HomeMy WebLinkAbout02 SECOND ROPS FOR PERIOD 7-1-12 THRU 12-31-12Agenda Item 2
AGENDA REPORT
Oversight Board of the Successor Agency of the
Tustin Community Redevelopment Agency
MEETING DATE: APRIL 10, 2012
SUBJECT /ACTION: APPROVAL OF SECOND RECOGNIZED OBLIGATION
PAYMENT SCHEDULE FOR PERIOD OF JULY 1, 2012
THROUGH DECEMBER 31, 2012
RECOMMENDATION / PROPOSED ACTION
Approve the Second Recognized Obligation Payment Schedule (ROPS) for the period
July 1, 2012 through December 31, 2012, subject to the following conditions:
1. Successor Agency approval;
2. Review and certification by the independent auditor;
3. For any subsequent modifications required to the Second ROPS by the
Successor Agency, independent auditor, or Department of Finance (DoF), the
City Manager and /or Finance Director, or their authorized designee, shall be
authorized to make any augmentation, modification, additions or revisions as
may be necessary subject to certification by the Oversight Board Chair.
(Note: the above action by the Oversight Board (Board) shall not become effective for
three business days, pending any request for review by the DoF. If DoF requests review
of this Board action, it shall have 10 days from the date of its request to approve the
Board action or return it to the Board for reconsideration and the action, if subject to
review by DoF, shall not be effective until approved by DoF).
BACKGROUND AND DISCUSSION
Assembly Bill X1 26, the "Dissolution Act ", as modified by the California Supreme
Court's decision in California Redevelopment Association, et al. v. Matosantos
( "Matosantos "), requires the Successor Agency to prepare a Recognized Obligation
Payment Schedule (ROPS) looking forward to the six month period covering July 1,
2012 through December 31, 2012, subject to Oversight Board approval and also
subsequent review and certification as to accuracy by an external auditor designated by
the County Auditor - Controller.
Agenda Report
April 10, 2012
Page 2
The Second ROPS lists all enforceable obligations that are legally binding and
enforceable agreements or contracts of the former Tustin Community Redevelopment
Agency, including those necessary for the continued administration of the Successor
Agency to wind down the former Agency. Pending resolution of a number of disputes
with the First Amended ROPS that was recommended for approval by the Oversight
Board, several deletions have been made to the Second ROPS which the Successor
Agency may wish to revisit with the Oversight Board in the future pending any final
decisions on the Initial ROPS disputed items by DoF.
It is recommended that the Oversight Board review and approve the ROPS, subject to
Successor Agency approval and review and certification as to accuracy by the external
auditor designated by the County auditor /controller and authorize the Successor
Agency's City Manager and /or Finance Director to also augment, modify, add or revise
the document as may be needed in response to Successor Agency, DoF or auditor
comments.
A copy of the approved Second Recognized Obligation Payment Schedule (after
approval by the Successor Agency and review and certification by the external auditor)
is required to be submitted to the County Auditor - Controller and both the Controller's
office and the Department of Finance and posted on the Successor Agency's Internet
Web site.
J
Christine Shingleton
Assistant Executive Di ctor
Successor Agency for the Tustin
Community Redevelopment Agency
Attachment: Second ROPS
Pamela Arends -King
Finance Director
Successor Agency for the Tustin
Community Redevelopment Agency
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