ADMINISTRATIVE REPORT
MEETING DATE: August 13, 2025 AGENDA CATEGORY: Successor Agency Business TO: Honorable Mayor and City Council
FROM: Randy McKeegan, Finance Director
DATE: August 1, 2025
SUBJECT: Receive and file Successor Agency payments from July 11, 2025, to July 31, 2025, in the amount of $737,060.13.
[Document Description]
RECOMMENDATION:
Staff recommends report be received and filed.
BACKGROUND:
The City administers payment of Successor Agency enforceable obligation payments as authorized by the State Department of Finance (DOF) to further the dissolution of the former Bakersfield Redevelopment Agency. The Successor Agency has a Recognized Obligation Payment Schedule (ROPS) approved by both the Bakersfield Oversight Board and the DOF. All payments of the Successor Agency must be on this approved listing in order to be valid and authorized payments of the Successor Agency.
A check register is provided wh ich summarizes the transactions processed during the above referenced period. Additional details are provided below for each transaction.
Check #9998447 to U S BANK CR:US BANK TRUST NA for $560,935.13 for Debt service payments for Ibank, HUD, and Tax Allocation Bonds.
Check #9998448 to U S BANK TRUST for $176,125.00 for Debt service payments for Ibank, HUD, and Tax Allocation Bonds.
FISCAL IMPACT:
$737,060.13
COUNCIL GOAL:
Innovative and Efficient City Government
ATTACHMENTS:
1. Oracle SA Admin Check Register 8.13.2025