HomeMy WebLinkAboutSA 3 SECOND ROPS FOR 7-1-12 THROUGH 12-31-12MEETING DATE:
TO:
FROM:
Agenda Item
Reviewed:
AGENDA REPORT City Manager
Finance Director
APRIL 17, 2012
JEFFREY C. PARKER, CITY MANAGER
CITY MANAGER'S OFFICE AND FINANCE DEPARTMENT
SUBJECT: SUCCESSOR AGENCY APPROVAL OF SECOND RECOGNIZED
OBLIGATION PAYMENT SCHEDULE FOR PERIOD OF JULY 1,
2012 THROUGH DECEMBER 31, 2012
SUMMARY
Certain actions, given the recent California Supreme Court decision upholding AB 1X
26, require certain additional actions by the City of Tustin acting as the Successor
Agency to the Tustin Community Redevelopment Agency (Agency).
RECOMMENDATION
Approve the Second Recognized Obligation Payment Schedule (ROPS) for the period
July 1, 2012 through December 31, 2012, subject to the following conditions:
1. Review and certification by the independent auditor;
2. 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 that the above actions by the City Successor Agency shall not become effective
for three business days, pending any request for review by the California Department of
Finance (DoF). If DoF requests review of the City Successor Agency action, it shall
have 10 days from the date of its request to approve the City Successor Agency action
or return it for reconsideration, and the action, if subject to review by DoF, shall not be
effective until approved by DoF).
Agenda Report
April 17, 2012
Page 2
BACKGROUND
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.
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 of Finance.
The Oversight Board at its regular meeting on April 10, 2012 reviewed and approved
the Second ROPS, subject to Successor Agency approval and review and certification
as to accuracy by the external auditor designated by the County Auditor -Controller and
authorized the Successor Agency's Executive Director and/or Finance Director to
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 is required
to be submitted to the County Auditor -Controller and both the State Controller's Office
and the Department of Finance, and posted on the Successor Agency's Internet web
site.
_,e �l -
Christine Shingleton
Assistant Executive Director
Successor Agency for the Tustin
Community Redevelopment Agency
Attachment: Second ROPS
4,v,i- 7+g
Pamela-ArendS-King
Finance Director
Successor Agency for the Tustin
Community Redevelopment Agency
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