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Home My WebLink About2023-01-10 - RESOLUTIONS - FY 23 24 ROPSRESOLUTION NO. SA-23 -1 -- RESOLUTION OF THE GOVERNING BOARD OF THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA CLARITA, CALIFORNIA, APPROVING THE FISCAL YEAR 2023-24 RECOGNIZED OBLIGATION PAYMENTS SCHEDULE (ROPS) WHEREAS, pursuant to ABx 126, enacted on June 28, 2011, and as subsequently amended by AB 1484, SB 341, and SB 107 ("Dissolution Act"), the Redevelopment Agency to the City of Santa Clarita was dissolved as of February 1, 2012, and the City of Santa Clarita elected to serve as the Successor Agency to the former Redevelopment Agency to the City of Santa Clarita; and WHEREAS, pursuant to Health and Safety Code Section 34179 (q); commencing on and after July 1, 2018, the County of Los Angeles, where more than 40 oversight boards were created by the Dissolution Act, shall have five consolidated oversight boards each encompassing the five supervisorial districts; and WHEREAS, the Fifth Supervisorial District Consolidated Oversight Board ("5th District Consolidated Oversight Board") has jurisdiction over the Successor Agency of the Former Redevelopment Agency to the City of Santa Clarita; and WHEREAS, the Governing Board of the Successor Agency to the Redevelopment Agency of the City of Santa Clarita held a regular meeting on January 10, 2023. NOW, THEREFORE, the Governing Board of the Successor Agency to the Redevelopment Agency of the City of Santa Clarita, California, does hereby resolve as follows: SECTION 1. The Governing Board of the Successor Agency to the Redevelopment Agency of the City of Santa Clarita hereby approves the Successor Agency's Recognized Obligation Payment Schedule (ROPS), attached hereto as Exhibit "A." SECTION 2. The Secretary of the Successor Agency to the Redevelopment Agency of the City of Santa Clarita shall certify the adoption of this resolution. SECTION 3. The Successor Agency's officials and staff are hereby authorized and directed to transmit this resolution and take all other necessary and appropriate actions as required by law in order to effectuate its purposes. Page Iof2 PASSED, APPROVED, AND ADOPTED this I01h day of January 2023. c+rB�ort Z94IR ATTEST: SECRETARY - DATE: STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES ) ss. CITY OF SANTA CLARITA ) I, Mary Cusick, Secretary of the Successor Agency to the Redevelopment Agency of the City of Santa Clarita do hereby certify that the foregoing Resolution No. SA-23-1 was duly adopted by the Governing Board of the Successor Agency to the Redevelopment Agency of the City of Santa Clarita at a regular meeting thereof, held on the I01h day of January 2023, by the following vote: AYES: BOARDMEMBERS : Smyth, Miranda, Weste, McLean, Gibbs NOES: BOARDMEMBERS : None ABSENT: BOARDMEMBERS: None Page 2 of 2 SECRETARY Exhibit A Recognized Obligation Payment Schedule (ROPS 23-24) - Summary Filed for the July 1, 2023 through June 30, 2024 Period Successor Agency: Santa Clarita County: Los Angeles Current Period Requested Funding for Enforceable Obligations (ROPS Detail) A Enforceable Obligations Funded as Follows (B+C+D) B Bond Proceeds C Reserve Balance D Other Funds E Redevelopment Property Tax Trust Fund (RPTTF) (F+G F RPTTF G Administrative RPTTF H Current Period Enforceable Obligations (A+E) 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. 23-24A Total 23-24B Total ROPS 23-24 (July - (January - Total December) June) $ 195729647 $ 49231 $ 195769878 1,572,647 - 1,572,647 - 4,231 4,231 $ 8069824 $ 211549195 $ 2,961,019 806,824 21154,195 2,961,019 $ 2137%471 $ 29158,426 $ 495372897 Name Title /s/ Signature Date Santa Clarita Recognized Obligation Payment Schedule (ROPS 23-24) - ROPS Detail July 1, 2023 through June 30, 2024 A B C D E F G H I J K L M I N 1 O P Q R S I T I U V W ROPS 23-24A (Jul - Dec) ROPS 23-24B (Jan -Jun) Item Project Name Obligation Agreement Execution Agreement Termination Payee Description Project Total Outstanding Retired ROPS 23-24 23-24A 23-24B Fund Sources Fund Sources Bond Reserve Other RPTTF Admin Bond Reserve Other RPTTF Admin # Type Date Date Area Obligation Total Total Total Proceeds Balance Funds RPTTF Proceeds Balance Funds RPTTF $55,830,945 $4,537,897 $- $1,572,647 $- $806,824 $- $2,379,471 $- $- $4,231 $2,154,195 $- $2,158,426 46 Reinstatement City/County 02/24/ 07/08/2043 City of Repayment of Newhall 15,059,877 N $803,734 - - - 803,734 - $803,734 - - - - - $_ of loans made Loan (Prior 2015 Santa loans made to by the City to 06/28/11), Clarita former RDA by the former Cash the City of RDA exchange Santa Clarita. 52 Series 2017 Refunding 02/02/ 10/01/2042 Bank of Advance 40,765,595 N $3,728,690 - 1,572,647 - - - $1,572,647 - - 4,231 2,151,812 - $2,156,043 Tax Allocation Bonds 2017 New York Refunded: 1) Refunding Issued After Tax Allocation Bonds 6/27/12 Bonds Series 2008 (bonds issued to fund redevelopment projects) and 2) Housing Set -Aside Tax Allocation Bonds Series 2008 (bonds issued to fund low and moderate income housing projects and programs) 53 Annual Professional 07/01/ 06/30/2024 Bank of Bonds issued 2,050 N $2,050 - - - - - $- - - - 2,050 - $2,050 Trustee Fee Services 2023 New York to fund for Series redevelopment 2017 Tax projects and Allocation low and Bond moderate income housing projects and programs 54 Continuing Professional 05/26/ 05/25/2024 Digital Continuing 333 N $333 - - - - - $- - - - 333 - $333 Disclosure/ Services 2023 Assurance disclosure/ Post Issuance Certification post issuance Compliance LLC compliance for Series 2017 Tax Allocation Refunding A B C D E F G H I J K L M N O P Q R S T U V W ROPS 23-24A (Jul - Dec) ROPS 23-24B (Jan -Jun) Item Project Name Obligation Agreement Execution Agreement Termination Payee Description Project Total Outstanding Retired ROPS 23-24 23-24A 23-24B Fund Sources Fund Sources # Type Date Date Area Obligation Total Total Total Bond Reserve Other RPTTF Admin Bond Reserve Other Admin Proceeds Balance Funds RPTTF Proceeds Balance Funds RPTTF RPTTF Bonds 55 Auditing Fees 07/01/ 06/30/2024 The Pun Auditing 3,090 N $3,090 - - - 3,090 - $3,090 Services 2023 Group, LLP services for Fiscal Year 2022-2023. Santa Clarita Recognized Obligation Payment Schedule (ROPS 23-24) - Report of Cash Balances July 1, 2020 through June 30, 2021 (Report Amounts in Whole Dollars) Pursuant to Health and Safety Code section 34177 (1), 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 when payment from property tax revenues is required by an enforceable obligation. A B C D E F G H Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Prior ROPS RPTTF and ROPS 20-21 Cash Balances Commentsgrants, (07/01/20 - 06/30121) Bonds issued Bonds issued Reserve Rent, Non-Admin on or before 12/31 /10 on or after 01 /01 /11 Balances retained interest, etc. and Admin for future period(s) 1 Beginning Available Cash Balance (Actual 07/01/20) 885,507 12,896 6,792 El: Reserve from 20/21 ROPS. F1: Prior year RPTTF amount should exclude "A" period distribution cash balance. G1: 17/18 PPA ROPS 20/21: amount. $2,422 +18/19 PPA ROPS 21 /22: $2,360 +19/ 20 PPA ROPS 22/23: $2,010 = $6,792 2 Revenue/Income (Actual 06/30/21) 4,231 2,849,590 F2: Includes interest income. G2: 20/21 A RPTTF amount should tie to the ROPS 20-21 total Distribution $1,004,823 20/21 B Distribution distribution from the County Auditor -Controller $1,844,767=$2,849,590 3 Expenditures for ROPS 20-21 Enforceable Obligations 885,507 2,756 1,640,195 Line 3 matches 20-21 PPA form actuals, less (Actual 06/30/21) reserve of $1,209,012. Reserve included in G4. 4 Retention of Available Cash Balance (Actual 06/30/21) 14,371 1,213,382 F4: $4,120 authorized for use on FY21 /22 RPTTF amount retained should only include the amounts ROPS $6,020 authorized for use on FY22/23 distributed as reserve for future period(s) ROPS $4,231 authorized for use on FY23/24 ROPS=$14,371 Retained for Future Use G4: $1,209,012 Reserve +$ 2,360 18/19 PPA ROPS 21 /22 +$ 2,010 19/20 PPA ROPS 22/ 23=$1,213,382 Retention of Available Cash Balance Pursuant to Health and Safety Code section 34177 (1), 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 when payment from property tax revenues is required by an enforceable obligation. A B C D E F G H Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF Prior ROPSRPTTF ROPS 20-21 Cash Balances (07/01/20 - 06/30/21) Bonds issued Bonds issued and Comments on or before on or after Reserve Rent, grants, Non-Admin 12/31/10 01/01/11 Balances retained interest, etc. and Admin for future period(s) 5 ROPS 20-21 RPTTF Prior Period Adjustment No entry required 2,805 Matches 20/21 PPA Form RPTTF amount should tie to the Agency's ROPS 20-21 PPA form submitted to the CAC 6 Ending Actual Available Cash Balance (06/30/21) CtoF=(1 +2-3-4),G=(1 +2-3-4-5) Santa Clarita Recognized Obligation Payment Schedule (ROPS 23-24) - Notes July 1, 2023 through June 30, 2024 Item # Notes/Comments 46 Amount was calculated using Loan Repayment Calculator based on ROPS 22-23A and ROPS 22-23B Actual Residuals. [22-23A residual: $1,074,612.59] [22-23B residual: $532,855.23] [Total: $1,607,468 / 2 = $803,7341 .............................................................................................................................................................................................................................................................................................................................................................................. 52 Debt service for calendar year 2024 is claimed on the 23-24B ROPS to comply with the bond covenant: Page 18 of the Official Statement states: "...the Successor Agency has covenanted to submit an Oversight Board approved Recognized Obligation Payment Schedule to the State Department of Finance and to the County Auditor -Controller, which shall include all scheduled interest, principal and mandatory sinking fund payments that are due and payable on all Bonds and Parity Bonds of the Successor Agency during the next ensuing calendar year, together with any amount required to replenish the Reserve Fund, and any amounts due and owing to the Insurer under the Indenture." ............................................................................................................................................................................................................................................................................................................................................................................... 53 .............................................................................................................................................................................................................................................................................................................................................................................. 54 .........................._........ ................................................ ........ ................ ....... .................. ............... ........... ............................ ............... ........................................... ................................................................................................ ..................... 55