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Home My WebLink AboutOSB Resolution 2017-01 01/18/2017Resolution No. 2017 -01 Petaluma Oversight Board to the Petaluma Community Development Successor Agency RESOLUTION OF THE OVERSIGHT BOARD FORMED PURSUANT TO HEALTH AND SAFETY CODE SECTION 34179 TO OVERSEE THE PETALUMA COMMUNITY DEVELOPMENT SUCCESSOR AGENCY, APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE AND THE SUCCESSOR AGENCY ADMINISTRATIVE BUDGET FOR THE PERIOD ENDING JUNE 30, 2018 WHEREAS, on December 29, 2011, the California Supreme Court delivered its decision in California Redevelopment Association v. Matosantos, finding ABX126 (the "Dissolution Act ") largely constitutional; and WHEREAS, under ABx1 26 (the "Dissolution Act ") and the California Supreme Court's decision in California Redevelopment Association v. Matosantos, all California redevelopment agencies, including the Petaluma Community Development Commission (the "former PCDC "), were dissolved on February 1, 2012; and WHEREAS, on January 9, 2012 by Resolution No. 2012 -007 N.C.S. the City Council elected that the City of Petaluma serve as the Successor Agency to the former PCDC, subject to all limitations, conditions and qualifications stated in that resolution; and WHEREAS, under the Dissolution Act, the Petaluma Community Development Successor Agency (PCDSA) must prepare a "Recognized Obligation Payment Schedule" (`BOPS ") that enumerates the enforceable obligations and expenses of the Successor Agency for 1 year periods; and WHEREAS, on January 09, 2017, the PCDSA approved the ROPS 17 -18 for the one - year period ending June 30, 2018; and WHEREAS, under the Dissolution Act, the ROPS 17 -18 must be approved by the Oversight Board to enable the PCDSA to continue to make payments on enforceable obligations of the former PCDC; and WHEREAS, pursuant to the Dissolution Act, the duly- constituted Oversight Board for the PCDSA met at a duly- noticed public meeting on January 18, 2017 to consider obligations listed on the ROPS 17 -18, and consider approval of the ROPS17 -18; and NOW, THEREFORE, BE IT RESOLVED that the Oversight Board, formed pursuant to California Health and Safety Code Section 34179 to oversee the Petaluma Community Development Successor Agency, hereby finds, resolves, and determines as follows: 0S13 Resolution No, 2017 -01 Page 1 1. The foregoing recitals are true and correct. 2. The Oversight Board hereby approves the ROPS17 -18 for the period July 1, 2017 through June 30, 2018, including the Petaluma Community Development Successor Agency Administrative Budget, in the form presented to the Oversight Board and attached hereto as Exhibit A, including the agreements and obligations described in the ROPS, and hereby determines that such agreements and obligations constitute "enforceable obligations" or "recognized obligations" for all purposes of the Dissolution Act. 3. The Oversight Board authorizes and directs the Petaluma Community Development Successor Agency staff to take all actions necessary under the Dissolution Act to post the ROPS 17 -18 on the Successor Agency website, transmit the •ROPS17 -18 to the Auditor - Controller of the County of Sonoma and to the State Controller and the State Department of Finance, and to take any other actions necessary to ensure the validity of the ROPS17 -18 or the validity of any enforceable obligation or other agreement approved by the Oversight Board in this Resolution. REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Petaluma Oversight Board to the Petaluma Community Development Successor Agency at a Regular Meeting on the 18th of January, 2017, by the following vote: AYES: Davis, Duiven, Chair Healy, Herrington, Vice Chair Rabbitt, Scharer NOES: None ABSENT: Jolley ABSTAIN: None f. a ATTEST:" Recording Secretary Chair OSB Resolution No. 2017 -01 Page 2 Successor Agency, County: Recognized Obligation Payment Schedule (BOPS 17 -18) - Summary Filed for the July 1, 2017 through June 30, 2018 Period Petaluma Sonoma 17 -18A Total 17 -18B Total Current Period Requested Funding for Enforceable Obligations (ROPS Detail) (July - December) (January - June) ROPS 17 -18 Total A Enforceable Obligations Funded as Follows (B +C +D): $ 4,700,000 $ - $ 4,700,000 B Bond Proceeds 4,700,000 - 4,700,000 C Reserve Balance - - - D Other Funds - - E Redevelopment Property Tax Trust Fund (RPTTF) (F +G): $ 125,000 ; $ 5,606,429`, $ 5,731,429 F RPTTF 5,481,429 5,481,429 G Administrative RPTTF 125,000 125,000 250,000 H Current Period Enforceable Obligations (A +E): $ 4,825,000 $ 5,606,429 $ 10,431,429 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. /s/ Name Signature Title Date M bA a 0 N 0 N 6 Z It cn a 0 ri 0 N O z 0 0 N N V1 LO a) bn M a Agneement by and between the - - .. -�� Nino KNIMEM= NOMMOMMEM MMS LO a) bn M a Petaluma Recognized Obligation Payment Schedule (ROPS 17 -18) - Report of Cash Balances (Report Amounts in Whole Dollars) Pursuant to Health and Safety Code section 34177 (I) Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the ROPS but only to the extent no other funding source is available or ...L. + {r,,.., .. r r +v+ov r —n—inc is nnlrcrl by nn cnfnrranhla nhlianfinn Fnr fine nn hMAI to rmmnlPtP the RPnnrt of ra-h Ralnnra- Fnrm_ -PP Ca -h R; lnnrP Tin- Sh PPt. A B C D E F G H I 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 ROPS 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 01101/16) 203,321 10,033,093 67,615 2 Revenue /Income (Actual 06130/16) RPTTF amounts should tie to the ROPS 15 -16B distribution from the County Auditor - Controller during January 2016 472 1,821 5,560,097 3 Expenditures for ROPS 15 -16B Enforceable Obligations (Actual 06130116) 3,588,067 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) 2,039,645 5 ROPS 15 -16B RPTTF Balances Remaining No entry required 6 Ending Actual Available Cash Balance CtoG =(1 +2- 3- 4),H= (1 +2- 3 -4 -5) $ 203,793 $ 10,034,914 $ - $ $ $ tin CZ a ri 0 L" r1 0 N 6 Z C 0 0 0 0 rA O Petaluma Recognized Obligation Payment Schedule (ROPS 17 -18) - Notes July 1, 2017 through June 30, 2018 Item # I Notes /Comments an w 0 ri 0 N O z c 0 0 a W O 00 0) bA a Petaluma Recognized Obligation Payment Schedule (ROPS 17 -18) - Notes July 1, 2017 through June 30, 2018 Item # I Notes /Comments PETALUMA COMMUNITY DEVELOPMENT SUCCESSOR AGENCY Administrative Budget FY 2017 -2018 ROPS 17 -18 Admin charges (wages, etc) Professional Service /Audit Utilities /Maintenance /Repairs Legal Services Office Supplies Bank/Trustee fees /Financial oversight FY 17 -18A FY 17 -18B $ 98,750 $ 98,750 8,000 8,000 4,000 4,000 5,000 5,000 250 250 9,000 9,000 Total for Year Exhibit B $ 125,000 $ 125,000 $ 250,000 OSB Resolution No. 2017 -01 Page 9