TITLE
Recommendation to adopt resolution approving the decision of the City of Long Beach, as the Successor Agency to the Redevelopment Agency of the City of Long Beach, to approve the draft Recognized Obligation Payment Schedule 15-16B, for the period of January 1 through June 30, 2016.
DISCUSSION
Section 34177(l)(2)(A) of the California Health and Safety Code, as adopted by AB1x 26 (the “Dissolution Act”), requires the Successor Agency to prepare a draft Recognized Obligation Payment Schedule forward looking to each six-month fiscal period. Each Recognized Obligation Payment Schedule must list dates, amounts, and payment sources of the former Redevelopment Agency’s enforceable obligations. The attached draft Recognized Obligation Payment Schedule represents the anticipated enforceable obligations for the period of January 1 through June 30, 2016 (Exhibit A).
The Recognized Obligation Payment Schedule is based on the Enforceable Obligation Payment Schedule, a list of the total outstanding debts and obligations of the former Long Beach Redevelopment Agency, which was certified by the California Department of Finance on March 30, 2012.
The Recognized Obligation Payment Schedule must identify the source of payment for each obligation from among the following:
· The Redevelopment Property Tax Trust Fund - RPTTF (maintained by the County)
· Bond Proceeds
· Reserve Balances
· Administrative Cost Allowance
· Other revenue sources including rents, interest earnings, and asset sale proceeds
In accordance with Assembly Bill 1484, each Recognized Obligation Payment Schedule must be submitted to the California Department of Finance for review and certification no later than 90 days prior to the next scheduled property tax distribution date. The next distribution date is January 4, 2016, so the Recognized Obligation Payment Schedule 15-16B must be submitted to the Department of Finance prior to October 5, 2015.
Upon certification, the Department of Finance will transm...
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