HomeMy WebLinkAboutOversight Board Reso 17-0026�. ;••-r - • • • is �,r
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WHEREAS, as a result of the passage of Assembly Bill X1 26 from the 2011-12 First
Extraordinary Session of the California Legislature ("AB X1 26"), the redevelopment functions of
the Downey Community Development Commission (CDC) were dissolved on February 1, 2012;
and
WHEREAS, pursuant to Assembly Bill 1484 of the 2011-12 Legislative Session ("AB
1484"), the Successor Agency to the dissolved redevelopment functions of the Downey
Community Development Commission ("Successor Agency") is a separate public agency now
charged with winding down the CDC's redevelopment affairs, including making payments due
for enforceable obligations (as defined in the Dissolution Act), and perform obligations required
pursuant to enforceable obligations;_ and
WHEREAS, pursuant to Senate Bill 107 of the 2015-16 Legislative Session ("SB 107"),
an annual Recognized Obligation Payment Schedule ("ROPS") process was established to
replace the previous 6 -month cycle, along with other substantive and technical amendments
(AB X1 26, AB 1484, SB 107, and all other enactments relating to Parts 1.8 and 1,85 of Division
24 of the Health and Safety Code are collectively referred to as the "Dissolution Law"); and
WHEREAS, the Oversight Board to the Successor Agency has been appointed pursuant
to the provisions of Health and Safety Code Section 34179; and
WHEREAS, pursuant to Health and Safety Code sections 34177 and 34180, the
Oversight Board must approve a ROPS for it to become established, valid, and operative for the
applicable fiscal period under the Dissolution Law.
SECTION 1. The foregoing Recitals are true and correct and are incorporated herein.
SECTION 2. The ROPE covering the period of July 1, 2017, through June 30, 2018,
attached hereto and incorporated herein by reference as Exhibit "A"', is hereby approved
pursuant to Health and Safety Code Sections 34177 and 34180, and any other provision in the
Dissolution Law that applies to the approval by the Oversight Board of the identified ROPS for
the identified period.
SECTION 3. The Secretary or authorized designee is hereby directed to post this
Resolution and the identified ROPE for the identified periods on the Successor Agency's
website, and to provide a copy of the identified RODS for the identified periods to the State
Controller's Office, State Department of Finance, and the County Auditor -Controller.
IVERSIGHT BOARD RESOLUTION NO. OB 17-0026
PAGE 2
SECTION 4. The Secretary shall certify to the adoption of this Resolution.
PASSED AND ADOPTED by the Oversight Board at a meeting held on the 26th day of
January, 2017.
DONALD LA
ATTEST:
Atk--iAm. JIMENE1, awcl
SECRETARY
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES )SS
CITY OF DOWNEY
1, Adria M. Jimenez, MMC, Secretary to the Oversight Board, hereby certify that the
foregoing resolution was duly adopted at a meeting of the Oversight Board, held on the 26th of
January, 2017.
AYES:
Board Members:
Blumental, Latham, Saab, Schindler, LaPlante
NOES:
Board Member:
None.
ABSENT:
Board Member:
Delawalla
ABSTAIN,
Board Member:
None.
ADRIA M. JIMENEZ, MMC
SECRETARY
Recognized Obligation Payment Schedule (ROPS 17-18) - Summary
Filed for the July 1, 2017 through June 30, 2018 Period
Successor Agency, Downey
County: Los Angeles
17-18A Total 17-18B Total
Current Period RequEEjted �Fundin for Enforceable Obligations (BOPS Detail) (July - December) (January_- June) ROPS 17-18 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,
$ 1,066,387 $ 387,095 $ 1,453,482
941,387 262,095 1,203,482
125,000 125,000 250,000
$ 1,066,387 $ 387,095 $ 1,453,482
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Signature Date
Downey Recognized Obligation Payment Schedule (ROPS 17-18) =Report of Cash Balances
(Report Amounts in Whole Dollars)
Pursuant to Health and Safetv Code section 34177 111. Redevelopment Property Tax Trust FundRF"ifF ma" be listed as a source of payment on the RODS, but only to the extent no other fund°tn sourceis available or
when a hent from property tax revenues is re uired bV an enforceable obli gJon. Forti son how to cram late the Re ort of Cast Balances Form see Cash Balance Tips Sheet.
A B
C D E I F= G H
Fund Sources
Bond Proceeds Reserve Balance Other RPTTF
Prior ROPS Prior ROPS
period balances RPTTF
Bonds issued on and DDR RPTTF distributed as Rent, Non -Admin
or before Bonds issued on balances reserve for future ': grants, and
Cash Balance Information by BOPS Period
12/31/10 or after 01/01/11 retained period(s) interest, etc Admin Comments
ROPS 15-16B Actuals 01/01/16 - 06/30/16
1 Beginning Available Cash Balance (Actual 01/01/16)
643,250: 1,102 795 : 127,843 39,433 115„.979
2 Revenue/Income (Actual 06/30/16)
RPTTF amounts should tie to the ROPS 15-16B distribution from the
CountyAuditor-Controllerduring January 2016
397,905
3 Expenditures for ROPE 15-16B Enforceable Obligations (Actual
06/30/16)
4 Retention of Available Cash Balance (Actual 06/30/16)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
5 BOPS 15-16B RPTTF Balances Remaining
No entry r'�cwfEa d
6 Ending Actual Available Cash Balance
CtoG=(1+2-3-4),H=(1+2-3-4-5)
- $ 643,250 $ - '$ 1,102,795 $ 127,843 $ 39,433 $ 109,236 ':
Downey Recognized Obligation Payment Schedule ( OPS 17-18) - Notes July 1, 2017 through June 30, 2018
Item # Notes/Comments
None