RESOLUTION NO. SAORA- 040
A RESOLUTION OF THE GOVERNING BOARD
OF THE SUCCESSOR AGENCY TO THE ORANGE
REDEVELOPMENT AGENCY APPROVING THE
LAST AND FINAL R ECOGNIZED OBLIGATION
PAYMENT SCHEDULE FOR THE FISCAL
PERIOD FROM JULY 1, 2026, THROUGH JUNE 30,
2037, SUBJECT TO SUBMITTAL TO, AND
REVIEW BY THE ORANGE COUNTYWIDE
OVERSIGHT BOARD AND THE STATE
DEPARTMENT OF FINANCE PURSUAN T TO
DISSOLUTION LAW, AUTHORIZING THE
POSTING AND TRANSMITTAL THEREOF
WHEREAS, the Orange Redevelopment Agency (Former Agency) was established as a redevelopment agency that was previously organized and existing under the California Community Redevelopment Law, Health and Safety Code (“HSC”) Section 33000, et seq., and previously authorized to transact business and exercise powers of a redevelopment agency pursuant to action of the City Council of the City of Orange (“City”); and
WHEREAS, Assembly Bill x1 26 added Parts 1.8 and 1.85 to Division 24 of the California Health and “Safety Code, which caused the dissolution of all redevelopment agencies and wind down of the affairs of former agencies, including as such laws were amended by Assembly Bill 1484 and by other subsequent legislation, and most recently by Senate Bill 107 (together, the “Dissolution Law”); and
WHEREAS, as of February 1, 2012 the Former Agency was officially dissolved under the Dissolution Law, and as a separate public entity, corporate and politic the Successor Agency to the Orange Redevelopment Agency (“Successor Agency”) administers the enforceable obligations of the Former Agency and otherwise unwinds the Former Agency’s affairs, all subject to the review and approval by a seven-member oversight board:
and
WHEREAS, pursuant to Section 34179(j) of the Dissolution Law, in every California county there shall be one oversight board that is staffed by the county’s auditor - controller; and
WHEREAS, the applicable consolidated oversight board overseeing this Successor Agency is the Orange Countywide Oversight Board (“Oversight Board”); and
WHEREAS, every oversight board, both the prior local board and this Oversight Board, has fiduciary responsibilities to the holders of enforceable obligations and to the taxing entities that benefit from distributions of property tax and other revenues pursuant to Section 34188 of the Dissolution Law; and
2 WHEREAS, pursuant to HSC Section 34191.6 successor agencies may submit a Last and Final Recognized Obligation Payment Schedule (“ROPS”) for approval if all of the following conditions are met: 1) the remaining debt is limited to administrative costs and payments pursuant to enforceable obligations with defined payment schedules, 2) all remaining obligations have been previously listed on a ROPS and approved for payment by Department of Finance (“DOF”) pursuant to HSC Section 34177, and 3) the S uccessor Agency is not party to outstanding or unresolved litigation; and
WHEREAS, the Agency meets the conditions required to submit a Last and Final ROPS, and
WHEREAS, the Agency has evaluated the implications of preparing a Last and Final ROPS and has determined that it reduces the administrative burden for dissolving the former Orange Redevelopment Agency; and
WHEREAS, Sections 34177(m), 34177(o) and 34179 provide that a Last and Final ROPS is submitted to, reviewed and authorized for submittal the Successor Agency and then reviewed and approved by the Oversight Board, and is not effective unless and until reviewed and approved by the State Department of Finance; and
WHEREAS, the Last and Final ROPS, in draft form, is attached as Exhibit A and is fully incorporated by this reference; and
WHEREAS, the Successor Agency has reviewed the Last and Final ROPS and desires to approve this schedule and to authorize and direct Successor Agency staff to transmit the Last and Final ROPS to the Oversight Board, with copies to the Orange County Administrative Officer (“CAO”), Orange County Auditor-Controller (“CAC”), the State Controller’s Office (“SCO”) and DOF as required by Dissolution Law.
NOW THEREFORE, BE IT RESOLVED that the Governing Board of the Successor Agency to the Orange Redevelopment Agency does hereby find, determine, resolve, and order as follows:
Section 1. The above recitals are true and correct and are a substantive part of this Resolution.
Section 2. The Successor Agency hereby approves and authorizes submittal of the Last and Final ROPS, subject to review, modification, and final approval by the Oversight Board and the State Department of Finance pursuant to the Dissolution Law.
Section 3. The Successor Agency hereby authorizes and directs transmittal of the Last and Final ROPS to the Oversight Board and then to the DOF and other bodies as required by law.
3 Section 4. The officers and other Staff members of the Successor Agency are hereby authorized and directed, jointly and severally, to do any and all things which they may deem necessary or advisable to effectuate this Resolution, including posting the Last and Final ROPS on the Successor Agency website as required by law, transmitting the Last and Final ROPS to the appropriate agencies, requesting meet -and-confer with the State Department of Finance, and making any modifications to the Last and Final ROPS required or directed by the State Department of Finance.
PASSED AND ADOPTED this day of January, 2026.
Daniel R. Slater, Chairperson
ATTEST:
Pamela Coleman, Agency Clerk
APPROVED AS TO FORM:
Nathalie Adourian, Agency Attorney
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF ORANGE )
I hereby certify that the foregoing Resolution was duly and regularly adopted by Governing Board of the Successor Agency to the Orange Redevelopment Agency at a regular meeting thereof held on the ____ day of January, 2026 by the following vote:
AYES: BOARD MEMBERS:
NOES: BOARD MEMBERS:
ABSENT: BOARD MEMBERS:
ABSTAIN: BOARD MEMBERS:
Pamela Coleman, Agency Clerk
EXHIBIT A
SUCCESSOR AGENCY TO THE ORANGE REDEVELOPMENT AGENCY
RECOGNIZED OBLIGATION PAYMENT SCHEDULE
(July 1, 2026 – June 30, 2037)
Last and Final Recognized Obligation Payment Schedule (ROPS) - Summary Filed for the July 1, 2026 through June 30, 2037 Period Successor Agency: Orange City
County: Orange
Initial ROPS
Period:
26-27A
Final ROPS Period: 36-37B
Requested Funding for Enforceable Obligations Total Outstanding Obligation A Enforceable Obligations Funded as Follows (B+C) $-
B Bond Proceeds -
C Other Funds -
D Redevelopment Property Tax Trust Fund (RPTTF) (E+F) $25,631,490 E RPTTF 25,524,590
F Administrative RPTTF 106,900
G Total Outstanding Obligations (A+D) $25,631,490
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
A Period
July - December
ROPS Period
Fund Sources
Six-Month
Total Bond
Proceeds
Other
Funds RPTTF Admin
RPTTF
$- $- $23,025,788 $- $23,025,788
ROPS 26-27A - - 1,879,268 - $1,879,268
ROPS 27-28A - - 1,909,692 - $1,909,692
ROPS 28-29A - - 1,959,347 - $1,959,347
ROPS 29-30A - - 1,995,579 - $1,995,579
ROPS 30-31A - - 2,044,954 - $2,044,954
ROPS 31-32A - - 2,087,098 - $2,087,098
ROPS 32-33A - - 2,138,637 - $2,138,637
ROPS 33-34A - - 2,184,821 - $2,184,821
ROPS 34-35A - - 2,230,177 - $2,230,177
ROPS 35-36A - - 2,275,356 - $2,275,356
ROPS 36-37A - - 2,320,859 - $2,320,859
B Period
January - June
Twelve-Month
Total
ROPS Period
Fund Sources
Six-Month
Total Bond
Proceeds
Other
Funds RPTTF Admin
RPTTF
$- $- $2,498,802 $106,900 $2,605,702 $25,631,490
ROPS 26-27B - - 435,585 10,910 $446,495 $2,325,763
ROPS 27-28B - - 396,785 8,652 $405,437 $2,315,129
ROPS 28-29B - - 356,565 8,854 $365,419 $2,324,766
ROPS 29-30B - - 315,989 9,059 $325,048 $2,320,627
ROPS 30-31B - - 273,184 9,267 $282,451 $2,327,405
ROPS 31-32B - - 228,277 9,479 $237,756 $2,324,854
ROPS 32-33B - - 181,019 9,693 $190,712 $2,329,349
ROPS 33-34B - - 141,435 9,911 $151,346 $2,336,167
ROPS 34-35B - - 100,176 10,132 $110,308 $2,340,485
ROPS 35-36B - - 57,245 10,357 $67,602 $2,342,958
ROPS 36-37B - - 12,542 10,586 $23,128 $2,343,987
Orange City
Last and Final Recognized Obligation Payment Schedule (ROPS) - Summary by ROPS Period July 1, 2026 through June 30, 2037
A
Item
#
4 61
70 128
130
131
132
L
26-27A
(Jul-Dec)
RPTTF
$1,879,268
-
638,385
-
-
1,234,400
-
6,483
P Q
26-27B (Jan-Jun)
RPTTF Admin
RPTTF
$435,585 $10,910
- -
19,685 -
- -
- -
408,200 -
7,700 -
- -
T
27-28A
(Jul-Dec)
RPTTF
$1,909,692
-
654,685
-
-
1,248,200
-
6,807
X Y
27-28B (Jan-Jun)
RPTTF Admin
RPTTF
$396,785 $8,652
- -
- -
- -
- -
387,200 -
8,085 -
1,500 -
AB
28-29A
(Jul-Dec)
RPTTF
$1,959,347
-
-
-
-
1,952,200
-
7,147
AF AG
28-29B (Jan-Jun)
RPTTF Admin
RPTTF
$356,565 $8,854
- -
- -
- -
- -
348,075 -
8,490 -
- -
AJ
29-30A
(Jul-Dec)
RPTTF
$1,995,579
-
-
-
-
1,988,075
-
7,504
AN AO
29-30B (Jan-Jun)
RPTTF Admin
RPTTF
$315,989 $9,059
- -
- -
- -
- -
307,075 -
8,914 -
- -
AR
30-31A
(Jul-Dec)
RPTTF
$2,044,954
-
-
-
-
2,037,075
-
7,879
AV AW
30-31B (Jan-Jun)
RPTTF Admin
RPTTF
$273,184 $9,267
- -
- -
- -
- -
263,825 -
9,359 -
- -
AZ
31-32A
(Jul-Dec)
RPTTF
$2,087,098
-
-
-
-
2,078,825
-
8,273
BD BE
31-32B (Jan-Jun)
RPTTF Admin
RPTTF
$228,277 $9,479
- -
- -
- -
- -
218,450 -
9,827 -
- -
BH
32-33A
(Jul-Dec)
RPTTF
$2,138,637
-
-
-
-
2,128,450
-
10,187
Orange City
Last and Final Recognized Obligation Payment Schedule (ROPS) - ROPS Detail July 1, 2026 through June 30, 2037
(Report Amounts in Whole Dollars)
A B C D E F G H I
Item
# Project Name Obligation Type
Agreement
Execution
Date
Agreement
Termination
Date
Payee Description Project
Area
Total
Outstaning
Obligation
$25,631,490
4 2008 A&B and 2014A
Bonds
Fees 05/22/2012 09/01/2037 Richards,Watson
& Gershon
Bond counsel Orange
Merged
-
61 2008 Tax Allocation
Bonds Series B
Bonds Issued On
or Before 12/31/10
05/01/2008 12/30/2027 US Bank To fund Orange Merged & Amended Orange Merged
1,312,755
70 Successor Agency
Administrative Costs
Admin Costs 08/16/1983 07/05/2039 various Costs for maintaining Successor Agency operations Orange Merged
106,900
128 2014 Tax Allocation
Refunding Bonds Series
A
Bonds Issued After
12/31/10
12/04/2014 02/29/2024 US Bank 2014 Bond Refunding of the 1997 Tax Allocation Parity Bonds, Series A and the 2003 Tax Allocation Refunding Bonds, Series A. DOF approved Resolution No. OB-0055 that authorized the bond refunding and issuance.
Orange
Merged
-
130 2018 Tax Allocation
Refunding Bonds Series
A
Bonds Issued After
12/31/10
07/12/2018 09/01/2036 US Bank 2018 Bond Refunding of the 2008 Tax Allocation Bonds, Series A. DOF approved Resolution No. OB-0078 that authorized the bond refunding and issuance.
24,005,850
131 2008B, 2014A, & 2018A
Bonds
Fees 06/01/1997 09/01/2036 US Bank Fiscal agent fees 109,392 132 2008B, 2014A, & 2018A
Bonds
Fees 06/01/1997 09/01/2036 Willdan Bonds disclosure/arbitrage fees 96,593 A
Item
#
4 61
70 128
130
131
132
BL BM
32-33B (Jan-Jun)
RPTTF Admin
RPTTF
$181,019 $9,693
- -
- -
- -
- -
170,700 -
10,319 -
- -
BP
33-34A
(Jul-Dec)
RPTTF
$2,184,821
-
-
-
-
2,175,700
-
9,121
BT BU
33-34B (Jan-Jun)
RPTTF Admin
RPTTF
$141,435 $9,911
- -
- -
- -
- -
130,600 -
10,835 -
- -
BX
34-35A
(Jul-Dec)
RPTTF
$2,230,177
-
-
-
-
2,220,600
-
9,577
CB CC
34-35B (Jan-Jun)
RPTTF Admin
RPTTF
$100,176 $10,132
- -
- -
- -
- -
88,800 -
11,376 -
- -
CF
35-36A
(Jul-Dec)
RPTTF
$2,275,356
-
-
-
-
2,263,800
-
11,556
CJ CK
35-36B (Jan-Jun)
RPTTF Admin
RPTTF
$57,245 $10,357
- -
- -
- -
- -
45,300 -
11,945 -
- -
CN
36-37A
(Jul-Dec)
RPTTF
$2,320,859
-
-
-
-
2,310,300
-
10,559
CR CS
36-37B (Jan-Jun)
RPTTF Admin
RPTTF
$12,542 $10,586
- -
- -
- -
- -
- -
12,542 -
- -