RESOLUTION NO. SA-202 6-XX
A RESOLUTION OF THE SUCCESSOR AGENCY OF THE CITY OF
FULLERTON, CALIFORNIA, APPROVING AND ADOPTING THE
RECOGNIZED
OBLIGATION PAYMENT SCHEDULE 2026-27 AND
ADMINISTRATIVE BUDGET ALLOWANCE (PERIOD COVERING JULY
1, 2026 THROUGH JUNE 30, 2027)
WHEREAS, the City of Fullerton established the Successor Agenc y to the Fullerton Redevelopment Agency (the "Successor Agency") to take certain ac tions to wind down the former Fullerton Redev elopment Agency affairs in accordance with the California Health and S afety Code.
WHEREAS, the City will submit the Recogniz ed Obligation Payment Schedule (ROPS) prepared by the Successor Agency to the County Oversight Board for approval pursuant to Health and Safety Code Section 34177.
WHEREAS, the ROPS contains a list of enforceable obligations including, but not limited to, the following:
1. Existing bond debt payments and associated fees
2. Administrative budget allowance for accounting staff.
WHEREAS the ROPS includes all funds the City of Fullerton Successor Agency will need to carry out the former Fullerton Redevelopment Agency dissolution process and identifies the payment funding source for enforceable obligations listed on the ROPS pursuant to Health and Safety Code Section 34177(l)(1).
WHEREAS Successor Agency staff prepared the Rec ognized Obligation Payment Schedule 2026 - 2027 and administrative budget allowance for July 1, 2026 through June 30, 2027.
NOW, THEREFORE, THE FULLERTON SUCCESSOR AGENCY TO THE FULLERTON REDEVELOPMENT AGENCY RESOLVES AS FOLLOWS:
1. The above recitals are true and correct and incorporated by reference herein.
2. The Successor Agency approves the Recognized Obligation Payment Schedule 2026-27 and administrative budget al lowance (for July 1, 20 26 through June 30, 2027).
3. The City will transmit an executed copy of this Resolution, including the ROPS 2026-2027, to the Orange County Oversight Board.
4. The Secretary shall certify adoption of this Resolution.
ADOPTED BY THE FULLERTON SUCCESSOR AGENCY TO THE FULLERTON Resolution No. SA 2026-XX Page 2
REDEVELOPMENT AGENCY ON JANUARY
20, 2026.
___________________________
Fred Jung
Mayor
ATTEST:
___________________________
Lucinda Williams, MMC
Secretary
___________________________
Date
Attachments:
• Attachment 1 – Recognized Obligation Payment Schedule 2026-27 Recognized Obligation Payment Schedule (ROPS 26-27) - Summary Filed for the July 1, 2026 through June 30, 2027 Period Successor Agency: Fullerton
County: Orange
Current Period Requested Funding for Enforceable
Obligations (ROPS Detail)
26-27A Total
(July -
December)
26-27B Total
(January -
June)
ROPS 26-27
Total
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) $ 5,550,525 $ 6,053,400 $ 11,603,925 F RPTTF 5,549,025 6,051,900 11,600,925
G Administrative RPTTF 1,500 1,500 3,000
H Current Period Enforceable Obligations (A+E) $ 5,550,525 $ 6,053,400 $ 11,603,925 Certification of Oversight Board Chairman:
Name Title
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. /s/
Signature Date
Fullerton
Recognized Obligation
Payment Schedule (ROPS 26-27) - ROPS Detail
July 1, 2026 through June 30, 2027
A B C D E F G H I J K L M N O P Q R S T U V W
Item
# Project Name Obligation
Type
Agreement
Execution
Date
Agreement
Termination
Date
Payee Description Project
Area
Total
Outstanding
Obligation
Retired ROPS
26-27 Total
ROPS 26-27A (Jul - Dec)
26-27A
Total
ROPS 26-27B (Jan - Jun)
26-27B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
$11,603,925 $11,603,925 $- $- $- $5,549,025 $1,500 $5,550,525 $- $- $- $6,051,900 $1,500 $6,053,400 27 Administrative
Cost
Allowance FY
2025-26
Admin
Costs
07/01/
2026
06/30/2027 Fullerton
Successor
Agency
Administrative
expenses for
Successor
Agency
Merged 3,000 N $3,000 - - - - 1,500 $1,500 - - - - 1,500 $1,500 49 Bond Debt
Service Fees
Fees 07/01/
1998
06/30/2028 US Bank and
Wells Fargo
Bond Debt
Service Fees
Merged 9,500 N $9,500 - - - - - $- - - - 9,500 - $9,500 63 2020 Series
A & B Tax
Allocation
Refunding
Bonds
Refunding
Bonds
Issued
After 6/
27/12
09/01/
2020
12/31/2027 US Bank Refunding
bonds
Merged
Project
Area
9,551,600 N $9,551,600 - - - 3,509,200 - $3,509,200 - - - 6,042,400 - $6,042,400 65 Adjusting
RPTTF Cash
Reconciliation
RPTTF
Shortfall
07/01/
2026
06/30/2027 Successor
Agency to the
Redevelopment
Agency of
Fullerton
The
Successor
Agency
retained LSL,
Certified
Public
Accountants,
to perform
independent
agreed-upon
procedures
on the final
ROPS
reconciliation
and cash-flow
projection.
LSL
confirmed
that all ROPS
activity is
consistent
with prior
DOF-
approved
submissions
and that
remaining
enforceable
obligations
exceed
available
resources.
2,039,825 N $2,039,825 - - - 2,039,825 - $2,039,825 - - - - - $-
A B C D E F G H I J K L M N O P Q R S T U V W
Item
# Project Name Obligation
Type
Agreement
Execution
Date
Agreement
Termination
Date
Payee Description Project
Area
Total
Outstanding
Obligation
Retired ROPS
26-27 Total
ROPS 26-27A (Jul - Dec)
26-27A
Total
ROPS 26-27B (Jan - Jun)
26-27B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Based on this
independent
review, LSL
verified a
projected
cash deficit of
approximately
$2.04 million,
which
necessitates
the Adjusting
Shortfall
request to
fully fund
remaining
DOF-
approved
debt service
obligations
and complete
the orderly
wind-down of
the
Successor
Agency.
Fullerton
Recognized Obligation Payment Schedule (ROPS 26-27) - Report of Cash Balances July 1, 2023 through June 30, 2024
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177 (l), 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
ROPS 23-24 Cash Balances
(07/01/23 - 06/30/24)
Fund Sources
Comments
Bond Proceeds Reserve Balance Other Funds RPTTF
Bonds issued
on or before
12/31/10
Bonds issued
on or after
01/01/11
Prior ROPS
RPTTF and
Reserve
Balances retained
for future
period(s)
Rent, grants,
interest, etc.
Non-Admin
and Admin
1 Beginning Available Cash Balance (Actual 07/01/23)
RPTTF amount should exclude "A" period distribution
amount.
1,865,638 27,620
2 Revenue/Income (Actual 06/30/24)
RPTTF amount should tie to the ROPS 23-24 total
distribution from the County Auditor-Controller
286,062 9,262,816
3 Expenditures for ROPS 23-24 Enforceable Obligations
(Actual 06/30/24)
3,781,464 9,107,700
4 Retention of Available Cash Balance (Actual 06/30/24) RPTTF amount retained should only include the amounts
distributed as reserve for future period(s)
196,641
5 ROPS 23-24 RPTTF Prior Period Adjustment
RPTTF amount should tie to the Agency's ROPS 23-24 PPA
form submitted to the CAC
No entry required
6 Ending Actual Available Cash Balance (06/30/24)
C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5)
$- $- $- $(1,629,764) $(13,905)
Fullerton
Recognized Obligation Payment Schedule (ROPS 26-27) - Notes July 1, 2026 through June 30, 2027
Item # Notes/Comments
27 Administrative Costs for managing debt service
49 63
65