Item 7
December 7, 2021
REPORT/RECOMMENDATION TO THE SAN BERNARDINO COUNTYWIDE
OVERSIGHT BOARD AND RECORD OF ACTION
December 13, 2021
FROM
SEAN M. MOORE, Director of Community Development, City of Rialto
SUBJECT
..Title
Resolution Approving the Successor Agency to the Redevelopment Agency of the City of Rialto’s Recognized Obligation Payment Schedule and Administrative Budget for Fiscal Year 2022-23
..End
RECOMMENDATION(S)
..Recommendation
Adopt a Resolution No. 2021 -38 approving the Successor Agency to the Redevelopment Agency of the City of Rialto ’s R ecognized Obligation Payment Schedule and administrative budget for Fiscal Year 2022-23.
(Presenter: Sean M. Moore, Director of Community Development, City of Rialto, (909) 820- 8008)
..Body
BACKGROUND INFORMATION
California Health & Safety Code Section (HSC) 34177 requires the San Bernardino Countywide Oversight Board (CWOB) to approve the 20 22-23 Recognized Obligation Payment Schedule (ROPS) and administrative budget. The ROPS is an annual form and must be submitted to the Department of Finance (DOF) and the County Auditor -Controller by February 1 of each year.
Pursuant to HSC 34179(h)(1)(B), the administrative budget is not required to be sent to DOF.
DOF will have until April 15 to review the 20 22-23 ROPS and provide the successor agency a compliance determination. If the successor agency disagrees with the DOF determination, a “meet and confer” is allowed to facilitate a discussion b etween the successor agency and DOF.
In the event of a meet and confer process, DOF must make a final compliance determination on or before May 15 or 15 days prior to the June 1 Redevelopment Property Tax Trust Fund (RPTTF) distribution.
The recommended action will further the Successor Agency to the Redevelopment Agency of the City of Rialto’s (Successor Agency) dissolution as an annual ROPS is required by DOF as part of the wind -down of the Successor Agency. There is a 1.81% decrease requested in the amount required from the RPTTF from the last annual ROPS approved.
It is recommended the CWOB approve the Successor Agency’s 20 22-23 ROPS and administrative budget. The draft 20 22-23 ROPS will be provided to DOF, the County Auditor - Controller and the County Administrative Office as required by HSC 34177 (I)(2)(B). The adopted 2022-23 ROPS will be provided to DOF and the County Auditor -Controller pursuant to HSC 34177(o). This will commence the DOF review period.
ATTACHMENTS
Attachment A – Resolution
Attachment B – ROPS for Fiscal Year 2022-23
Resolution Approving the Successor Agency to the Redevelopment Agency of the City of Rialto’s Recognized Obligation Payment Schedule and Administrative Budget for Fiscal Year 2022-23 December 13, 2021
Item 7
Attachment C – Administrative Budget for Fiscal Year 2022-23
REVIEW BY OTHERS
This item has been reviewed by Auditor-Controller/Treasurer/Tax Collector on December 7,2021 and San Bernardino Countywide Oversight Board Legal Counsel on December 7, 2021.
Resolution Approving the Successor Agency to the Redevelopment Agency of the City of Rialto’s Recognized Obligation Payment Schedule and Administrative Budget for Fiscal Year 2022-23 December 13, 2021
Item 7
Record of Action of the San Bernardino Countywide Oversight Board
APPROVED
Moved: Acquanetta Warren Seconded: Cindy Saks
Ayes: Frederick Ang, Katie Hylton, Kenneth Miller, Cindy Saks, Acquanetta Warren, David Wert
Absent: Lawrence Strong
Lynna Monell, SECRETARY
BY _________________________________
DATED: December 13, 2021
cc: W/Resolution
File - San Bernardino Countywide Oversight Board w/attach KS 12/16/2021
A BC D E F G H I J K L M N O P Q R S T U V W
Bond Proceeds Reserve Balance Other Funds RPTTF Admin RPTTF Bond Pro ceeds Reserve Balance Other Funds RPTTF Admin RPTTF 174,888,273$ 11,026,067 $ - $ - $ 11,500$ 7,691,704$ 249,998 $ 7,953,202 $ - $ - $ 11,500$ 3,061,365$ - $ 3,072,865$ 7 2008 Series A TAB's - Bonds Bonds Issued On or
Before 12/31/10
4/29/2008 9/1/2037 Union Bank/Trustee Public Improvement Bonds Merg ed Project Y -$ -$ -$
8 2008 Series B TAB's - Bonds Bonds Issued On or
Before 12/31/10
4/29/2008 9/1/2037 Union Bank/Trustee Housing Bonds Merged Project 4 0,738,688 N 2,333,563$ 1,496,188 1,496,188 $ 837,375 837,375 $ 9 2008 Series C TAB's - Bonds Bonds Issued On or
Before 12/31/10
4/29/2008 9/1/2037 Union Bank/Trustee Public Improvement Bonds Merg ed Project 28,988,188 N 1,827,625$ 1,214,688 1,214,688 $ 612,937 612,937 $ 15 2008 Series A TAB's - Bond Reserve Reserves 7/1/2019 6/30/2019 Rialto Successor Agency Public Improvement Bonds - Reserve for next Period
Merged Project 0 Y
-$ -$ -$
16 2008 Series B TAB's - Bond Reserve Reserves 7/1/2019 6/30/2019 Ri alto Successor Agency Housing Bonds - Reserve for next Period
Merged Project 0 Y
-$ -$ -$
17 2008 Series C TAB's - Bond Reserve Reserves 7/1/2019 6/30/2019 Ri alto Successor Agency Public Improvement Bonds - Reserve for next Period
Merged Project 0 Y
-$ -$ -$
20 2007 COP Reimbursement Agreement Third-Party Loans 12/4/2007 1/2 0/2022 City of Rialto Public Improvement Agreement - Current Period Paymen
Merged Project 0 Y
-$ -$ -$
31 SA Admin Costs - Payments/Operation Admin Costs 7/1/2022 6/30/2023 Rialto Successor Agency Staff; legal; consultant; supplies; services; etc. See calculation in
notes
.
Merged Project 4,940,938 N
249,998$ 249,998 249,998 $ -$ 37 SA Admin Costs - Payments/Operation Admin Costs 7/1/2018 6/30/2019 City of Rialto City finance and admin support services
Merged Project 0 Y
-$ -$ -$
39 Bond Servicing - Payment/Operation Fees 4/29/2008 9/1/2037 Willdan/ Union Bank Trustee Fees/Arbitrage Rebate Services
Merged Project 23,000 N
23,000$ 11,500 11,500 $ 11,500 11,500 $ 171
2014 Refinance TAB's - Bonds
(2003 A Series A)
Refunding Bonds Issued
After 6/27/12
8/21/2014 9/1/2027 Union Bank/Trustee Public Improvement Bonds; Refinanced 2003 Series A Bond in
Se
ptember 2014
Merged Project 10,269,950 N
1,698,200$ 1,515,350 1,515,350 $ 182,850 182,850 $ 172
2014 Refinance Bond Reserve Reserves 7/1/2019 6/30/2019 Rialto Succ essor Agency Public Improvement Bonds - Reserve for next Period for 2014 Refinance
Bond.
Merged Project 0 Y
-$ -$ -$
176
Appraisal Services Property Dispositions 7/1/2019 6/30/2019 Rialto Successor Agency Services to conduct appraisals of SA property in order sale, per approved
LRPMP. In January 2016, the OB
will consider agreements with two
vendors
.
Merged Project 0 Y
-$ -$ -$
180
2015 Refinance TAB's A - Bonds
(2005 Series A)
Refunding Bonds Issued
After 6/27/12
7/1/2015 9/1/2035 Union Bank/Trustee Public Improvement Bonds; Refinanced 2005 Series A Bond in
Se
ptember 2015
Merged Project 30,491,475 N
937,850$ 468,925 468,925 $ 468,925 468,925 $ 181
2015 Refinance TAB's B - Bonds
(2005 Series C)
Refunding Bonds Issued
After 6/27/12
7/1/2015 9/1/2029 Union Bank/Trustee Public Improvement Bonds; Refinanced 2005 Series C Bond in
Se
ptember 2015
Merged Project 11,223,744 N
1,489,838$ 1,300,819 1,300,819 $ 189,019 189,019 $ 182
2015 Refinance TAB's C - Bonds
(2005 Series B)
Refunding Bonds Issued
After 6/27/12
7/1/2015 9/1/2032 Union Bank/Trustee Public Improvement Bonds; Refinanced 2005 Series B Bond in
Se
ptember 2015
Merged Project 7,623,415 N
699,618$ 569,109 569,109 $ 130,509 130,509 $ 183
2015 Refinance Bond A Reserve Reserves 7/1/2019 6/30/2019 Rialto Su ccessor Agency Public Improvement Bonds - Reserve for next Period for 2015 A Refinance
Bond. See notes
Merged Project 0 Y
-$ -$ -$
184
2015 Refinance Bond B Reserve Reserves 7/1/2019 6/30/2019 Rialto Su ccessor Agency Public Improvement Bonds - Reserve for next Period for 2015 B Refinance
Bond. See notes
Merged Project 0 Y
-$ -$ -$
185
2015 Refinance Bond C Reserve Reserves 7/1/2019 6/30/2019 Rialto Su ccessor Agency Public Improvement Bonds - Reserve for next Period for 2015 C Refinance
Bond. See notes
Merged Project 0 Y
-$ -$ -$
198
Library Trust Fund Miscellaneous 7/1/2019 6/30/2019 City of Rialto F unds related to the Library Trust Fund and held under "Prior ROPS
period balances and DDR RPTTF
balances retained" The DDR, as
approved by DOF, permits the SA to
retain funds for the City of Rialto.
The action is tranfering the funds to
the City for library improvement use.
Merged Project 0 Y
-$ -$ -$
199
Affordable Housing Project Bond Funded Project –
Pre-2011
7/1/2019 6/30/2019 Rialto Housing Authority For use for affordable housing project, list of sites from a developer
per exclusing right to negotiate
agreement dated May 14, 2015 with
the Rialto Housing Authority, or use
for approved affordable housing
agreement per affordable housing
agreement executed on June 26,
2016 with the Rialto Housing
Authority. Amount includes $805,619
as determined to be housing bond
proceeds, per DDR report. It
includes funds of $536,778 held in
the Successor Agency Fund 343.
Merged Project Y
-$ -$ -$
200
2018 Refinance TAB's A - Bonds
(2005 Series B)
Refunding Bonds Issued
After 6/27/12
01/24/18 03/01/36 Union Bank/Trustee Public Improvement Bonds; Refinanced 2008 Series A Bond in
Januar
y 2018.
Merged Project 40,588,875 N
1,766,375$ 1,126,625 1,126,625 $ 639,750 639,750 $ -$ -$ -$
-$ -$ -$
-$ -$ -$
-$ -$ -$
-$ -$ -$
-$ -$ -$
-$ -$ -$
-$ -$ -$
-$ -$ -$
-$ -$ -$
-$ -$ -$
City of Rialto Recognized Obligation Payment Schedule (ROPS 22-23) - ROPS Detail July 1, 2022 through June 30, 2023
(Report Amounts in Whole Dollars)
Item # Project Name/Debt Obligation Obligation Type Contract/Agreement Execution Date
Contract/Agreement
Termination Date Payee Description/Project Scope Project Area Total
Outstanding
Debt or
Obligation
22-23 B
TotalRetired ROPS 22-23
Total
22-23 A (July - December)
Fund Sources 22-23 A
Total
22-23 B (January - June)
Fund Sources
AB C D E F G H
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 07/01/19)
RPTTF amount should exclude "A" period distribution amount 4,865,338 1,326 81,486 3,191,885 78,749 2 Revenue/Income (Actual 06/30/20)
RPTTF amount should tie to the ROPS 19-20 total distribution from the County Auditor-Controller 73,278 4,971 710,914 10,960,191 3 Expenditures for ROPS 19-20 Enforceable Obligations
(Actual 06/30/20)
81,486 200,330 10,653,574 4 Retention of Available Cash Balance (Actual 06/30/20) RPTTF amount retained should only include the amounts
distributed as reserve for future period(s)
5 ROPS 19-20 RPTTF Prior Period Adjustment
RPTTF amount should tie to the Agency's ROPS 19-20 PPA
form submitted to the CAC
385,366
6 Ending Actual Available Cash Balance (06/30/20)
C to F =
(1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5) 4,938,616$ 6,297 $ 0 $ 3,702,469$ 0 $ No entry required
City of Rialto Recognized Obligation Payment Schedule (ROPS 22-23) - Report of Cash Balances July 1, 2019 through June 30, 2020
(Report Amounts in Whole Dollars)
ROPS 19-20 Cash Balances
(07/01/19 - 06/30/20)
Fund Sources
Comments
Bond Proceeds
Item # Notes/Comments
City of Rialto Recognized Obligation Payment Schedule (ROPS 22-23) - Notes July 1, 2022 through June 30, 2023