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Home My WebLink AboutSA Reso 2019-02 Recognized Obligation Payment Schedule (ROPS 19-20) & Administrative Budget July to JuneRESOLUTION NO. 2019 -002 A RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 19 -20) AND ADMINISTRATIVE BUDGET FOR JULY 1, 2019 THROUGH JUNE 30, 2020 WHEREAS, the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore (the "Successor Agency ") is charged with implementing 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(0) 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 2019,through June 2020; and WHEREAS, applicable law requires that the ROPS 19 -20 for the period July 1, 2019 through June 30, 2020 be submitted to the Department of Finance and the State Controller's office, after approval by the Riverside Countywide Oversight Board, no later than February 1, 2019 or be subject to penalties; and WHEREAS, the Successor Agency staff has prepared an administrative budget for the fiscal period commencing on July 1, 2019 and continuing through June 30, 2020 ( "FY 2019 -20 Administrative Budget "), substantially in the form shown in Attachment "B ", attached hereto and incorporated herein by this reference; 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 attached hereto as Exhibit A as the Recognized Obligation Payment Schedule 19 -20 for the period July 1, 2019 through June 30, 2020. 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 Successor Agency hereby approves the Schedule attached hereto as Exhibit B as the Successor Agency Administrative Budget FY 2019 -20. SECTION 4. The Successor Agency has examined all of the items on the ROPS FY 2019 -20 and finds that each of them is necessary for the continued maintenance and preservation of property owned by the Successor Agency until disposition in accordance with the Dissolution Act, the continued administration of the ongoing enforceable obligations, or the expeditious wind -down of the affairs of the former Redevelopment Agency of the City of Lake Elsinore. SA Reso. 2019 -002 Page 2 of 4 SECTION 5. Executive Director Yates, or his designee, is hereby authorized to make necessary minor corrections or adjustments and to submit the ROPS to the Riverside Countywide Oversight Board and 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. SECTION 6. 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 Successor Agency hereby declares that it would have adopted this Resolution irrespective of the invalidity of any particular portion thereof. SECTION 7. 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 8th Ay of January 2019. nos ATTEST: Mark Mahan Deputy Secretary STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF LAKE ELSINORE ) I, Mark Mahan, Deputy Secretary of the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore, California, hereby certify that Resolution No. 2019 -002 was adopted by the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore at a Regular meeting held on the 8th day of January 2019 by the following vote: AYES: Agency Members Sheridan, Johnson, and Magee; Vice -Chair Tisdale; Chair Manos NOES: None ABSTAIN: None ABSENT: None Mark Mahan Deputy Secretary EXHIBIT A ROPS 19 -20 Successor Agency: County: Lake Elsinore Riverside Recognized Obligation Payment Schedule (ROPS 19 -20) - Summary Filed for the July 1, 2019 through June 30, 2020 Period 19 -20A Total 19 -20B Total Current Period Requested Funding for Enforceable Obligations (ROPS Detail) (July - December) (January - June) ROPS 19 -20 Total A Enforceable Obligations Funded as Follows (B+C +D): B Bond Proceeds C Reserve Balance D Other Funds E Redevelopment Property Tax Trust Fund ( RPTTF) (F +G): F RPTTF G Administrative RPTTF H Current Period Enforceable Obligations (A +E): 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. /s/ Name Signature $ 3,617,768 $ 1,675,155 $ 5,292,923 3,353,266 1,407,388 4,760,654 264,502 267,767 532,269 $ 8,576.390 $ 8,963,178 $ 17,539,568 8,429,850 8,816,638 17,246,488 146,540 146,540 293,080 $ 12,194,158 $ 10,638,333 $ 22,832,491 Title Date Yke 3331 Rrm0 -m MLRMA' Pr MW feMCUie(ROPS 18- 20) -ROPS NWI Juy 1, 2018 0 rou h June 30, 2020 ""' 7""' i- T7- �7FT. �. SI�T9r1' �PSi 'a"'1'SiIR'�'f�[�7IR7G?E�7Q>�r !�'J��SSillisTS.�7!ll��3Z3! _ i^ EF v1f1Li' T�Li' a' ".i ®iF7QiEEMEM%7!!�!!f)�!lIA�F!3!C! smin ll�N molm --- �QIE1!!!!!f!!!!!!® MERIMr Lake E4m,, Recognized Obligeti00 Payment Schedule (ROPS 19-20) -ROPS Detail Jul)' 1. 2019 Me m J .30. =0 -� -�- --- i-- '��3�'!I[!!�!lli!lil�!!i!! Lake Elsinore Recognized Obligation Payment Schedule (ROPS 19 -20) - Report of Cash Balances July 1, 2016 through June 30, 2017 (Report Amounts in Whole dollars) source is available or when payment from property tax revenues is required by an enforceable obligation. For tips on how to complete the Report of Cash Balances Form, see Cash Balance Tips Sheet. A B I C D E F G H Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Prior ROPS RPTTF and Reserve Rent, Non -Admin ROPS 16 -17 Cash Balances Bonds issued on or Bonds issued on or Balances retained Grants, and (07/01/16 - 06130117) before 12/31/10 after 01101/11 for future period(s) Interest, etc Admin Comments 1 Beginning Available Cash Balance (Actual 07101116) RPTTF amount should exclude "A" period distribution amount 8,433,726 516.672 0 2 Revenue /income (Actual 06/30/17) RPTTF amount should tie to the ROPS 16-17 total distribution from the County Auditor- Controller 58.678 12.489.841 3 Expenditures for ROPS 16 -17 Enforceable Obligations (Actual 06/30117) 2.011,532 9.781.467 4 Retention of Available Cash Balance (Actual 06130/17) RPTTF amount retained should only include the amounts distributed as reserve for future period(s) 6.422,194 516.672 2.499.847 5 ROPS 16 -17 RPTTF Prior Period Adjustment RPTTF amount should tie to the Agency's ROPS 16-17 PPA form submitted to the CAC No entry required 208,527 6 Ending Actual Available Cash Balance (06130117) CtoF= (1 +2- 3- 4),G= (1 +2- 3 -4 -5) S 0 S 0 S 0 S 58.678 S 0 Lake Elsinore Recognized Obligation Payment Schedule (BOPS 19 -20) - Notes July 1, 2019 through June 30, 2020 Item # I Notes /Comments 1 Due to an anticipated ROPS 19 -20B RPTTF Shortfall Amount shown in Column O is reserved for debt service due during the ROPS 19 -20B Period 2 Due to an anticipated BOPS 19-20B RPTTF Shortfall Amount shown in Column O is reserved for debt service due during the BOPS 19 -20B Period 3 Due to an anticipated RODS 19 --20B RPTTF Shortfall Amount shown in Column O is reserved for debt service due during the ROPS 19 -20B Period 6 7 The Developer /Master Developer Obligation are net of the amounts not necessary to pay debt service on the Third Lien Tax Allocation Bonds, Series 2018B (Federally Taxable). 10 11 12 13 The Developer Obligation are net of the amounts not necessary to pay debt service on the Third Lien Tax Allocation Bonds, Series 2018A 14 15 18 Amount shown in Column O includes $327,500 reserved for debt service due during the ROPS 19 -20B Period - The Lake Elsinore Sucessor Agency disagrees with the Department of Finance's denial. The Successor Agency will continue to list this obligation as enforceable, in anticipation of a court judgment or reversal of policy by the Department sustaining the Successor Agency's position. 19 20 22 23 28 29 -32 33 34 The obligations for line items 29 -32 for the twelve month period covered by ROPS 19 -20 are incorporated into line 33 in accordance with the terms of the Interim Stadium Management Agreement. This line items references the Interim Stadium Management Agreement for Maintenance Fee, Interim Management Fee, Capital Expenditures for July 1, 2019 - September 30, 2019 under the Fifth Amendment and Oct 1, 2019 - June 30, 2020 under the proposed Sixth Amendment, plus $25,897 disallowed in 18 -19B ROPS based on 15- 16PPA. 35 38 39 Includes anticipated cost for services related to the proposed 2019 Bonds. 40 41 Amount shown in Column U includes $402,500 reserved for debt service due during the ROPS 20 -21A Period. 42 43 Includes anticipated cost for services related to the proposed 2018 Bonds. - - -- _ 44 45 Amount shown in Column O includes $4,500 not funded during ROPS 17 -18. Actual Cost exceeded the estimated fees. 46 Lake Elsinore Recognized Obligation Payment Schedule (ROPS 19 -20) - Notes July 1, 2019 through June 30, 2020 Item # Notes /Comments Proposed 2019 Bonds to refinance the 2010A Bonds (Line Item 1) Amount shown includes ROPS 17 -18B cost - $313,816 not funded due to RPTTF shortfall. 47 48 49 . ADMINISTRATIVE BUDGET SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINO'RE ADMINISTRATTVE BUDGET DESCRIPTION City Staff Support Costs Operating Costs: Professional/ Outside Services Auditors Other Total Operating Costs Total Administrative Budget AMOUNT $ 173,080.00 85,000.00 25,000.00 10.000.00 120.000.00 $ 293,080.00