TITLE
Recommendation to approve the draft Recognized Obligation Payment Schedule 14-15A, for the period of July 1 through December 31, 2014. (Citywide)
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 July 1 through December 31, 2014 (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.
This Recognized Obligation Payment Schedule is the first to include an enforceable obligation as defined by Section 34171(d)(1)(G) of the California Health and Safety Code: the amounts borrowed from, or payments owing to, the Low- and Moderate-Income Housing Fund of a redevelopment agency that had been deferred as of the effective date of the Dissolution Act, provided that the repayment schedule is approved by the Oversight Board. This Recognized Obligation Payment Schedule requests a Low- and Moderate-Income Housing Fund repayment totaling $8,848,132.
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
This Recognized Obligation Payment Schedule require...
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