LINDSAY SUCCESSOR AGENCY
MEETING AGENDA
City Hall, 251 E. Honolulu St., Lindsay, CA 93247
Notice is hereby given that the Lindsay City Council will hold a Meeting on July 26, 2022, at 5:55 PM in person and via webinar. The webinar address for members of the public is https://zoom.us/j/99279557087.
Persons with disabilities who may need assistance should contact the City Clerk at least 24 hours prior to the meeting at (559) 562-7102 ext. 8034 or via email at [email protected].
1. CALL TO ORDER
2. ROLL CALL
3. PUBLIC COMMENT
The public is invited to comment on any subject under the jurisdiction of the Lindsay Successor Agency.
Please note that speakers that wish to comment on a Regular Item or Public Hearing on tonight’s agenda will have an opportunity to speak when public comment for that item is requested by the Mayor. Comments shall be limited to three (3) minutes per person, with thirty (30) minutes for the total comment period, unless otherwise indicated by the Mayor. The public may also choose to submit a comment before the meeting via email. Public comments received via email will be distributed to the Successor Agency prior to the start of the meeting and incorporated into the official minutes; however, they will not be read aloud. Under state law, matters presented under public comment cannot be acted upon by the Successor Agency at this time.
4. CONSENT CALENDAR
Routine items approved in one motion unless an item is pulled for discussion.
4.1 Consider Minute Order Authorization of Written Certification of Pledged Tax Revenues in Accordance with the Bond Covenants of the Successor Agency to the Lindsay Redevelopment Agency Tax Allocation Refunding Bonds, Issue of 2015 (pp. 3 – 4)
5. ADJOURNMENT
Lindsay Successor Agency meetings are held in the City Council Chambers at 251 E. Honolulu Street in Lindsay, California beginning at 5:55 P.M. on an as-needed basis. Materials related to an Agenda item submitted to the legislative body after distribution of the Agenda Packet are available for public inspection in the office of the City Clerk during normal business hours. Complete agenda is available at www.lindsay.ca.us. In compliance with the Americans with Disabilities Act & Ralph M. Brown Act, if you need special assistance to participate in this meeting, or to be able to access this agenda and documents in the agenda packet, please contact the office of the City Clerk at (559) 562-7102 x 8034. Notification 48 hours prior to the meeting will enable the City to ensure accessibility to this meeting and/or provision of an alternative format of the agenda and documents in the agenda packet.
July 26, 2022 Meeting of the Lindsay Successor Agency
STAFF REPORT
TO: Lindsay City Council
FROM: Juana Espinoza, Director of Finance
DEPARTMENT:
ITEM NO.:
Finance Department
4.1 MEETING DATE: July 26, 2022
ACTION & RECOMMENDATION
Consider Minute Order Authorization of Written Certification of Pledged Tax Revenues in Accordance with the Bond Covenants of the Successor Agency to the Lindsay Redevelopment Agency Tax Allocation Refunding Bonds, Issue of 2015.
BACKGROUND | ANALYSIS
In accordance with bond covenants held at U.S. Bank, the Successor Agency to the former Lindsay Redevelopment Agency must annually provide written certification of pledged tax revenues received by the Successor Agency through the date of the certificate combined with the amount remaining to be paid on all outstanding obligations of the Successor Agency not exceeding the plan limits.
Every year, the City receives Recognized Obligation Payments Schedule (ROPS) funds. These funds are used to satisfy the debt service requirements of the 2015 Bond Issue from U.S. Bank. This certification means the City is still receiving funds to repay the 2015 Bond Issue and there has been no change in status from the preceding years certification. This Bond Issue is the final debt on the City’s ROPS.
The outstanding balance of the 2015 Bond Issue was $13,364,013, as of August 1, 2022.
The Successor Agency is required to provide written certification to U.S. Bank annually. Staff does not anticipate any change to the certification process until the bond is paid in full in 2037.
FISCAL IMPACT
No City funds go toward repaying the bond.
ATTACHMENTS
• City of Lindsay Certification Letter
July 26, 2022 Meeting of the Lindsay Successor Agency
August 1, 2022
Steven DeLeon
U.S. Bank
Global Corporate Trust
1420 Fifth Avenue, 7th Floor
Seattle, WA 98101
RE: Certification of Pledged Tax Revenues
Dear Mr. DeLeon,
In response to the Bond Covenants held at US Bank, the Successor Agency to the former Lindsay Redevelopment Agency at a duly held meting on July 26, 2022, approved the following letter, written for the period of August 1, 2022 through August 1, 2023:
“The Successor Agency shall file annually with the Trustee on or prior to August 1, of each year a Written Certificate of the Successor Agency certifying that Pledged Tax Revenues received by the Successor Agency through the date of the certificate combined with the amount remaining to be paid on all outstanding obligations of the Successor Agency will not exceed the plan limits.” Please contact the City of Lindsay Director of Finance, Juana Espinoza, at (559) 562-7102 x 8020 with any questions regarding this action.
Sincerely,
Ramona Caudillo
Successor Agency Chairperson
July 26, 2022 Meeting of the Lindsay Successor Agency