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Home My WebLink About2024-01-09 - RESOLUTIONS - FY 24 25 ROPSRESOLUTION SA 24-1 RESOLUTION OF THE GOVERNING BOARD OF THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA CLARITA, CALIFORNIA, APPROVING THE FISCAL YEAR 2024-25 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 9th, 2024. 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 1 of 2 PASSED, APPROVED, AND ADOPTED this 91h day of January 2024. CHAIR ATTEST: SECRETARY DATE:_ V__A e 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 24-1 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 9th day of January 2024, by the following vote: AYES: BOARDMEMBERS NOES: BOARDMEMBERS ABSENT: BOARDMEMBERS: McLean, Weste, Gibbs, Miranda, Smyth None None SECRETARY Page 2 of 2 Exhibit A Recognized Obligation Payment Schedule (ROPS 24-25) - Summary Filed for the July 1, 2024 through June 30, 2025 Period Successor Agency: Santa Clarita County: Los Angeles Current Period Requested Funding for Enforceable Obligations (ROPS Detail) 24-25A Total Dece (Jul- 24-25B Total (January ROPS 24-25 Total A Enforceable Obligations Funded as Follows (B+C+D) $ 1,593,021 $ 4,892 $ 1,597,913 B Bond Proceeds - - - C Reserve Balance 1,593,021 - 1,593,021 D Other Funds - 4,892 4,892 E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) $ 1,389,199 $ 2,162,034 $ 3,551,233 F RPTTF 1,389,199 2,162,034 3,551,233 G Administrative RPTTF - - - H Current Period Enforceable Obligations (A+E) $ 2,982,220 $ 2,166,926 $ 5,149,146 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. Name Title /s/ Signature Date Santa Clarita Recognized Obligation Payment Schedule (ROPS 24-25) - ROPS Detail July 1, 2024 through June 30, 2025 A B C D E F G H I J K L M N 1 O 1 P Q R I S I T I U I V W ROPS 24-25A (Jul - Dec) ROPS 24-258 (Jan - Jun) Item Obligati Agreement Agreement Agreement Project Total ROPS 24-25A 24-25B Fund Sources Fund Sources Project Name Execution Termination Payee Description Area Outstanding Retired 24-25 Total Total Admin Bond Reserve Other Admin Date Date Obligation Total Bond Reserve Other RPTTF RPTTF Proceeds Balance Funds RPTTF Proceeds Balance Funds RPTTF $52,528,999 $5,149.146 $- $1,593,021 $- $1,389,199 $- $2,982,220 $- $- $4,892 $2,162,034 $- $2.166,926 46 Reinstatement City/County 02/241 07/08/2043 City of Repayment of Newhall 13,901,006 N $1,386,016 1,386.016 $1,386,016 $- 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 38,622,427 N $3,757,564 1,593,021 $1,593,021 4,892 2,159,651 $2,164,543 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 (bands issued to fund low and moderate income housing projects and programs) 53 Annual Professional 07/01/ 06/30/2025 Bank of Bonds issued 2,050 N $2,050 $ 2,050 $2,050 Trustee Fee Services 2024 New York to fund for Series redevelopment 2017 Tax projects and Allocation low and Bond moderate income housing projects and programs 54 Continuing Professional 07/01/ 06/30/2025 Digital Continuing 333 N $333 $- 333 $333 Disclosure/ Services 2024 Assurance disclosure/ Post Issuance Certification post issuance Compliance LLC compliance for Series 2017 Tax Allocation Refunding Bonds A B C D E F G H I J K L I M I N 1 O 1 P Q R I S T I U V W Agreement Agreement Total ROPS ROPS 24-25A (Jul - Dec) p, ROPE524+258�tjijl* Fund Sources Fund Sources Item # Project Name Obligation g Type Execution Termination Payee Description Project Outstanding Retired 24-25 24-25A 24-258 Dale Date Area Obligation Total Bond Reserve Other RPTTF Admin Total Bond Reserve Other Admin Total Proceeds Balance Funds RPTTF Proceeds Balance Funds RPTTF RPTTF 55 Auditing Fees 07/01/ 06/30/2025 The Pun Auditing 3,183 N $3,183 3,183 $3,183 $_ Services 2024 Group, LLP services for Fiscal Year 2023-2024. Santa Clarita Recognized Obligation Payment Schedule (ROPS 24-25) - Report of Cash Balances July 1, 2021 through June 30, 2022 (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 ROPS 21-22 Cash Balances Comments Prior ROPS RPTTF and (07/01/21 - 06130/22) Bonds issued Bonds issued Reserve Rent, grants, 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 07101/21) 1,209,012 4,825 El: Reserve from 21-22 ROPS. F1: Prior year RPTTF amount should exclude "A" period distribution cash balance. G1: 18-19 PPA ROPS 21-22: amount. $2,360 + 19-20 PPA ROPS 22-23: $2,010 + 20/21 PPA ROPS 23-24: $455. 2 Revenuelincome (Actual 06/30/22) 4,892 2,192,282 F2: Includes interest income. G2: 21-22A RPTTF amount should tie to the ROPS 21-22 total Distribution $686,277 21-22B Distribution distribution from the County Auditor -Controller $1,506,005 = $2,192,282. 3 Expenditures for ROPS 21-22 Enforceable Obligations 1,209,012 4,120 1,298,487 Line 3 matches 21-22 PPA form actuals, less (Actual 06130122) reserve of $892,575. Reserve included in G4. 4 Retention of Available Cash Balance (Actual 06130122) 772 895,040 F4: Retained for future use. G4: $892,575 RPTTF amount retained should only include the amounts Reserve + $2,010 19-20 PPA ROPS 22-23 + distributed as reserve for future period(s) $455 20-21 PPA ROPS 23-24 = $895.040 Retention of Available Cash Balance. 5 ROPS 21.22 RPTTF Prior Period Adjustment No entry required 3.580 Matches 21-22 PPA Form. RPTTF amount should tie to the Agency's ROPS 21-22 PPA form submitted to the CAC 6 Ending Actual Available Cash Balance (06/30/22)$- C toF=(1+2-3-4),G=(1+2-3-4-5) Santa Clarita Recognized Obligation Payment Schedule (ROPS 24-25) - Notes July 1, 2024 through June 30, 2025 Item # Notes/Comments 46 :Amount was calculated using Loan Repayment Calculator based on ROPS 23-24A and ROPS 23-24B 'Actual Residuals. [23-24A Residual = $2,563,194.08] [23-24B Residual = $208,836.98] [Total $2,772,031/2 = $1,386,016. ........................................................................................................................................................................................................................................................................................................................................................................... 52 Debt service for the calendar year2025 is claimed on the 24-25B 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 ................... _......... t.......... _......... ........ ............ ... ....... .... .......................................... _._............... _........... .................... _............ ....... _.............. _... _...... _........ ............................ _.............. .......................... _.............................. 54 ............... ..._..,.....__........ _.._.._._......................... _.._...... _._......_..................... _..._._.................. __.._..................... ... ._... _._....................... _.............. _._..... _........ __........ ................ __......... _.............. 55