HomeMy WebLinkAboutAGENDA REPORT 2015 0217 OB REG ITEM 06A OVERSIGHT BOARD TO SUCCESSOR AGENCY
OF THE REDEVELOPMENT AGENCY
OF THE CITY OF MOORPARK MEETING
of a-l9-A0/5 • ITEM 6.A.
ACTION:
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OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE
REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
AGENDA REPORT
TO: Oversight Board to the Successor Agency
FROM: Ron Ahlers, Finance Director Or—
DATE: February 10, 2015 (Oversight Board Meeting February 17, 2015)
SUBJECT: Consider Resolution Adopting the Recognized Obligation Payment
Schedule (ROPS 15-16A) for July 1, 2015 to December 31, 2015
SUMMARY
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"), State Controller's Office ("SCO") and County Auditor-Controller for
review.
Staff is requesting the Oversight Board consider the attached Resolution to adopt the
ROPS 15-16A for July 1, 2015 to December 31, 2015.
DISCUSSION
Deadlines for ROPS Submission and Review
The Redevelopment Dissolution Law does not specify a deadline for the Successor
Agency to submit the ROPS for July 1, 2015 through December 31, 2015 ("ROPS 15-
16A") to the Oversight Board for approval. However, the Successor Agency must
submit an Oversight Board-approved ROPS 15-16A to the DOF; the Office of the 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 Redevelopment
Property Tax Trust Fund ("RPTTF") disbursements to the Successor Agency. The next
RPTTF disbursement date is June 1, 2015. Therefore, the deadline for submitting the
Oversight Board-approved ROPS 15-16A to DOF should be March 3, 2015 (DOF has
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Oversight Board to the Successor Agency
February 18, 2014
Page 2
indicated on its website that it wants ROPS 15-16A to be submitted by March 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 15-16A 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 2, 2015.
Penalties for Failure to Make Timely Submission
If the Successor Agency does not submit an Oversight Board-approved ROPS by the
statutory deadline, the City of Moorpark 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 the statutory deadline, 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."
ROPS 15-16A
This is the eighth ROPS the Oversight Board is being requested to approve. This
ROPS form, if approved by the Oversight Board and the DOF, will yield $381,261 to the
Successor Agency for the time period July 1, 2015 to December 31, 2015 for payment
of enforceable obligations and administration expenses. As a reminder the County
Auditor-Controller disburses the funds on January 2nd and June 1st each year.
2
Oversight Board to the Successor Agency
February 17, 2015
Page 3
The summary page shows that we are requesting $684,208 (Line I, Enforceable
Obligations funded with RPTTF). This amount has a prior period adjustment of
$302,947 (Line J), which nets to $381,261 (Line K).
The second page is the actual ROPS detail. The largest items are for the bond debt
service in the total amount of $1,239,558. The next largest is for the construction of a
park in the amount of $700,000 using bond proceeds. Item #37 requests $224,208 to
be paid to the Ventura County Community College District (VCCCD) for unpaid prior-
period pass-through obligations.
The third page is the Report of Cash Balances. This report details the bond fund
balances, other fund sources (rent, etc.) and the RPTTF fund balance for Administration
and Non-Administration. The actual beginning balances, revenue and expenditures for
the six month period July 1, 2014 to December 31, 2014. The DOF also requires an
estimate for the six month period of January 1, 2015 to June 30, 2015. The Successor
Agency refunded the 1999 and 2001 Tax Allocation Bonds by issuing the 2014 Tax
Allocation Refunding Bonds on November 18, 2014. This transaction is reflected in
Columns C and D on the Report of Cash Balances.
The fourth page is the "Report of Prior Period Adjustments". This report lists the
expenses for the six-month period July 1, 2014 to December 31, 2014.
Finding of Completion
The Successor Agency received the "Finding of Completion" from the DOF on March
25, 2013. The Successor Agency is now authorized to do the following:
• Retain dissolved RDA assets per HSC Section 34191.5 (c) (2)
• Place loan agreements between the former redevelopment agency and
sponsoring entity on the ROPS, as an enforceable obligation, provided the
oversight board makes a finding that the loan was for legitimate redevelopment
purposes per HSC Section 34191.4 (b) (1)
• Utilize proceeds derived from bonds issued prior to Jan. 1, 2011 in a
manner consistent with the original bond covenants per HSC Section
34191.4 (c)
ROPS Definition
As a reminder, the ROPS is defined in the Health and Safety Code, section 34171(h):
Recognized Obligation Payment Schedule" means the document setting forth the
minimum payment amounts and due dates of payments required by enforceable
obligations for each six-month fiscal period as provided in subdivision (m) of Section
34177.
3
Oversight Board to the Successor Agency
February 17, 2015
Page 4
An "enforceable obligation" is defined per the Health and Safety Code, section
34171(d)(1), an enforceable obligation means
A. Bonds
B. Loans
C. Payments required by the federal government or the state
D. Judgments or settlements
E. Any legally binding and enforceable agreement or contract
F. Contracts or agreements necessary for the administration or operation of the
successor agency (i.e. employee pay and benefits, rent, insurance, office
supplies, etc.)
G. Amounts borrowed from, or payments owing to, the Low and Moderate Income
Housing Fund
Section 34177.3(b) states:
Successor agencies may create enforceable obligations to conduct the
work of winding down the redevelopment agency, including hiring staff,
acquiring necessary professional administrative services and legal
counsel, and procuring insurance.
FISCAL IMPACT
The Successor Agency is limited to spending resources as they are listed on the ROPS.
The preparation and submittal of ROPS 15-16A is for the purpose of allowing the
Successor Agency to pay its enforceable obligations for the period from July 1, 2015 to
December 31, 2015.
STAFF RECOMMENDATION (ROLL CALL VOTE)
1. Adopt Resolution No. OB-2015-
2. Direct staff to transmit the approved ROPS, with the signature of the
Chairperson, to the State of California (Department of Finance, State Controller's
Office), Ventura County Auditor-Controller and post to the City's website, as per
the legislation [Health and Safety Code, section 34177(k)(2)(C)].
Attachments:
1. Resolution No. OB-2015-
2. ROPS 15-16A for July 1 , 2015 to December 31, 2015
4
Attachment 1
RESOLUTION NO. OB-2015-
A RESOLUTION OF THE OVERSIGHT BOARD TO THE
SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF
THE CITY OF MOORPARK, CALIFORNIA, FOR THE REGULAR
MEETING OF FEBRUARY 17, 2015, ADOPTING THE RECOGNIZED
OBLIGATION PAYMENT SCHEDULE FOR JULY 1, 2015 TO
DECEMBER 31, 2015
WHEREAS, Section 34179 (e) of the Health and Safety Code requires all actions
taken by the Oversight Board to the Successor Agency of the Redevelopment Agency
of the City of Moorpark be adopted by resolution; and
WHEREAS, Pursuant to Health and Safety Code Section 341770), the
Successor Agency of the Redevelopment Agency of the City of Moorpark (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 of the Successor
Agency (the "Oversight Board") for approval; and
WHEREAS, 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 July 1, 2015 to December 31, 2015 ("ROPS 15-16A"), to the
DOF, the Office of the State Controller, and the County Auditor-Controller no later than
90 days before the next scheduled Redevelopment Property Tax Trust Fund
disbursement date of June 1, 2015; and (2) post a copy of the Oversight Board-
approved ROPS 15-16A on the Successor Agency's website: and
WHEREAS, on February 17, 2015 the recommended Recognized Obligation
Payment Schedule for July 1, 2015 to December 31, 2015 was submitted to the
Oversight Board for its review and consideration (Agenda Item 6.A.).
NOW, THEREFORE, THE OVERSIGHT BOARD TO THE SUCCESSOR
AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE 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 15-16A,
substantially in the form presented as Attachment 2 with Agenda Item 6.A. Staff of the
Successor Agency is hereby authorized and directed to submit a copy of Oversight
Board-approved ROPS 15-16A 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
5
Oversight Board to the Successor Agency
February 17, 2015
Page 2
15-16A on the Successor Agency's Internet website (being a page on the Internet
website of the City of Moorpark).
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.
SECTION 4. The City Clerk shall certify to the adoption of this resolution and
shall cause a certified resolution to be filed in the book of original resolutions.
PASSED AND ADOPTED this 17th day of February, 2015.
Bruce Hamous, Chair
ATTEST:
Maureen Benson, City Clerk
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