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REPORT TO OVERSIGHT BOARD TO THE
SUCCESSOR AGENCY OF THE REDEVELOPMENT
AGENCY OF THE CITY OF LAKE ELSINORE
To: Chairperson Kelley and Members of the Oversight Board
From: Barbara Leibold, Successor Agency Counsel
Date: September 18, 2017
Subject: Amen ded Recognized Obligation Payment Schedule (ROPS 17–18B) for
the January 1, 2018 through June 30, 2018 Period
Recommendation
Adopt 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
Background
As part of the dissolution of the former Redevelopment Agency, Health and Safety Code
Section 34177 (added by AB 1X 26 and amended by AB 1484) requires the Successor
Agency to adopt 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 34171 for each fiscal year. The Successor Agency has previously adopted
ROPS 17-18 for the current fiscal year. ROPS 17-18 was approved by the Oversight Board
to the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore and the
State Department of Finance (DOF).
Discussion
SB 107, enacted in September 2016 changed the ROPS period from a six-month period to a
twelve month period ending each June 30. Health & Safety Code Section 34177(o) permits a
one-time amendment each year provided that (a) such amendment is approved by the
Oversight Board, (b) the Oversight Board makes a finding with respect thereto, and (c) the
amendment is submitted to the Department of Finance and the State Controller’s office by
October 1 (October 2 in 2017 since October 1 is a Sunday). 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.
The attached Amended ROPS 17-18B for the period January 1, 2018 – June 30, 2018
follows the form prescribed by the DOF and incorporates all of the remaining obligations
identified in the previous ROPS. The following amendments are effected by ROPS 17-18B:
Approval of Amended ROPS 17-18B
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• Summerly (ROPS Detail Items 12 & 13) are adjusted to reflect amounts due under
the DDA based upon actual and projected completion of development phases.
• 2010 Bonds (ROPS Detail Items 1, 2 & 3) are adjusted to reflect the full amount of
debt service for 2010 Series A, B and C Bonds
Prepared By: Barbara Leibold, Successor Agency Counsel
Attachments:
Oversight Board Resolution No. OB-2017-___
Amended Recognized Obligation Payment Schedule of the Successor Agency of the
Redevelopment Agency of the City of Lake Elsinore for the period of January 1, 2018
through June 30, 2018 (ROPS 17-18B)