HomeMy WebLinkAboutOB Reso No 2014-001RESOLUTION NO. OB- 2014 -001
A RESOLUTION OF THE OVERSIGHT BOARD TO THE
SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF
THE CITY OF LAKE ELSINORE SETTING FORTH CERTAIN
FINDINGS WITH RESPECT TO A SERAF LOAN BETWEEN THE
FORMER REDEVELOPMENT AGENCY AND THE CITY OF LAKE
ELSINORE IN ACCORDANCE WITH HEALTH AND SAFETY
CODE SECTION 34191.4 AND APPROVING A REPAYMENT
SCHEDULE FOR THE SERAF LOAN IN ACCORDANCE WITH
HEALTH AND SAFETY CODE SECTION 34171(D)(1)(G)
WHEREAS, on May 11, 2010, the Redevelopment Agency of the City of Lake
Elsinore made findings that there was insufficient unallocated funds available in the
Agency's Project Area accounts to pay the Agency's Supplemental Educational
Revenue Augmentation Fund ( SERAF) obligation and authorized the suspension of the
affordable housing set aside into the Low and Moderate Income Housing Fund (LMIHF)
for Fiscal Year 2009/10 in an amount not to exceed $4,000,000 in order to meet the
Agency's SERAF obligation; and
WHEREAS, the Agency's SERAF obligations were $6,970,262 for fiscal 2009/10
and $1,435,054 for fiscal 2010/11; and
WHEREAS, for fiscal year 2009 /10, the Agency paid $3,750,000 by suspending
a portion of the 20% deposit required into the LMIHF and the remainder was paid from
non - housing funds; and
WHEREAS, for fiscal year 2010/11, the Agency paid its SERAF obligation from
Debt Service Funds; and
WHEREAS, the Successor Agency's SERAF loan obligation of $3,750,000 has
been reported on the Successor Agency's Recognized Obligation Payment Schedules
(ROPS); and
WHEREAS, the Oversight Board has read and considered the Agency's Staff
Reports and Minutes; and
WHEREAS, the Successor Agency received its Health and Safety Code Section
34179.7 "Finding of Completion" on April 26, 2013; and
WHEREAS, the California Department of Finance has required Successor
Agencies to expressly comply with Health and Safety Code Section 34191.4, which
permits repayment of the SERAF loan provided a Finding of Completion has been
issued to the Successor Agency and certain other conditions are met.
OVERSIGHT BOARD RESOLUTION NO. OB 2014 -001
Page 2
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 finds that the loan to the Agency from the
Low and Moderate Income Housing Fund for Supplemental Education Revenue
Augmentation Fund (SERAF) purposes in the amount of $3,750,000 is an enforceable
obligation.
SECTION 3. The Oversight Board finds that the loan to the Agency from the
Low and Moderate Income Housing Fund for Supplemental Education Revenue
Augmentation Fund (SERAF) purposes in the amount of $3,750,000 was made for
legitimate Redevelopment purposes.
SECTION 4. In accordance with Health and Safety Code Section
34171(D)(1)(G), the Oversight Board approves a repayment schedule for the loan to the
Agency from the Low and Moderate Income Housing Fund for Supplemental Education
Revenue Augmentation Fund (SERAF) purposes in total not to exceed $3,750,000 as
follows: the repayment amount for each fiscal year will be equal to the maximum
amount allowed pursuant to Health and Safety Code Section 34176(e)(6)(B). The
repayment amount for the ROPS 14 -15A calculated in accordance with the foregoing is
$246,256.
SECTION 5. 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 5. This Resolution shall take effect from and after the date of its
passage and adoption.
OVERSIGHT BOARD RESOLUTION NO. OB 2014 -001
Page 3
PASSED, APPROVED AND ADOPTED at a regular meeting of the Oversight
Board to the Successor Agency of the Redevelopment Agency of the City of Lake
Elsinore, held this 25th day of February 2014 by the following vote:
Phil Williams, Chairperson
Oversight Board to the Successor Agency
of the Redevelopment Agency of the City of
ATTEST:
TO FORM:
Deputy Clerk
Phillip 6brodr, Oversight Board Counsel
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF LAKE ELSINORE )
I, Diana Giron, Deputy Clerk of the Oversight Board and Deputy City Clerk of the City of
Lake Elsinore, California, hereby certify that Resolution No. OB- 2014 -001 was adopted
by the Oversight Board to the Successor Agency of the Redevelopment Agency of the
City of Lake Elsinore, California, at a regular meeting held on the 25th day of February
2014, and that the same was adopted by the following vote:
AYES: Board Members Tisdale, Kelley,
Oster and Chairman Williams
NOES: None
ABSENT: None
ABSTAIN: None
Landon, Lassey, Schultz, Vice -Chair
Dina -Giron
Deputy Clerk of the Board