sense the transfer was required by one of the Agency's enforceable obligations or other legal requirements. Provide this listing as an attachment to the AUP report. Finding: The Successor Agency transferred assets totaling $3,382,492 to the City of Lake Elsinore other than payments for goods and services from All Other Funds during the period from February 1, 2012 through June 30, 2012 as shown in Schedule 2. 2 —+ SUCCESSOR AGENCY TO THE LAKE ELSINORE REDEVELOPMENT AGENCY ATTACHMENT A - AGREED -UPON PROCEDURES AND FINDINGS RELATED TO ALL OTHER FUNDS 2C. Procedure: For each transfer, obtain the legal document that formed the basis for the enforceable obligation that required the transfer. Note in the AUP report the absence of any such legal document or the absence of language in the document that required the transfer. Finding: Schedule 2 shows the details for the enforceable obligation or other legal requirement supporting the transfers. 3A. Procedure: Obtain a listing prepared by the Successor Agency of transfers (excluding payments for goods and services) from All Other Funds of the former redevelopment agency to any other public agency or to private parties for the period from January 1, 2011 through January 31, 2012. For each transfer, the Successor Agency should describe the purpose of the transfer and describe in what sense the transfer was required by one of the Agency's enforceable obligations or other legal requirements. Provide this listing as an attachment to the AUP report. Finding: This procedure is not applicable as the former redevelopment agency did not make any transfers to other public agencies or private parties other than payments for goods and services from All Other Funds during the period from January 1, 2011 through January 31, 2012. 3B. Procedure: Obtain a listing prepared by the Successor Agency of transfers (excluding payments for goods and services) from All Other Funds of the Successor Agency to any other public agency or to private parties for the period from February 1, 2012 through June 30, 2012. For each transfer, the Successor Agency should describe the purpose of the transfer and described in what sense the transfer was required by one of the Agency's enforceable obligations or other legal requirements. Provide this listing as an attachment to the AUP report. Finding: This procedure is not applicable as the Successor Agency did not make any transfers to other public agencies or private parties other than payments for goods and services from Ail Other Funds during the period from February 1, 2012 through June 30, 2012. SUCCESSOR AGENCY TO THE LAKE ELSINORE REDEVELOPMENT AGENCY ATTACHMENT A - AGREED -UPON PROCEDURES AND FINDINGS RELATED TO ALL OTHER FUNDS 3C. Procedure: For each transfer, obtain the legal document that formed the basis for the enforceable obligation that required the transfer. Note in the AUP report the absence of any such legal document or the absence of language in the document that required the transfer. Finding: This procedure is not applicable since no transfers were identified as a result of Procedures 3A and 3B. 4. Procedure: Obtain from the Successor Agency a summary of the financial transactions of the Redevelopment Agency and the Successor Agency for the fiscal periods ended June 30, 2010, June 30, 2011, January 31, 2012 and June 30, 2012. Ascertain that for each period presented, the total of revenues, expenditures and transfers account fully for the changes in equity from the previous fiscal period. Compare amounts for the fiscal period ended June 30, 2010 to the state controller's report filed for the Redevelopment Agency for that period. Compare the amounts for the other fiscal periods presented to the account balances in the accounting records or other supporting schedules. Finding: A reconciliation of the financial transactions of the Redevelopment Agency and the Successor Agency for the fiscal periods ended June 30, 2010, June 30, 2011, January 31, 2012 and June 30, 2012 is presented in Schedule 3. 5. Procedure: Obtain from the Successor Agency a listing of all assets from All Other Funds as of June 30, 2012. Agree the assets on the listing to the accounting records of the Successor Agency. Finding: As of June 30, 2012, the Successor Agency's total assets related to All Other Funds of the former redevelopment agency amounted to $67,381,886 as shown in Schedule 4. 4 —+ SUCCESSOR AGENCY TO THE LAKE ELSINORE REDEVELOPMENT AGENCY ATTACHMENT A - AGREED -UPON PROCEDURES AND FINDINGS RELATED TO ALL OTHER FUNDS 6. Procedure: Obtain from the Successor Agency a listing of asset balances held on June 30, 2012 that were restricted for the following purposes: • unspent bond proceeds, • grant proceeds and program income restricted by third parties, and • other assets with legal restrictions. 6A. Procedure -Unspent Bond Proceeds: Obtain the Successor Agency's computation of the restricted balances and trace individual components of this computation to related account balances in the accounting records, or to other supporting documentation. Obtain the legal document that sets forth the restriction pertaining to these balances. Finding: The Successor Agency has $3,820,896 in cash and investments held by Union Bank as reserve balances on bonds issued by the former redevelopment agency. The balance of $3,820,896 is restricted to pay for debt service under the bond documents and indenture. 6B. Procedure -Grant Proceeds and Program Income Restricted by Third Parties: Obtain the Successor Agency's computation of the restricted balances and trace individual components of this computation to related account balances in the accounting records, or to other supporting documentation. Obtain a copy of the grant agreement that sets forth the restriction pertaining to these balances. Finding: This procedure is not applicable as the Successor Agency did not hold any grant proceeds or program income as of June 30, 2012. 6C. Procedure -Other Assets Considered to be Legally Restricted: Obtain the Successor Agency's computation of the restricted balances and trace individual components of this computation to related account balances in the accounting records or other supporting documentation. We obtained the legal document that sets forth the restriction pertaining to these balances. Finding: As of June 30, 2012, the Successor Agency's other legally restricted assets related to All Other Funds of the former redevelopment agency amounted to $6,512,667 as shown in Schedule 5. 5 �. SUCCESSOR AGENCY TO THE LAKE ELSINORE REDEVELOPMENT AGENCY ATTACHMENT A - AGREED -UPON PROCEDURES AND FINDINGS RELATED TO ALL OTHER FUNDS Procedure: Obtain from the Successor Agency a listing of assets of All Other Funds of the former redevelopment agency as of June 30, 2012 that are not liquid or otherwise available . for distribution and ascertain if the values are listed at either purchase cost or market value as recently estimated by the Successor Agency. For assets listed at purchased cost, trace the amount to a previously audited financial statement or other accounting records of the Successor Agency and note any differences. For, any differences noted, inspect evidence of asset disposal subsequent to January 31, 2012 and ascertain that the proceeds were deposited into the Successor Agency's trust fund. For assets listed at recently estimated market value, inspect evidence supporting the value and note the methodology used. Finding: As of June 30, 2012, the Successor Agency's nonliquid assets related to All Other Funds of the former redevelopment agency amounted to $43,665,598 as shown in Schedule 7. 8A. Procedure: If the Successor Agency identified that existing asset balances were needed to be retained to satisfy enforceable obligations, obtain an itemized schedule of asset balances (resources) as of June 30, 2012 that were dedicated or restricted for the funding of enforceable obligations. Compare the information on the schedule to the legal documents that formed the basis for the dedication or restriction of the resource balance in question. Compare all current balances which needed to be retained to satisfy` enforceable obligations to the amounts reported in the accounting records of the Successor Agency or to an alternative computation. Compare the specified enforceable obligations to those that were included in the final Recognized Obligation Payment Schedule (BOPS) approved by the California Department of Finance. If applicable, identify any listed balances for which the Successor Agency was unable to provide appropriate restricting language in the legal document associated with the enforceable obligation. Finding: As of June 30, 2012, the Successor Agency's asset balances to be retained in order to satisfy enforceable obligations reported on ROPS 1 amounted to $9,236,277 as detailed in Schedule 6a. SUCCESSOR AGENCY TO THE LAKE ELSINORE REDEVELOPMENT AGENCY ATTACHMENT A - AGREED -UPON PROCEDURES AND FINDINGS RELATED TO ALL OTHER FUNDS 8B. Procedure: If the Successor Agency identified that future revenues together with balances dedicated or restricted to an enforceable obligation are insufficient to fund future obligation payments and thus retention of current balances is required, obtain from the Successor Agency a schedule of approved enforceable obligations that include a projection of the annual spending requirements to satisfy each obligation and a projection of the annual revenues available to fund those requirements. Compare the enforceable obligations to those that were approved by the California Department of Finance for the six month period from January 1, 2012 through June 30, 2012 and for the six month period July 1, 2012 through December 31, 2012. Compare the forecasted annual spending requirements to the legal document supporting the enforceable obligation and obtain the Successor Agency's assumptions relating to the forecasted annual spending requirements. Obtain the Successor Agency's assumptions for the forecasted annual revenues. Disclose the major assumptions for the forecasted annual spending requirements and the forecasted annual revenues in this AUP report. Finding: This procedure is not applicable as the Successor Agency did not identify any assets to be retained under this procedure. 8C. Procedure: If the Successor Agency identified that projected property tax revenues and other general purpose revenues to be received by the Successor Agency are insufficient to pay bond debt service payments (considering both the timing and amount of the related cash flows), obtain a schedule demonstrating this insufficiency. Compare the timing and amounts of bond debt service payments to the related bond debt service schedules in the bond agreement. Obtain the assumptions for the forecasted property tax revenues and other general purpose revenues and disclose them in this AUP report. Finding: This procedure is not applicable as the Successor Agency did not identify any assets to be retained under this procedure. 8D. Procedure: If Procedures 8A, 8B and 8C were performed, calculate the amount of unrestricted balances necessary for retention in order to meet enforceable obligations. Combine the amount identified as currently restricted balances and the forecasted annual revenues to arrive at the amount of total resources available to fund enforceable obligations. Reduce the total resources available by the amount of forecasted annual spending requirements. Include the calculation in this AUP report. SUCCESSOR AGENCY TO THE LAKE ELSINORE REDEVELOPMENT AGENCY ATTACHMENT A - AGREED -UPON PROCEDURES AND FINDINGS RELATED TO ALL OTHER FUNDS 8D. Finding: The unrestricted balances necessary for retention to meet enforceable obligations is detailed in Schedule 6a. The Successor Agency does not expect any revenues to pay for these enforceable obligations. 9. Procedure: If the Successor Agency identified that cash balances as of June 30, 2012 need to be retained to satisfy obligations on the Recognized Obligation Payment Schedule (ROPS) for the period of July 1, 2012 through June 30, 2013, obtain a copy of the final ROPS for the period of July], 2012 through December 31, 2012 and a copy of the final ROPS for the period January 1, 2013 through June 30, 2013. For each obligation listed on the ROPS, the Successor Agency should identify (a) any dollar amount of existing cash that was needed to satisfy the obligation, and (b) the Successor Agency's explanation as to why the Successor Agency believes that such balances were needed to satisfy the obligation. Include this schedule as an attachment to this AUP report. Finding: The Successor Agency has identified $5,143,857 in cash balances be retained to satisfy obligations on the Recognized Obligation Payment Schedule (BOPS 2) for 'the _ period of July 1, 2012 to December 31, 2012 as shown in Schedule 6b. 10. Procedure: Present a schedule detailing the computation of the Balance Available for Allocation to Affected Taxing Agencies. Amounts included in the calculation should agree to the results of the procedures performed above. Agree any deductions for amounts already paid to the County Auditor - Controller on July 12, 2012 as directed by the California Department of Finance to evidence of payment. Finding: The computation of the Balance Available for Allocation to Affected Taxing Agencies shows that the Successor Agency has a deficit of $997,409 and there are no amounts to be remitted to the County for disbursement to affected taxing agencies as shown in Schedule 8. 8 SUCCESSOR AGENCY TO THE LAKE ELSINORE REDEVELOPMENT AGENCY ATTACHMENT A - AGREED -UPON PROCEDURES AND FINDINGS RELATED TO ALL OTHER FUNDS 11. Procedure: Obtain a representation letter from management of the Successor Agency acknowledging their responsibility for the data provided and the data presented in the report or in any schedules or exhibits to the report. Included in the representations is an acknowledgment that management is not aware of any transfers (as defined by Section 34179.5) from either the former redevelopment agency or the Successor Agency to other parties for the period from January I, 2011 through June 30, 2012 that have not been properly identified in this AUP report and its related schedules or exhibits. Management's refusal to sign the representation letter should be noted in the AUP report as required by attestation standards. Finding: No exceptions were noted as a result of this Procedure. 9 SUCCESSOR AGENCY TO LAKE ELSINORE REDEVELOPMENT AGENCY AGREED -UPON PROCEDURES RELATED TO ALL OTHER FUNDS LISTING OF ASSETS TRANSFERRED TO SUCCESSOR AGENCY As of February 1, 2012 ASSETS Cash and investments Cash with fiscal agent (Bond Trustee) Accounts receivable Interest receivable Due from other governments Due from other Redevelopment Agency Funds Land held for resale SUBTOTAL TOTAL ASSETS (MODIFIED ACCRUAL) Capital assets Deferred bond issue costs TOTAL ASSETS SCHEDULEI Total Assets as of February 1, 2012 S 18.733,489 3,968,474 1,598 97,381 .17,038,599 6,088,480 45.928.021 17.389,207 2.699.312 $ 66,016,540 N w J .7 W U V] } v G G � O tri O a � GW 6 J { W � 7 W U � ' O Oa }z m � f GS W O� cQ u N O z S W Q .-1 C F V F F a W z F a C 5 C E T d N d m 6 S• L OY Go w= WwW��. A g z 0 G "E q pmZF��N Ld6m.d 6N� y 09 Cy� E t Ca F y ..v E O E w WE D ef t E .•: .i ` c [] Q pp V y Q y d C a a a a C d a a VEt°EmE �� mma a 2!. ;¢p c toco 0 a�uay..aa WwWw a W w.. O O O V N P Yl O O O N b M1 W N p C. b N O b N D M P O v1 M1 N P C Vvf00 N< C VOPb N N C G P v1 Q D N n •+f h V h N b � N W C n O P m O. O. C It I C 'c N m U .+ V 9 y, eEa aE n. E�u. C u E L"w G w y w U Q C a LN q T S. R d V a V V L O m W L E V W N Z❑ E Y E N E r N CIC E e .-Sap OGN W aVm t3 . F wwo �;(�m ti a - O a m a F N O C Vl V1 • C 4 d Q d t a ° U m L d G _ y L L y y y y N L L L Q 0 Y O pp d L SCHEDULE3 SUCCESSOR AGENCY TO THE LAKE ELSINORE REDEVELOPMENT AGENCY AGREED -UPON PROCEDURES RELATED TO ALL OTHER FUNDS RECONCILIATION OF FINANCIAL TRANSACTIONS FOR THE PERIODS ENDED JUNE 30, 2010, JUNE 30, 2011, JANUARY 31, 2012 AND JUNE 30,2012 Assets ( modifed accrual basis) Cash and investments Accounts receivable Due from other governments Notes receivable Prepaid items Other Assets Land held for Resale Due from Other RDA Funds Due from the City of Lake Elsinore Total Assets Liabilities (modified accrual basis) Accounts payable .Accrued liabilities Due to other governments Due to the City of Lake Elsinore Advances from LMHIF Due to Other RDA Funds Deferred revenue Redevelopment Redevelopment Redevelopment Successor Agency - Agency Agency Agency 12 Months Ended 12 Months Ended 7Months Ended 5 Months Ended 6130/2010 6/302011 1/31/2012 6/30/2012 $ 40,606,222 $ 32,103,301 $ 30.453,612 $ 30,819,053 53,930 6,833 - 2,203 496 - 6,256 97,381 173,732 11,947,361 11,094,176 - 106,108 60;914 - - 8,803,167 6,136,849 6,136,849 6,088,480 54,440,355 54,992,846 55.333,598 17,038,599 $ 104,183,514 $ 105,254360 $ 103.117,819 $ 53,946,628 S 4,051,618 $ 4,632,944 $ 2372,041 $ 2,113,670 7,715,996 - - - 6,526,179 4,395,837 4,387,841 - 83.246 12,236 288,828 37,401,756 37,954,247 38,295,000 38,536,786 17,038,599 17,038,599 17,038,599 17,038,599 19,361,317 31,930,218 31,348,735 - Total Liabilities 85,569,286 98,165,433 93,462,448 62,365,724 Equity Total Liabilities and Equity Total Revenues Total Expenditures Transfers In Transfers Out Repayment for City Loan Transfer to Housing Successor (City) Other adjustments Net change in equity Beginning Equity Ending Equity Other Information (show year end balances for all three years presented): Capital assets as of end of year Long -term debt as of end of year 18,614,288 7,088,927 - 9,655,371 (8,419,096) $ 104,183.574 $ 105,254,360 - $ - 103,117,819 $ 53,946,628 $ 47,475,178 $ 60,222,712 $ 11,881,789 $ 5,562,121 (53,440,884) .(71,748,013) (9,315,345) (2,102,909) 2,361,409 940,298 684,405 - (2,361,409) (940,298) (684,405) - (3,444,984) (18,087,015) (14,601,691) - - (1,680) (20,567,397) (11,525,301) 2,566,444 (18,074,467) 39,181,625 18,614,228 7,088,927 9,655,371 $ 18,614,228 $ 7,088.927 $ 9,655,371 $ (8,419,096) $ 17,795,119 $ 17,839,207 $ 17,839,207 $ 17,839,207 $ 65,736,530 $ 68,179,095 $ 66,489,245 $ 62,867,692 SCHEDULE SUCCESSOR AGENCY TO LAKE ELSINORE REDEVELOPMENT AGENCY AGREED -UPON PROCEDURES RELATED TO ALL OTHER FUNDS LISTING OF ASSETS TRANSFERRED TO SUCCESSOR AGENCY June 30, 2012 ASSETS Cash and investments Cash with fiscal agent (Bond Trustee) Interest receivable Due from other Redevelopment Agency Funds Land held for resale SUBTOTAL TOTAL ASSETS (MODIFIED ACCRUAL) Capital assets Deferred bond issue costs TOTALASSETS Total Assets as of June 30, 2012 $ 19.894;876 3,820,896 496 17,038,599 6,088,480 46.843,347 17,839,207 2.699,312 $ 67;381;866 SCHEDULES SUCCESSOR AGENCY TO THE LAKE ELSINORE REDEVELOPMENT AGENCY AGREED -UPON PROCEDURES RELATED TO ALL OTHER FUNDS OTHER LEGALLY RESTRICTED ASSETS June 30, 2012 Enforceable Obligation/Other Legal Payee Description Amount Requirement Supporting Retention Diamond Stadium Capital fund balance at June 30. 2012 S 598,223 Pursuant to Section 8.2 of the Agreement, the Agency is required to make annual cumulative deposits into a Stadium capital repair and improvement fund in the aggregate mount of $300,000 per fiscal year. Proceeds of the deposits are to be used for capital repairs, replacements and Stadium enhancements. This is the amount accumulated through June 30, 2012. See Exhibit 6. MG /Chelsea Outlet OPA Payable Riverside County Flood Due to other governments Control District 1,526,603 Pursuant to the OPA, the Agency is required to reimburse the Participant the annual special assessment levied. by Northwest Sewer Assessment District 86-1 which was forted to provide the sewer system to the outlet center project. The bonds issued by Northwest Sewer Assessment District 86-1 mature in the year 2015 and the annual special assessment is approximately $109,513. As of June 30, 2012, the Agency owes $1,526.603 under the OPA. See Exhibit 7. 4,387,841 These amounts are lax increment pass through amounts set -aside under agreements dated June 27, 1989 and January 10, 1984 between the Riverside County Flood Control and Water Conservation District, the City of Lake Elsinore and the Redevelopment Agency of the City of Lake Elsinore. The amounts were so-aside for fiscal year 1995 -96 to fiscal year 2008 -09 and have not been paid. Amounts of pass through after fiscal year 2008 -09 have been paid annually. See Exhibit 8. $ 6.512,667 SCHEDULE6a SUCCESSOR AGENCY TO THE LAKE ELSINORE REDEVELOPMENT AGENCY AGREED -UPON PROCEDURES RELATED TO ALL OTHER FUNDS CASH BALANCES FOR RETENTION TO MEET ENFORCEABE OBLIGATIONS IN FISCAL YEAR 2012 -2013 ON ROPS I June 30, 2012 592,756 ROPS 1, Page 1, Line 4 257,636 ROPS 1, Page 1, Line 5 300,000 ROPS 1, Page 1, Line. 16 83,578 BOPS 1, Page 1, Line 17 5,512,653 ROPS 1, Page 2, Line 19 153,938 ROPS 1. Page 3, Line 1 9,000 ROPS I, Page 1, Line 23 _$ 9.236.277 2010 Series C Union Bank, N.A. Enforceable Obligation/Other Legal Payee Description Amount Requirement Supporting Retention 2011 Series A City of Lake Elsinore Civic Partners- DDA Obligation $ 226,662 ROPS 1, Page 1, Line 12 Elsinore, LLC February 2012 to June 2012 City of Lake Elsinore Union Bank, N.A. Tar. Allocation Revenue Bonds, 421447 BOPS 1, Page 1, Line 1 February 2012 to June 2012 2010 Series A Annual audit services for Diehl Evans, LLP Union Bank, N.A. Tax Allocation Revenue Bonds. 1,678,607 BOPS I. Page 1, Line 3 592,756 ROPS 1, Page 1, Line 4 257,636 ROPS 1, Page 1, Line 5 300,000 ROPS 1, Page 1, Line. 16 83,578 BOPS 1, Page 1, Line 17 5,512,653 ROPS 1, Page 2, Line 19 153,938 ROPS 1. Page 3, Line 1 9,000 ROPS I, Page 1, Line 23 _$ 9.236.277 2010 Series C Union Bank, N.A. Tae Allocation Revenue Bonds, 2011 Series A Union Bank, N.A. Local Agency Revenue Bonds, 2011 Series A City of Lake Elsinore Diamond Stadium Annual Capital Contribution City of Lake Elsinore LERA - Debt service from February 2012 to June 2012 City of Lake Elsinore Housing Fund Loan Repayment City of Lake Elsinore City Staff support from February 2012 to June 2012 While Nelson Annual audit services for Diehl Evans, LLP fiscal year 2011 -2012 592,756 ROPS 1, Page 1, Line 4 257,636 ROPS 1, Page 1, Line 5 300,000 ROPS 1, Page 1, Line. 16 83,578 BOPS 1, Page 1, Line 17 5,512,653 ROPS 1, Page 2, Line 19 153,938 ROPS 1. Page 3, Line 1 9,000 ROPS I, Page 1, Line 23 _$ 9.236.277 SCHEDULE 6b SUCCESSOR AGENCY TO THE LAKE ELSINORE REDEVELOPMENT AGENCY AGREED -UPON PROCEDURES RELATED TO ALL OTHER FUNDS CASH BALANCES FOR RETENTION TO MEET ENFORCEABLE OBLIGATIONS IN FISCAL YEAR 2012 -2013 ON ROPS 2 June 30, 2012 Payee Description 352,000.00 Reported on ROPS 2, Line 17 Union Bank, N.A. Tao Allocation Revenue Bonds, 2010 Series A Union Bank, N.A. Tae Allocation Revenue Bonds, 2010 Series B Union Bank, N.A. Tax Allocation Revenue Bonds, 2010 Series C Union Bank, N.A. Tax Allocation Revenue Bands, 2011 Series A Union Bank, N.A. Local Agency Revenue Bonds, 2011 Series A Union Bank, N.A. Fiscal Agent Fees McMillin Summerly DDA pledges a portion of property tax LLC and Civic Partners- revenues through 2038. Total Elsinore LLC outstanding debt or obligation is estimated based on projections ortax revenue growth at 2% per annum. If property values and corresponding revenues grow at a higher or lower rate than 2% per annum, the total obligation will similarly increase or decrease. DDA pledges a portion oftax increment for so long as the Agency receives tax ,nr�omonf Diamond Stadium Group Annual Capital Contribution City of Lake Elsinore City reimbursement LERA - Debt Service Leibold McClendon & Legal services for projects, bonds & Mann DDA/Siadium Agreement Compliance H& Coren & Cone Tax Projections for bond & DDA Compliance "tBD Band disclosure compliance City of Lake Elsinore City Staff Support/ Other admin reimbursement 2012 -2013 Enforceable Obligation/Other Legal Amount Requirement Supporting Retention $ 651.865.63 Reported on ROPS 2, Line 1 749,725.00 Reported on ROPS 2, Line 2 - 1.678,606.88 Reported on ROPS 2, Line 3 592,756.25 Reported on ROPS 2, Line 4 257,636.25 Reported on BOPS 2, Line 5 48,774.96 Reported on BOPS 2, Line 6 226,662.00 Reported on ROPS 2, Line 12 300,000.00 Reported on ROPS 2, Line 16 352,000.00 Reported on ROPS 2, Line 17 96,000.00 Reported on ROPS 2, Line 20 18.750.00 Reported on ROPS 2. Line 21 13,700.00 Reported on ROPS 2, Line 22 157,380.00 Reported on ROPS 2, Page 3, Line 3 S 5.143,856 .97 SCHEDULE7 SUCCESSOR AGENCY TO LAKE ELSINORE REDEVELOPMENT AGENCY AGREED -UPON PROCEDURES RELATED TO ALL OTHER FUNDS LISTING OF NONLIQUID ASSETS As of June 30, 2012 Buis for Balance at Asset Description Determining Value June30.2012 Due from other Redevelopment Agency Funds Cost $ 17,038,599 Land held for resale Cost 6,088,480 Capital assets Cost 17,839207 Deferred bond issue costs .Cost - 2.699,312 $ 43,665,598 SCHEDULES SUCCESSOR AGENCY TO THE LAKE ELSINORE REDEVELOPMENT. AGENCY AGREED -UPON PROCEDURES RELATED TO ALL OTHER FUNDS SUMMARY OF BALANCE AVAILABLE FOR ALLOCATION TO AFFECTED TAXING AGENCIES As of June 30, 2012 Total amount of assets held by the Successor Agency as of June 30, 2012 - (Procedure 5) $ 67,381,886 Less assets legally restricted for uses specified by debt covenants, grant restrictions or restrictions imposed by other governments - (Procedure 6) (10,333,563) Less assets that are not cash or cash equivalents '(e.g., physical assets) - (Procedure 7) (43,665,598) Less balances that are legally restricted for the funding of an enforceable obligation (net of projected annual revenues available to fund those obligations) - (Procedure 8) (9,236,277) Less balances needed to satisfy ROPS for the 2012 -13 fiscal year - (Procedure 9) (5,143,857) Less the amount of payments made on July 12, 2012 to the County Auditor - Controller as directed by the California Department of Finance - Add the amount of any assets transferred to the City for which an enforceable obligation with a third party requiring such transfer and obligating the use of the transferred assets did not exist - (Procedures 2 and 3) - Amount to be remitted to County for disbursement to affected taxing agencies OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: MEMBERS OF THE OVERSIGHT BOARD FROM: BARBARA LEIBOLD, SUCCESSOR AGENCY COUNSEL DATE: JANUARY 15, 2013 SUBJECT: CONSIDERATION OF CANCELLATION OF JANUARY 22, 2013 REGULAR MEETING Backaround Regular meetings of the Oversight Board are held on the 2 nd and 4 Tuesdays of each month. The next regularly scheduled meeting of the Oversight Board is set for January 22, 2013. Discussion Staff does not anticipate any business required to be conducted by the Board on January 22, 2013. Recommendation It is recommended that the Oversight Board cancel its regularly scheduled meeting of January 22, 2013. Prepared and approved by: Barbara Leibold, City Attorney /Successor Agency Counsel AGENDA ITEM 5 Page 1 No later than The DOF completes review of 34179.5, review of LMIHF November 9, 2012 balances and reports findings, determinations, and decisions to overturn Oversight Board decision to allow retention of Successor Agency assets (Section 34179.6(d)). Within 5 days of receipt The Successor Agency /Sponsoring Community deadline to request Initial determination meet and confer with DOF over any dispute regarding amount of the DOF LMIHF to be distributed to Taxing Entitles under the 34179.5 review process (Section 34179.6(e)). The DOF must meet and confer with the Successor Agency and confirm or modify findings within 30 days of request (Section 34179.6(e)). Within 5 days of receipt The Successor Agency to transfer to the CAC the LMIHF balances of final determination determined to be available pursuant to Section 34179.5 Review of the LMIHF. Sponsoring Community sales and use tax may be offset if funds are not transferred (Section 34179.6(1)). (NO MEETING REQUIRED FOR THIS STEP) Tuesday, November 13, 2012 3:30 p.m. — Oversight Board Meeting - Cancelled Tuesday, November 27, 2012 3:30 p.m, — Oversight Board Meeting - Cancelled Due by The Successor Agency reports to the CAC if total amount of December 1, 2012 available revenues (including RPTTF, other revenues, proceeds from sale of assets) will be insufficient to fund enforceable obligations (Section 34183(b)). (NO MEETING REQUIRED FOR THIS STEP) Due by The CAC provides the DOF report specifying amount remitted by December 1, 2012 the Successor Agency pursuant to the 34179.5 Review of LMIHF balances (Section 34179.6(g)). (NO MEETING REQUIRED FOR THIS STEP) ALL MEETINGS TO BE HELD AT CITY HALL, CONFERENCE ROOM A Tuesday December 11, 2012 3:30 p.m. — Oversight Board Meeting Tuesday The Successor Agency Staff submits to the Oversight Board, the December 17, 2012 CAC, the DOF, and the SCO results of review required under 34179.5 with respect to all other fund and account balances of a (or as soon as available) Dissolved RDA. (NO MEETING REQUIRED FOR THIS STEP) Due by The CAC to make distributions from the RPTTF for the third ROPS January 2, 2013 period (January-June 2012) (Section 34182(a)(2)). (NO MEETING REQUIRED FOR THIS STEP) Tuesday, 3:45 p.m. — Oversight Board Meeting January 8, 2013 An Oversight Board Meeting to allow for public comment on the non - housing Due Diligence Review. The Oversight Board must hold a public session at least five business days in advance of the meeting to consider approval of the Review (Section 34179.6(b)). Due by The CAC to provide a report to the DOF regarding most recent January 12, 2013 distributions from the RPTTF (Section 34283(e)). (NO MEETING REQUIRED FOR THIS STEP) Tuesday, 3 :45 p.m. - Special Oversight Board Meeting January 15, 2013 The Oversight Board to review, approve and authorize transmittal of the results of the 34179.5 Review for all other fund and account balances of a Dissolved RDA and to take such other actions as set forth on the Agenda. Due by The Oversight Board to review, approve and transmit the results of January 15, 2013 the 34179.5 Review for all other fund and account balances of a Dissolved RDA and notify the CAC and the DOF of determination (Section 34179.6 (c)). Note, that the Oversight Board must hold a public session at least five business days in advance of the meeting to consider approval of the Review (Section 34179.6(b)). Tuesday January 22, 2013 3:45 p.m. — Oversight Board Meeting - Cancelled Tuesday February 12, 2013 3:45 p.m. — Oversight Board Meeting Tuesday February 26, 2013 3:45 p.m. — Oversight Board Meeting Oversight Board to consider ROPS for July 1, 2013 through December 31, 2013 Due by Successor Agency submits ROPS for July 1, 2013 through March 4, 2013 December 31, 2013 to DOF after Oversight Board approval (Section 34177(m)). Tuesday March 12, 2013 3:45 p.m. — Oversight Board Meeting Tuesday March 26, 2013 3:45 p.m. — Oversight Board Meeting Due by The DOF completes reviews of 34179.5 Review of other fund April 1, 2013 balances and reports findings, determinations and decisions to overturn Oversight board decision to allow retention of Successor Agency assets. (Section 34179.6(a)). (NO MEETING REQUIRED FOR THIS STEP) Within 5 days of receipt Successor Agency /Sponsoring Community deadline to request meet of initial determination and confer with the DOF over any dispute regarding amount of other from the DOF fund balances to be distributed to the taxing entities under 34179.5 Review process. The DOF must meet and confer with Successor Agency and confirm or modify findings within 30 days of request (Section 34179.5(e)). (NO MEETING REQUIRED FOR THIS STEP) Within 5 days of receipt The Successor Agency to transfer to the CAC cash and other assets of final determination determined to be available pursuant to Section 34179.5 Review of from the DOF other funds (if meet and confer process is complete). Sponsoring Community sales and use tax may be offset for unfunded amounts (Section 34179.6(f)). (NO MEETING REQUIRED FOR THIS STEP) Tuesday April 9, 2013 3:45 p.m. — Oversight Board Meeting Due by The CAC provides the DOF a report specifying the amount remitted April 22, 2013 by Successor Agencies pursuant to the Section 34179.5 Review of other balances (Section 341796(8)): (NO MEETING REQUIRED FOR THIS STEP) Tuesday April 23, 2013 3:45 p.m. — Oversight Board Meeting Due by The Successor Agency reports to the CAC if total amount of May 1, 2013 available revenues (including RPTTF, other revenues, proceeds from sale of assets) will be insufficient to fund enforceable obligations (Section 34183(b)). (NO MEETING REQUIRED FOR THIS STEP) Tuesday May 14, 2013 3 :45 p.m. — Oversight Board Meeting Tuesday May 28, 2013 3:45 p.m. — Oversight Board Meeting Due by The CAC to make distributions form the RPTTF for the ROPS June 3, 2013 period July- December 2013 (Section 34284(c)). (NO MEETING REQUIRED FOR THIS STEP) Tuesday June 11, 2013 3:45 p.m. — Oversight Board Meeting Tuesday June 25, 2013 3:45 p.m. — Oversight Board Meeting Tuesday July 9, 2013 3:45 p.m. — Oversight Board Meeting Tuesday July 23, 2013 3:45 p.m. — Oversight Board Meeting Tuesday August 13, 2013 3:45 p.m. — Oversight Board Meeting Tuesday August 27, 2013 3:45 p.m. — Oversight Board Meeting Tuesday September 10, 2013 3:45 p.m. — Oversight Board Meeting Tuesday September 24, 2013 3:30 p.m. — Oversight Board Meeting Due by The CAC to prepare and provide estimates to the DOF and fund October 1, 2013 recipients of amounts to be allocated and distributed from RPTTF on January 2, 2014 for Fifth ROPS period (Section 34182(c)(3)). The CAC to report to the SCO and the DOF specified information about property tax distributions (Section 34182(d)). (NO MEETING REQUIRED FOR THIS STEP) Due by Successor Agency required to submit on Oversight Board Approved October 4, 2013 ROPS for January 1, 2014 through June 30, 2014 Tuesday October 8, 2013 3;45 p.m. — Oversight Board Meeting Tuesday October 22, 2013 3:45 p.m. — Oversight Board Meeting Tuesday November 12, 2013 3:45 p.m. — Oversight Board Meeting Tuesday November 26, 2013 3:45 p.m. — Oversight Board ]Fleeting Due by The Successor Agency reports to the CAC if total amount of December 2, 2013 available revenues (including RPTTF, other revenues, proceeds from sale of assets) will be insufficient to fund enforceable obligations (Section 34183(6)). Tuesday December 10, 2013 3:45 p.m. — Oversight Board Meeting Tuesday December 24, 2013 3 :45 p.m. — Oversight Board Meeting