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Home My WebLink AboutSA Reso 2016-005 Recognized Obligation Payment Schedule (ROPS 16-17) July to JuneRESOLUTTON NO. SA-2016-005 A RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 16-17) FOR JULY 1,2016 THROUGH JUNE 30,20't7 WHEREAS, the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore (the "Successor Agency") is charged with implementing recognized enforceable obligations and winding down of the affairs of the former Redevelopment Agency of the City of Lake Elsinore (the "Agency") in accordance with the California Health and Safety Code; and WHEREAS, Senate Bill (SB) 107, enacted in September 2016, added Health and Safety Code Section 34177(o) requiring 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 34171 for twelve month periods, including July 2016 through June 2017; and WHEREAS, SB 107 requires that the ROPS 16-17 for the period July 1, 2016 through June 30,2017 must be submitted to the Department of Finance and the State Controller's office, after approval by the Oversight Board, no later than February 1,2016 or be subject to penalties; and WHEREAS, on January 27, 2016, the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore will consider approval of the Recognized Obligation Payment Schedule 16-17 for the period July '1, 2016 through June 30, 2017; and WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred. NOW, THEREFORE, 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 Successor Agency hereby approves the Schedule aftached hereto as Exhibit A as the Recognized Obligation Payment Schedule 16-17 for the period July 1,2016 through June 30, 2017. Pursuant to Health & Safety Code Section 34173, the Successor Agency's liability, including, but not limited to, its liability for the obligations on the 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. Executive Director Yates, or his designee, is hereby authorized to submit the ROPS to such parties as may be required in accordance with the Health & Safety Code, and to take such other actions on behalf of the Successor Agency with respect to the ROPS as may be necessary in accordance with applicable law. Successor Agency Resolution No. SA-2016-005 Page 2 of 2 SECTION 4. lf 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 Successor Agency 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 in accordance with, and subject to, all applicable requirements of the Health & Safety Code. PASSED, APPROVED AND ADOPTED at a regular meeting of the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore, held this 26th day of January,2016. Successor Agency of the Redevelopment Agency of the City of Lake Elsinore iusan M. Domen, Secretary Recognized Obligation Payment Schedule (ROPS 16-17) - Summary Filed for the July 1, 2016 through June 30, 2017 Period Succas30r Agoncy: County: Lake Elsinore Enforcoable Obligalion3 Funded with Non-Redevelopment Property Tax Trust Fund (RPTTF) Fundlng Sources (B+C+D): Bond Proceeds Funding Reserve Balance Funding Other Fundin0 Enforcoable Obligations Funded with RPTTF Funding (F+G): Non-Administrative Costs Administrative Costs Current Perlod Enforceable Obligations (A+E): A B D E F G H Certification of Oversight Board Chairman: Pursuant to Section 34177 (o) of the Health and Safety code, I hereby certi9 that the abo\re is a true and accurate Recognized Obligation Payment Schedule for the above named successor agency. Signature ROPS 16-17 Current Perlod Reque3ted Fundlng for Enforceable Obligations (ROPS Oetail) $ 353,649 $ 1,696,108 $ 2,049,757 'r o5,ooo I ,44o,ooo ,l ,545,000 24A,M9 256,'108 5U,757 $ 7,268,323 $ 6,648,754 $ 13,917,077 7,056,624 6,455.101 ',t3,511,725 211 ,699 '193,653 405,352 $ 7,621,972 $ 8,344,862 $ 15,966,834 Lake Elslnore Recognlzed Obllgatlon Payment Schedule (ROPS 16.17) . Report of Cash Balances whenpaymentfrompropertytaxrevenuesisrequiredbyanenforceableobligation. FortipsonhowtocompletetheReportofCashBalancesForm,see Bonds issued on or after 01/O'l/1 1 period balances and DDR RPTTF balances retained Availablo Cash Balanco (Actual 07/01/l 5) amounts should tie to the ROPS 15-'l6A distribution from the Auditor-Controller during June 20'l 5 for ROPS'15-16A Enforceable Obligations (Actual amount retained should only include lhe amounls distributed as for future period(s) to G !(1 +2.3.4), H r(1 +2.3.4-5) D, E, G = 4 + 6, F = H4 + F[ + F6, and H = 5 + 6) F amounts should tie to the RoPS 15-168 distribuiion from the RPTTF amount retained should only include the amounts distributed as Av.ilable Ca3h Brlance (7 + E - 9 -10) AmounB in Whole A B c I D E F G H I Cash Balance lnfomation bv ROPS Period Fund Source3 Comments Other RPTTF HNOT KUH5 RPTTF distributed as Rent, granls, Non-Admin and Admin or before 1U31110 oeriod(s) IOPS 15.rBA Actual3 107/01118 - l2r31rl5l I 3 qoq 5R7 ) Arn qaa.7A 7A'321 .47( 2 Revanus/lncome (Actual 1 2/31/'l 5) I 321 38!244 741 5 3a7 A1( 3 9.321.38S 4't.66't 1.380.00(244.741 4.753.94i 1 796 85i 5 lOPS 15-16A RPTTF Balance3 Remaining No entry requlred 6 t t I 3_837.926 3 t.2ao-53:3 78.73i I 158-/tgl ?OPS 15-158 E3timete 101/0r/18 . 06/30/18l 7 t t t :l tA7 ora t , o37 3t!t 7R ?Ai t lst ,.tr 8 ?IA AA(5 724 qq' I 3 625 451 344 A7!244 A4(a gza 7?t 1 798 26t 11 3 3 I 2A2reA t 1 e8i 7t(t 76 76i 3 158 /iel Lake Elsinore Recognlzed Obllgatlon Payment Schedule (ROPS '16-171 - Notee July'1, 2016 through June 30, 2017 Item #Notes/Comments 1 shom in Column Uincludes $175,000 reserued for debt service due during the ROPS '17-t8A peiiod qmount shom in Column U includes $322,500 reserved for debt service due during the ROPS 17-1gA period qmount shom in Column U includes $635,000 reserved for debt service due during the ROPS 17-18A Period 1( 11 'ti 1i 1t 1{ 1t Amount shown in Column O includes $300,000 reserued for debt service due durino the ROPS 1G'178 Period 1( 2(fhe Lake Elsinore Sucessor Agency disagrees with the Department of Finance's denial. The Successor Agency will continue to list lhis obligation as enfor@able, in anticipation of a court iudgment or reversal of oolicv bv the Deoarlment sustainino the Successoi Aoencv's oosilion. 2t 29-3i fhe obligations for line ilems 29 -32 for the twelve month period covered by ROPS 1G'17 are incorporated into line 33 in accordance with the terms of the lntarim Stadium Management Agreement and prcjected for the six month period covered by ROPS I 6-1 78 J]fhis line items references the lnterim Stadium Managoment Agreement for Stadium managembnt, operations and maintenance, as amenOeOJor ttre catenOar year 2016 (January 1, 2016 - December 31, 2016) and incorporates the increases in costs and capital expendituros requirsd to be made by the agresment for the six month )eriod covered by ROPS 1&17A. 3t _accordance to DOF t!!s qbliggliglj.s,Lncluded within th_e tgminislriative Allomnce, 40 41 'oeot tiirv-Ee oue onrino ttre Hbni tzisA-pedod 42 Amt. in excess of ROPS 15-164 Authorized Amt. $1 1 ,200 was added to ROPS I G'l7A 43 44 Amt. in excess of ROPS 1t16A Authorized Amt. $3,680 was added to ROPS 1&17A STATE OF CALIFORNIA COUNry OF RIVERSIDE CITY OF LAKE ELSINORE ) ) ss. ) l, Susan M. Domen, Agency Secretary of the Board of the Successor Agency of the Redevelopment Agency for the City of Lake Elsinore, California, hereby certify that Resolution No. 5A-2016-005 was adopted by the Successor Agency, at a regular meeting held on the 26th day of January 2016, and that the same was adopted by the following vote: AYES: Agency Member Manos, Agency Member Johnson, Agency Member Hickman, Vice Chair Magee, and Chair TisdaleNOES: None ABSENT: None ABSTAIN: None