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Home My WebLink AboutOB Reso No 2017-004 ROPS 17-18BRESOLUTION NO. OB -2017-004 A RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE, CALIFORNIA APPROVING THE AMENDED RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 17-18B) FOR JANUARY 1, 2018 THROUGH JUNE 30, 2018 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 (the "Agency") in accordance with the California Health & Safety Code; and, WHEREAS, Senate Bill (SB) 107, enacted in September 2016, added Health & Safety Code ("HSC") 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 2017 through June 2018; and, WHEREAS, SB 107 permits an amended ROPS 17-18B for the period January 1, 2018 through June 30, 2018 to be submitted to the Department of Finance and the State Controller's office, after approval by the Oversight Board, no later than October 2, 2017 or be subject to penalties; and, WHEREAS, HSC Section 34177.7(o)(1)(E), permits an Amended ROPS 17-18B provided that the Oversight Board makes a finding that a revision to the ROPS is necessary for the payment of approved enforceable obligations during the ROPS 17-18B period, and, WHEREAS, on September 26 2017, the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore will consider the Amended Recognized Obligation Payment Schedule 17-18B for the period January 1, 2018 through June 30, 2018; and, WHEREAS, the Oversight Board desires to make a finding that a revision to ROPS 17- 18 is necessary for the payment of enforceable obligations during the second half of the ROPS period and, subject to the approval by the Successor Agency, to approve the Amended Recognized Obligation Payment Schedule (ROPS 17-18B) for January 1, 2018 through June 30, 2018, in the form attached as Exhibit A; 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. The Oversight Board hereby approves the Schedule attached hereto as Exhibit A as the Amended Recognized Obligation Payment Schedule 17-18B for the period January 1, 2018 through June 30, 2018 subject to the approval thereof by the Successor Resolution No. OB -2017-004 Page 2 of 4 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 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. The Oversight Board finds that a revision to the ROPS is necessary for the payment of enforceable obligations during the second half of the ROPS period, January 1, 2018 through June 30, 2018. SECTION 4. 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. Pursuant to Health and Safety Code Section 34179(h), this Resolution shall be effective five (5) business days after proper notification hereof is given to the California Department of Finance unless the California Department of Finance requests a review of the actions taken in this Resolution, in which case this Resolution will be effective upon approval by the California Department of Finance. PASSED, APPROVED AND ADOPTED by the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore, California, this 18th day of September, 2017. GenieXelley, Chair. ATTEST: �8-6san M. Domen, MM Oversight Board Secretary EXHIBIT A AMENDED ROPS 17-18B [attached] Amended Recognized Obligation Payment Schedule (ROPS 17-18B) - Summary Filed for the January 1, 2018 through June 30, 2018 Period Successor Agency: Lake Elsinore County: Riverside ROPS 17-18B ROPS 17-18B ROPS 17-18B Current Period Requested Funding for Enforceable Obligations ROPS Detail Authorized Amounts Requested Adjustments Amended Total A Enforceable Obligations Funded as Follows (B+C+D): $ 1,871,237 $ 487,845 $ 2,359,082 B Bond Proceeds - - - C Reserve Balance 1,610,000 487,845 2,097,845 D Other Funds 261,237 - 261,237 E Redevelopment Property Tax Trust Fund (RPTTF) (F+G): $ 5,310,285 $ 1,263,008 $ 6,573,293 F RPTTF 5,150,520 1,263,008 6,413,528 G Administrative RPTTF 159,765 - 159,765 H Current Period Enforceable Obligations (A+E): $ 7,181,522 $ 1,750,853 $ 8,932,375 Certification of Oversight Board Chairman: Pursuant to Section 34177 (o) of the Health and Safety code, I hereby certify that the above is a true and accurate Recognized Obligation Payment Schedule for the above named successor agency. r Name r . Title Lake Elsinore Amended Recognized Obligation Payment Schedule (ROPS 17-1813) - ROPS Detail January 1, 2018 through June 30, 2018 [Report Amounts in Whole Dollars) Item # Project Name/Debt Obligation Obligation Type Total Outstanding Balance Bond Proceeds AUTHORIZED AMOUNTS Fund Sources Reserve Balance Other Funds RPTTF Admin RPTTF Total Bond Proceeds REQUESTED ADJUSTMENTS Fund Sources Reserve Balance Other Funds RPTTF Admin RPTTF Total Notes $ 197 353,992 $ 1.610,000 $ 261.237 $ 5,150 520 $ 159.765 $ 7,181 522 $ $ 487,845 $ $ 1 2p'008 $ - $ 1,750,853 11 Tax Allocation Revenue Bonds 2010 Series A Bonds issued On or Before 20,730,631 495,128 495 128 495,12B 495J20 Pursuant 1 he Indenture for the 201 OA Bonds the 2 Tax Allocation Revenue Bonds, 2010 Series B Bonds Issued On or Before 12/31/10 $ 8,436,813 469,769 $ 469,769 469,769 $ 469,769 PUMLlartt to the Indenture for the 2010A Bonds, the Successor Agency is required to reserve an amount equal to the September 1, 2018 debt service. 3 Tax Allocation Revenue Bonds, 2010 Series C Bonds Issued On or Before 12/31/10 $ 31,076,749 - 1,111,198 $ 1,111.198 111.197 $ 111,197 Pursuant to the Indenture for the 2010A Bonds, the Successor Agency is required to reserve an amount equal to the September 1, 2018 debt service - 12 Summerfy DDA OPA/DDA/Construction $ 29,529,485 1,100,000 562,844 $ 1,662,844 487,845 85,833 $ 573,678 RPTTF Adjustmentb"od on 2017-18 AV Reserve Balance Adjustment based on anticipated DDAa meal obll allons 13 Summery DDA Extraordinary Infrastructure Fund OPA/DDA/Construction $ 7,467,288 - 200 000 96 086 $ 296 086 101.081 $ 101 OB7 RPT7'F Ad uktnlent based on 2017•ie AV 18 Cil Reimbursement LERA Bonds Issued After 12/31/10 $ 16,93700 310.000 565,850 $ 875,850 $ 19 Housing Fund roan SFPAl �LRAF 5 2,395 746 $ _ $ 22 Le al Services Fees $ 120,000 60,000 $ 60,000 $ 23 Consultant Fees Fees $ 16,2J30 8,140 $ B,140 $ 28 Estimated Admin Cost Admin Costs $ 5,748,175 $ _ $ 29 Stadium License A reement Miscellaneous $ 5r393,782 - 261,237 $ 261,237 $ 30 Stadium Maintenance Agreement Property Maintenance $ 2r518,045 - $ _ $ 31 Stadium Concessionreement Miscellaneous $ 340 000 _ _ $ $ 321 Stadium Operation and Maintenance Property Maintenance $ 27,480,119 $ $ 331 Interim Stadium Management A mt. Miscellaneous 2,310,056 - 1,252,708 $ 11252,708 $ 34 Riverside County Flood Control District Improvement/Infrastructure $ - 35 .Administrative Reimbursement RPTTF Shortfall $- $ 38 Contract for Auditing Services Fees $ - - $ $ 39 Bond Disclosure Services Fees 101,450 6,650 $ 6,650 $ 40 Prop rty Maintenance PLmerix Maintenance $ 20 000 10,000 $ 10,000 $ 41 Subordinated Tax Allocation Refunding Bonds, Series 2015 Bonds Issued After 12/31/10 $ 9,259,531 479,897 $ 479,897 $ 42 11 111 t Feas 44 Reconveyance Cost Fees Property Di ositions 3 $ 114.800 52,250 - - 32,250 $ $ $ _ 32,250 _ _ _ _ _ $ $ 45 Arbitrage Fees 'Fees $ 6,000 $ $ $ $ $ $ $ $ $ $ $ $ $ s $ $ $ $$ $ $ $ $ $ $ _ $ $ $ _ $ $ $ $ $ $ $ $ $ $ s $ $ $ $ $ $ $ $ s $ $ $ $ $