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 13-14B, for the period of January 1, 2014 through June 30, 2014.
DISCUSSION
?Section 34177(1)(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 document represents the anticipated enforceable obligations for the period of January 1 through June 30, 2014 (Exhibit A).
Additionally, pursuant to provisions in Assembly Bill 1484 (AB 1484) as codified in Health and Safety Code 34169, the Recognized Obligation Payment Schedule also includes the following information for each enforceable obligation: (1) Contract/Agreement execution date, and (2) Contract/Agreement termination date. Although not required by Section 34169, the total outstanding debt or obligation of each obligation has also been included, per the recommendation of the Department of Finance. These entries assist in tracking the remaining obligation amounts through project completion.
Per Health and Safety Code Section 34186 (a), the difference between actual and estimated obligations from the Recognized Obligation Payment Schedule for the period of January 1 through June 30, 2013 must also be reported. The difference between Redevelopment Property Tax Trust Fund (RPTTF) actual payments made and estimated obligation amount will be used to adjust the RPTTF distribution on January 2,2014. This reconciliation is included as Pages 8 and 9 of Exhibit A.
Upon the Oversight Board's approval, the January 1 through June 30, 2014 Recognized Oblig...
Click here for full text