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Home My WebLink AboutOB Item No 5 ROPS 14-15B January 1, 2015 to June 30, 2015 09-23-2014OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: CHAIRMAN OSTER AND MEMBERS OF THE OVERSIGHT BOARD FROM: BARBARA LEIBOLD, SUCCESSOR AGENCY COUNSEL DATE: SEPTEMBER 23, 2014 SUBJECT: RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 14- 156) FOR JANUARY 1, 2015 THROUGH JUNE 30, 2015 Recommendation It is recommended that the Oversight Board approve and adopt: Resolution No. OB -2014- 006 A RESOLUTION OF THE SUCCESSOR AGENCY OF THE OVERSIGHT BOARD TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 14 -15B) FOR JANUARY 2015 THROUGH JUNE 2015, SUBJECT TO APPROVAL THEREOF BY THE SUCCESSOR AGENCY. Background 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 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 2015 through June 2015 be submitted to DOF and the State Controller's office, after approval by the Oversight Board, no later than October 3, 2014. 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 Approval of Recognized Obligation Payment Schedule September 23, 2014 Page 2 The attached ROPS 14 -15B for the period January 1, 2015 — June 30, 2015 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: 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 2015 (January 1, 2015 — December 31, 2015) and incorporates the increases in costs and capital expenditures required to be made for the six month period covered by ROPS 14 -15B. The obligations disclosed in line items 29 -32 for the six month period covered by ROPS 14 -15B are also incorporated into line 33 in accordance with the terms of the Interim Stadium Management Agreement. Prepared By: Barbara Leibold, Successor Agency Counsel Attachment: Resolution No. OB- 2014 -006 Approving the Recognized Obligation Payment Schedule (ROPS 14 -15B) for the Period of January 1, 2015 through June 30, 2015, subject to the approval by the Successor Agency Exhibit "A" to Resolution No. OB- 2014 -006 Recognized Obligation Payment Schedule 14 -15B of the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore for January 1, 2015 through June 30, 2015 Page 2 RESOLUTION NO. OB- 2014 -006 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 (ROPS14 -15B) FOR THE PERIOD OF JANUARY 1, 2015 THROUGH JUNE 20, 2015 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 (the "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 2015 through June 2015; and WHEREAS, AB 1484 requires that the ROPS 14 -15B for the period January 1, 2015 through June 30, 2015 must be submitted to the Department of Finance and the State Controller's office, after approval by the Oversight Board, no later than October 3, 2014 or be subject to penalties; and WHEREAS, on September 23, 2014, the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore will consider approval of the Recognized Obligation Payment Schedule 14 -15B for the period January 1, 2015 through June 30, 2015; 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 14 -15B for the period January 1, 2015 through June 30, 2015 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 OVERSIGHT BOARD RESOLUTION NO. OB 2014 -006 Page 2 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 in accordance with applicable law. 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 23rd day of September, 2014 by the following vote: AYES: NOES: ABSENT: ABSTAIN: Dave Oster, Chairperson Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore APPROVED AS TO FORM: Phillip Greer, Oversight Board Counsel ATTEST: Virginia J. Bloom, Oversight Board Secretary EXHIBIT A RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS14 -15B) FOR THE PERIOD OF JANUARY 1, 2015 THROUGH JUNE 30, 2015