HomeMy WebLinkAbout3 - ROPS 15-16B OVERSIGHT BOARD TO THE SUCCESSOR AGENCY
TO THE SEAL BEACH REDEVELOPMENT AGENCY
AGENDA STAFF REPORT
DATE: September 23, 2015
TO. Oversight Board Members
FROM; Victoria L. Beatley, Staff Member
SUBJECT: RECOGNIZED OBLIGATION PAYMENT SCHEDULE
(ROPS) FOR JANUARY 1, 2016 THROUGH JUNE 30,
2016
SUMMARY OF REQUEST:
Staff recommends that the Oversight Board for the Successor Agency to the City
of Seal Beach Redevelopment Agency adopt Resolution No. OB15-04, approving
the Recognized Obligation Payment Schedule for the six-month fiscal period
from January 1, 2065 through June 30, 2016 and taking certain related actions.
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.
Deadlines for ROPS Submission and Review
The Redevelopment Dissolution Law does not specify a deadline for the
Successor Agency to submit the ROPS for June 1, 2016 through June 30, 2016
(ROPS 15-16B) to the Oversight Board for approval. However, the Successor
Agency must submit an Oversight Board-approved ROPS 15-16B to the State
Department of Finance ("DOF"), State Controller and the County Auditor-
Controller no later than 90 days before the next scheduled date on which the
County Auditor-Controller is to make a Redevelopment Property Tax Trust Fund
("RPTTF") disbursement to the Successor Agency. The next RPTTF
disbursement date is in early January 2016. Therefore, the deadline for
submitting the Oversight Board-approved ROPS 15-16B to DOF is October 5,
Agenda Item 3
2015. The Successor Agency must submit the ROPS to the DOF electronically
in the manner of DOF's choosing. A copy of the Oversight Board-approved
ROPS must be posted on the Successor Agency's website.
The DOF may eliminate or modify any items on the ROPS before approving the
ROPS. The DOF must make its determination regarding the enforceable
obligations and the amount and funding source for each enforceable obligation
listed on a ROPS no later than 45 days after the ROPS is submitted. Within five
business days of the DOF's determination, the Successor Agency may request to
"meet and confer" with the DOF on disputed items. The meet and confer period
may vary, but an untimely submission of ROPS 15-16B may result in a meet and
confer period of less than 30 days.
The County Auditor-Controller may object to the inclusion of any item on the
ROPS that is not demonstrated to be an enforceable obligation and may object to
the funding source proposed for any item. The County Auditor-Controller must
provide notice of its objections to the DOF, the Successor Agency and the
Oversight Board by April 1, 2016.
Penalties for Failure to Make Tirnel Submission
If the Successor Agency does not submit an Oversight Board-approved ROPS by
October 5, 2015, 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
October 5t , the Successor Agency's administrative cost allowance for that period
will be reduced by 25 percent.
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."
FISCAL IMPACT:
The preparation and submittal of ROPS 15-16B is for the purpose of allowing the
Successor Agency to pay its enforceable obligations for the period from January
1, 2016 to June 30, 2016.
Page 2
RECOMMENDATION
Staff recommends that the Oversight Board for the Successor Agency to the City
of Seal Beach Redevelopment Agency adopt Resolution No. OB15-04, approving
the Recognized Obligation Payment Schedule for the six-month fiscal period
from January 1, 2065 through June 30, 2016 and taking certain related actions.
Attachments:
Resolution No. OB15-04
Seal Beach Form 15-16B
Page 3
RESOLUTION NUMBER OB1 5-04
A RESOLUTION OF THE OVERSIGHT BOARD FOR THE
SUCCESSOR AGENCY TO THE CITY OF SEAL BEACH
REDEVELOPMENT AGENCY APPROVING A RECOGNIZED
OBLIGATION PAYMENT SCHEDULE FOR THE SIX-MONTH FISCAL
PERIOD FROM JANUARY 1, 2016 THROUGH JUNE 30, 2016 AND
TAKING CERTAIN RELATED ACTIONS
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 ROPS to the Oversight Board for the Successor Agency (the
"Oversight Board")for approval.
B. Pursuant to Health and Safety Code Section 34177(I)(2)(C) and (m),
the Successor Agency must (1) submit the Oversight Board-approved ROPS for the
six-month fiscal period from January 1, 2016 through June 30, 2016 ("ROPS 15-
166"), to the DOF, the Office of the State Controller, and the County Auditor-
Controller no later than October 5, 2015; and (2) post a copy of the Oversight Board-
approved ROPS 15-16B on the Successor Agency's website.
NOW, THEREFORE, THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY
TO THE CITY OF SEAL BEACH REDEVELOPMENT 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., The Oversight Board hereby approves proposed ROPS 15-16B,
substantially in the form attached hereto as Exhibit A. Staff of the Successor Agency
is hereby authorized and directed to submit a copy of Oversight Board-approved
ROPS 15-16B to the DOF, the Office of the State Controller, and the County Auditor-
Controller and to post a copy of the Oversight Board-approved ROPS 15-16B on the
Successor Agency's Internet website (being a page on the Internet website of the
City of Seal Beach).
Section 3. The officers of the Oversight Board and the 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 requesting additional review by the DOF and an opportunity to meet and
confer on any disputed items, and any such actions previously taken by such officers
and staff are hereby ratified and confirmed.
PASSED,APPROVED AND ADOPTED by the Oversight Board at a meeting held on
the 23d day of September, 2015.
AYES: Board Members:
NOES: Board Members:
ABSENT: Board Members:
ABSENT: Board Members:
Acting Chair, Oversight Board
ATTEST:
Secretary, Oversight Board
Resolution Number OB15-04
STATE OF CALIFORNIA )
COUNTY OF ORANGE )SS
CITY OF SEAL BEACH
I, Tina Knapp, Secretary to the Oversight Board, hereby certify that the foregoin
resolution was duly adopted at a meeting of the Oversight Board, held on the 2 `
day of Se t�erber, 2015.
Secretary, Oversight Board
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