TITLE
Recommendation to adopt resolution approving the draft Recognized Obligation Payment Schedule 16-17, for the period of July 1, 2016 through June 30, 2017.
DISCUSSION
Section 34177(o)(1) of the California Health and Safety Code, as adopted by AB1x 26 (the “Dissolution Act”) and most recently amended by Senate Bill (SB) 107, requires the Successor Agency to the Redevelopment Agency of the City of Long Beach (Successor Agency) to prepare a draft Recognized Obligation Payment Schedule (ROPS) covering the period from July 1, 2016 to June 30, 2017, and for each period from July 1 to June 30 thereafter. Each ROPS must list dates, amounts, and payment sources of the former Redevelopment Agency of the City of Long Beach’s (Agency) enforceable obligations. The attached draft ROPS represents the anticipated enforceable obligations for the period of July 1, 2016 through June 30, 2017 (Exhibit A).
The ROPS is based on the Enforceable Obligation Payment Schedule, a list of the total outstanding debts and obligations of the Agency, which was certified by the California Department of Finance (DOF) on March 30, 2012.
The ROPS 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 and interest earnings
The Successor Agency of the City of Long Beach will take action on the draft ROPS on January 26, 2016. In accordance with SB 107, each annual ROPS must be submitted to the DOF for review and certification no later than February 1, 2016, and each February 1 thereafter.
Upon certification, the DOF will transmit a copy of the ROPS to the Los Angeles County Auditor-Controller (Auditor-Controller). Prior to July 1, 2016, the Auditor-Controller will distribute property tax revenue to the Successor Agency from the RPTTF for approved payments listed on the ROPS. Th...
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