HomeMy WebLinkAboutItem #4OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY OF THE REDEVELOPMENT
AGENCY OF THE CITY OF LAKE ELSINORE
TO: CHAIRMAN WILLIAMS AND
MEMBERS OF THE OVERSIGHT BOARD
FROM: BARBARA LEIBOLD, SUCCESSOR AGENCY COUNSEL
DATE: SEPTEMBER 24, 2013
SUBJECT: RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 13-
146) FOR JANUARY 1, 2014 THROUGH JUNE 30, 2014
Recommendation
It is recommended that the Oversight Board adopt Resolution NO. OB -2013 -008 A
Resolution of the Oversight Board to the Successor Agency of the Redevelopment
Agency of the City of Lake Elsinore Approving the Recognized Obligation Payment
Schedule (ROPS 13 -14B) for January 1, 2014 through June 30, 2014, subject to
approval thereof by the Successor Agency.
As part of the dissolution of the former Redevelopment Agency, Health and Safety
Code Section 34177 requires the Successor Agency to adopt and the Oversight
Board to approve a Recognized Obligation Payment Schedule (ROPS) that lists all
obligations of the former redevelopment agency that are enforceable within the
meaning of subdivision (d) of Section 34167 for each six month period of each fiscal
year. The Successor Agency of the Successor Agency of the Redevelopment
Agency of the City of Lake Elsinore (Successor Agency) has previously adopted a
ROPS for prior six -month periods. The previous ROPS have been approved by the
Oversight Board and the State Department of Finance (DOF).
Discussion
AB 1484 requires that the ROPS for January 2014 through June 2014 be submitted
to DOF and the State Controller's office, after approval by the Oversight Board, no
later than October 1, 2013. The DOF has five (5) days after submittal to request a
review and forty -five (45) days to review the ROPS if it decides to do so. If the ROPS
is not submitted by the deadline, the City is subject to a $10,000 fine for every day
the ROPS is late and the administrative cost allowance for the Successor Agency is
reduced by 25% after 10 days.
Page 1
AGENDA
ITEM
4
Approval of Recognized Obligation Payment Schedule
September 24, 2013
Page 2
The attached ROPS 13 -14B for the period January 1, 2014 through June 30, 2014
follows the form prescribed by the DOF and incorporates all of the obligations
identified in the previous ROPS. DOF has made some changes to the form, and
certain items previously listed on the form have been updated.
A few changes and additions are noteworthy:
® DOF has added a new page to the ROPS entitled "Report of Fund
Balances." This page reports changes in fund balances and all
historical data must agree to the Successor Agency's books and
records.
ROPS Detail Schedule, Line 18 — DOF approved the amendment of the
Successor Agency's obligation to reimburse the City pursuant to the
Lake Elsinore Recreation Authority (LERA) Reimbursement Agreement
in connection with the refunding of the LERA bonds. The refunding of
the LERA bonds is scheduled to close on September 30, 2013. The
amounts on line 18 have been updated to reflect the terms of the new,
fixed payment schedule LERA bonds.
ROPS Detail Schedule, Line 33 — this line items references the Interim
Stadium Management Agreement for Stadium management, operations
and maintenance, as amended, for the calendar year 2014 (January 1,
2014 — December 31, 2014) and incorporates the increases in costs
and capital expenditures required to be made for the six month period
covered by ROPS 13 -14B. The obligations disclosed in line items 29 -
32 for the six month period covered by ROPS 13 -14B are also
incorporated into line 33 in accordance with the terms of the Interim
Stadium Management Agreement.
The Successor Agency will meet following the Oversight Board meeting to approve
the ROPS 13 -14B.
Prepared by: Barbara Leibold, City Attorney /Successor Agency Counsel
Attachments:
Resolution
No. OB- 2013 -008 approving
the Recognized
Obligation
Payment Schedule 13 -14B for the Period
of January 1, 2014
through
June 30,
2014, subject to the approval
thereof by the
Successor
Agency
AGENDA
Exhibit A -
Recognized Obligation Payment Schedule of the
Successor
Agency of
the Redevelopment Agency of the City of Lake Elsinore for
the period
of January 1, 2014 through June
30, 2014 (ROPS
13 -14B)
AGENDA
ITEM
4
Page 2
RESOLUTION NO.OB- 2013 -008
A RESOLUTION OF THE OVERSIGHT BOARD TO THE
SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF
THE CITY OF LAKE ELSINORE APPROVING THE RECOGNIZED
OBLIGATION PAYMENT SCHEDULE (ROPS 13 -14B) FOR THE
PERIOD OF JANUARY 1, 2014 THROUGH JUNE 30, 2014,
SUBJECT TO THE APPROVAL THEREOF BY THE SUCCESSOR
AGENCY
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; and
WHEREAS, Health and Safety Code Section 34169 requires the Successor
Agency to prepare and adopt a "Recognized Obligation Payment Schedule" that lists all
obligations of the former redevelopment agency that are enforceable within the meaning
of subdivision (d) of Section 34167 for six month periods, including January 1, 2014
through June 30, 2014; and
WHEREAS, AB 1484 requires that the ROPS 13 -14B for the period January 1,
2014 through June 30, 2014 be submitted to the Department of Finance and the State
Controller's office, after approval by the Oversight Board, no later than October 1, 2013
or be subject to penalties; and
WHEREAS, on September 24, 2013, the Successor Agency of the
Redevelopment Agency of the City of Lake Elsinore will consider approval of the
Recognized Obligation Payment Schedule 13 -14B for the period of January 1, 2014
through June 30, 2014; and
WHEREAS, all other legal prerequisites to the adoption of this Resolution have
occurred.
NOW, THEREFORE, THE OVERSIGHT BOARD OF 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. The Oversight Board hereby approves the Schedule attached
hereto as Exhibit A as the Recognized Obligation Payment Schedule 13 -14B for
January 1, 2014 through June 30, 2014, subject to the approval thereof by the
Successor Agency. Pursuant to Health & Safety Code Section 34173, the Successor
Agency's liability, including, but not limited to, its liability for the obligations on the
AGENDA ITEM 4 Page 3
1 11 1111 MEN lill Fill 11 III= 1111 Ell i. '
+•:. •. i •'.: • •. A 11
attached schedule is limited to the total sum of property tax revenues it receives
pursuant to Part 1.85 of AB X1 26.
SECTION 3. 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 4. This Resolution shall take effect from and after the date of its
passage and adoption.
PASSED, APPROVED AND ADOPTED at a regular meeting of the Oversight
Board of the Successor Agency of the Redevelopment Agency of the City of Lake
Elsinore, held this 24th day of September, 2013 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Phil Williams, Chairperson
Oversight Board to the Successor Agency
of the Redevelopment Agency of the City of
Lake Elsinore
UUWMTSIIZi • •
Phillip Greer, Oversight Board Counsel
ATTEST:
Virginia J. Bloom, Oversight Board Secretary
AGENDA _
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