HomeMy WebLinkAboutSA AG PKT 2013-02-25 #3 SUCCESSOR AGENCY TO THE CITY OF
SEAL BEACH REDEVELOPMENT AGENCY
AGENDA STAFF REPORT
DATE: February 25, 2013
TO: Honorable Chair and Board Members
THRU: Jill R. Ingram, Executive Director
FROM: Victoria L. Beatiey, Director of Finance
SUBJECT: RECOGNIZED OBLIGATION PAYMENT SCHEDULE
(ROPS 4) FOR THE PERIOD OF JULY 1, 2013
THROUGH DECEMBER 31, 2013
SUMMARY OF REQUEST:
That the Governing Board of the Successor Agency to The City of Seal Beach
Redevelopment Agency adopt Resolution No. SAI 3-01 approving the ROPS for
six-month fiscal period commencing on July 1, 2013 through December 31, 2013.
BACKGROUND AND ANALYSIS:
Pursuant to Part 1.85 of Division 24 of the California Health and Safety Code (the
"Redevelopment Dissolution Law"), the Successor Agency must prepare a
Recognized Obligation Payment Schedule ("ROPS") for each six-month fiscal
period (commencing each January 1 and July 1), listing the payments to be
made by the Successor Agency during such period. All ROPS must be approved
by the Oversight Board. Furthermore, each Oversight Board-approved ROPS
must be submitted to the State Department of Finance ("DOF") for review.
If the Successor Agency does not submit an Oversight Board-approved ROPS by
March 1, 2013, the City of Seal Beach will be subject to a civil penalty of $10,000
per day for every day that the ROPS is not submitted to the DOF. The penalty is
to be paid to the County Auditor-Controller for distribution to the taxing entities. If
the Successor Agency does not timely submit a ROPS, creditors of the
successor agency, the DOF, and affected taxing entities may request a writ of
mandate to require the Successor Agency to immediately perform this duty.
Additionally, if the Successor Agency does not submit a ROPS within 10 days of
March 1st, the Successor Agency's administrative cost allowance for that period
will be reduced by 25%.
Agenda Item 3
If the Successor Agency fails to submit an Oversight Board-approved ROPS to
the DOF within five business days of "the date upon which the ROPS is to be
used to determine the amount of property tax allocations," the DOF may
determine whether the County Auditor-Controller should distribute any of
property tax revenues to the taxing entities, or whether any amount should be
withheld for enforceable obligations pending approval of the ROPS. It is not
clear what is "the date upon which the ROPS is to be used to determine the
amount of property tax allocations."
ENVIRONMENTAL IMPACT:
There is no environmental impact associated with adoption of the attached
Resolution.
LEGAL ANALYSIS:
General Counsel has reviewed and approved as to form.
FINANCIAL IMPACT:
Preparation of the ROPS 13-14A will facilitate the receipt of funding required for
the Successor Agency to pay enforceable obligations of the former
redevelopment agency.
RECOMMENDATION:
It is recommended that the Board of Directors of the Successor Agency to the
City of Seal Beach Redevelopment Agency adopt Resolution No. SA13-01,
approving the Recognized Obligation Payment Schedule (ROPS) for the six-
month fiscal period commencing on July 1, 2013 and ending on December 31,
2013.
SUBMITTED BY: NOTED AND APPROVED:
y La
Victhria L. Bbatley, J' R. Ingram, Exqcujive Director
Director of Finance
Attachment:
A. Resolution No. SA13-01
Page 2
RESOLUTION NUMBER SA13-01
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SUCCESSOR AGENCY TO THE CITY OF SEAL BEACH
REDEVELOPMENT AGENCY APPROVING A RECOGNIZED
OBLIGATION PAYMENT SCHEDULE (ROPS) PURSUANT TO
HEALTH AND SAFETY CODE SECTION 34177 FOR THE SIX-
MONTH FISCAL PERIOD COMMENCING JULY 1, 2413 AND
ENDING DECEMBER 31, 2013, AND TAKING CERTAIN
ACTIONS IN CONNECTION THEREWITH
RECITALS:
A. Pursuant to Health and Safety Code Section 34177(1), the
Successor Agency to the City of Seal Beach Redevelopment Agency (the
"Successor Agency") must prepare a proposed Recognized Obligation Payment
Schedule ("ROPS") before each six-month fiscal period (commencing each
January 1 and July 1) and submit each proposed BOPS to the Oversight Board
for the Successor Agency(the"Oversight Board")for approval.
B. Pursuant to Health and Safety Code Section 34177(l)(2)(C) and
(m), the Successor Agency must(1)submit the Oversight Board-approved ROPS
for the six-month fiscal period from July 1, 2013 through December 31, 2013
("ROPS 13-14A"), to the DOF, the Office of the State Controller, and the County
Auditor-Controller no later than March 1, 2013; and (2) post a copy of the
Oversight Board-approved BOPS 13-14A on the Successor Agency's website.
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE SUCCESSOR
AGENCY TO THE SEAL BEACH REDEVELOPMENT AGENCY("SUCCESSOR
AGENCY"), HEREBY FINDS, DETERMINES, RESOLVES, AND ORDERS AS
FOLLOWS:
Section 1. The above recitals are true and correct and are a substantive part
of this Resolution.
Section 2. This Resolution is adopted pursuant to Health and Safety Code
Section 34177.
Section 3, The Board hereby approves the ROPS substantially in the form
attached as Exhibit A to this Resolution and incorporated herein by reference.
The Executive Director of the Successor Agency, in consultation with the
Successor Agency's legal counsel, may modify the ROPS as the Executive
Director or the Successor Agency's legal counsel deems necessary or advisable
Section 4. The officers and staff of the Successor Agency are hereby
authorized and directed,jointly and severally, to do any and all things which they
may deem necessary or advisable to effectuate this Resolution, including, but not
limited to,submitting the ROPS to the oversight board for approval, and any such
actions previously taken by such officers and staff are hereby ratified and
confirmed.
(Intentionally Left blank)
Resolution Number SA13-01
PASSED, APPROVED and ADOPTED by the Successor Agency to the Seal
Beach Redevelopment Agency at a regular meeting held on the 25th day
of February , 2013 by the following vote:
AYES: Board Members
NOES: Board Members
ABSENT: Board Members
ABSTAIN: Board Members
Chair/Mayor
ATTEST:
Secretary/City Clerk
STATE OF CALIFORNIA }
COUNTY OF ORANGE } SS
CITY OF SEAL BEACH }
I, Linda Devine, Secretary of the Successor Agency to the Seal Beach
Redevelopment Agency, do hereby certify that the foregoing resolution is the
original copy of Resolution Number SA13-01 on file in the office of the City Clerk
of the City of Seal Beach, passed, approved, and adopted by the Successor
Agency to the Seal Beach Redevelopment Agency at a regular meeting held on
the 25th day of February , 2013.
Secretary/City Clerk
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