RESOLUTION SA 23-
RESOLUTION OF THE GOVERNING BOARD OF THE SUCCESSOR
AGENCY TO THE REDEVELOPMENT AGENCY OF THE
CITY OF SANTA CLARITA, CALIFORNIA, APPROVING THE FISCAL YEAR 2023-24 RECOGNIZED OBLIGATION PAYMENTS SCHEDULE (ROPS)
WHEREAS, pursuant to ABx 1 26, enacted on June 28, 2011, and as subsequently amended by AB 1484, SB 341, and SB 107 ("Dissolution Act"), the Redevelopment Agency to the City of Santa Clarita was dissolved as of February 1, 2012, and the City of Santa Clarita elected to serve as the Successor Agency to the former Redevelopment Agency to the City of Santa Clarita; and
WHEREAS, pursuant to Health and Safety Code Section 34179 (q), commencing on and after July 1, 2018, the County of Los Angeles, where more than 40 oversight boards were created by the Dissolution Act, shall have five consolidated oversight boards each encompassing the five supervisorial districts; and
WHEREAS, the Fifth Supervisorial District Consolidated Oversight Board ("5th District Consolidated Oversight Board") has jurisdiction over the Successor Agency of the Former Redevelopment Agency to the City of Santa Clarita; and
WHEREAS, the Governing Board of the Successor Agency to the Redevelopment Agency of the City of Santa Clarita held a regular meeting on January 10th, 2023.
NOW, THEREFORE, the Governing Board of the Successor Agency to the Redevelopment Agency of the City of Santa Clarita, California, does hereby resolve as follows:
SECTION 1. The Governing Board of the Successor Agency to the Redevelopment Agency of the City of Santa Clarita hereby approves the Successor Agency’s Recognized Obligation Payment Schedule (ROPS), attached hereto as Exhibit “A.”
SECTION 2. The Secretary of the Successor Agency to the Redevelopment Agency of the City of Santa Clarita shall certify the adoption of this resolution.
SECTION 3. The Successor Agency’s officials and staff are hereby authorized and directed to transmit this resolution and take all other necessary and appropriate actions as required by law in order to effectuate its purposes.
PASSED, APPROVED, AND ADOPTED this 10th day of January 2023.
______________________________
CHAIR
ATTEST:
_______________________________
SECRETARY
DATE:__________________________
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Mary Cusick, Secretary of the Successor Agency to the Redevelopment Agency of the City of Santa Clarita do hereby certify that the foregoing Resolution No. SA 23- was duly adopted by the Governing Board of the Successor Agency to the Redevelopment Agency of the City of Santa Clarita at a regular meeting thereof, held on the 10th day of January 2023, by the following vote:
AYES: BOARDMEMBERS:
NOES: BOARDMEMBERS:
ABSENT: BOARDMEMBERS:
______________________________
SECRETARY
Recognized Obligation Payment Schedule (ROPS 23-24) - Summary Filed for the July 1, 2023 through June 30, 2024 Period Successor Agency: Santa Clarita
County: Los Angeles
Current Period Requested Funding for Enforceable
Obligations (ROPS Detail)
23-24A Total
(July -
December)
23-24B Total
(January -
June)
ROPS 23-24
Total
A Enforceable Obligations Funded as Follows (B+C+D) $ 1,572,647 $ 4,231 $ 1,576,878 B Bond Proceeds - - -
C Reserve Balance 1,572,647 - 1,572,647
D Other Funds - 4,231 4,231
E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) $ 806,824 $ 2,154,195 $ 2,961,019 F RPTTF 806,824 2,154,195 2,961,019
G Administrative RPTTF - - -
H Current Period Enforceable Obligations (A+E) $ 2,379,471 $ 2,158,426 $ 4,537,897 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
Exhibit A
Santa Clarita
Recognized Obligation Payment Schedule (ROPS 23-24) - ROPS Detail July 1, 2023 through June 30, 2024
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
23-24
Total
ROPS 23-24A (Jul - Dec)
23-24A
Total
ROPS 23-24B (Jan - Jun)
23-24B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
$55,830,945 $4,537,897 $- $1,572,647 $- $806,824 $- $2,379,471 $- $- $4,231 $2,154,195 $- $2,158,426 46 Reinstatement
of loans made
by the City to
the former
RDA
City/County
Loan (Prior
06/28/11),
Cash
exchange
02/24/
2015
07/08/2043 City of
Santa
Clarita
Repayment of
loans made to
former RDA by
the City of
Santa Clarita.
Newhall 15,059,877 N $803,734 - - - 803,734 - $803,734 - - - - - $- 52 Series 2017
Tax Allocation
Refunding
Bonds
Refunding
Bonds
Issued After
6/27/12
02/02/
2017
10/01/2042 Bank of
New York
Advance
Refunded: 1)
Tax Allocation
Bonds Series
2008 (bonds
issued to fund
redevelopment
projects) and
2) Housing
Set-Aside Tax
Allocation
Bonds Series
2008 (bonds
issued to fund
low and
moderate
income
housing
projects and
programs)
40,765,595 N $3,728,690 - 1,572,647 - - - $1,572,647 - - 4,231 2,151,812 - $2,156,043 53 Annual
Trustee Fee
for Series
2017 Tax
Allocation
Bond
Professional
Services
07/01/
2023
06/30/2024 Bank of
New York
Bonds issued
to fund
redevelopment
projects and
low and
moderate
income
housing
projects and
programs
2,050 N $2,050 - - - - - $- - - - 2,050 - $2,050
54 Continuing
Disclosure/
Post Issuance
Compliance
for Series
2017 Tax
Allocation
Refunding
Professional
Services
05/26/
2023
05/25/2024 Digital
Assurance
Certification
LLC
Continuing
disclosure/
post issuance
compliance
333 N $333 - - - - - $- - - - 333 - $333
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
23-24
Total
ROPS 23-24A (Jul - Dec)
23-24A
Total
ROPS 23-24B (Jan - Jun)
23-24B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bonds
55 Auditing
Services
Fees 07/01/
2023
06/30/2024 The Pun
Group, LLP
Auditing
services for
Fiscal Year
2022-2023.
3,090 N $3,090 - - - 3,090 - $3,090 - - - - - $-
Santa Clarita
Recognized Obligation Payment Schedule (ROPS 23-24) - Report of Cash Balances July 1, 2020 through June 30, 2021
(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 20-21 Cash Balances
(07/01/20 - 06/30/21)
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 07/01/20)
RPTTF amount should exclude "A" period distribution
amount.
885,507 12,896 6,792 E1: Reserve from 20/21 ROPS. F1: Prior year cash balance. G1: 17/18 PPA ROPS 20/21:
$2,422 +18/19 PPA ROPS 21/22: $2,360 +19/
20 PPA ROPS 22/23: $2,010 = $6,792
2 Revenue/Income (Actual 06/30/21)
RPTTF amount should tie to the ROPS 20-21 total
distribution from the County Auditor-Controller
4,231 2,849,590 F2: Includes interest income. G2: 20/21A Distribution $1,004,823 20/21B Distribution
$1,844,767 =$2,849,590
3 Expenditures for ROPS 20-21 Enforceable Obligations
(Actual 06/30/21)
885,507 2,756 1,640,195 Line 3 matches 20-21 PPA form actuals, less reserve of $1,209,012. Reserve included in
G4.
4 Retention of Available Cash Balance (Actual 06/30/21) RPTTF amount retained should only include the amounts
distributed as reserve for future period(s)
14,371 1,213,382 F4: $4,120 authorized for use on FY21/22 ROPS $6,020 authorized for use on FY22/23
ROPS $4,231 authorized for use on FY23/24
ROPS =$14,371 Retained for Future Use G4:
$1,209,012 Reserve +$ 2,360 18/19 PPA
ROPS 21/22 +$ 2,010 19/20 PPA ROPS 22/
23 =$1,213,382 Retention of Available Cash
Balance
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 20-21 Cash Balances
(07/01/20 - 06/30/21)
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
5 ROPS 20-21 RPTTF Prior Period Adjustment
RPTTF amount should tie to the Agency's ROPS 20-21 PPA
form submitted to the CAC
No entry required 2,805 Matches 20/21 PPA Form
6 Ending Actual Available Cash Balance (06/30/21)
C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5)
$- $- $- $- $-
Santa Clarita
Recognized Obligation Payment Schedule (ROPS 23-24) - Notes July 1, 2023 through June 30, 2024
Item # Notes/Comments
46 Amount was calculated using Loan Repayment Calculator based on ROPS 22-23A and ROPS 22-23B Actual Residuals. [22-23A residual: $1,074,612.59] [22-23B residual: $532,855.23] [Total: $1,607,468 / 2 = $803,734]
52 Debt service for calendar year 2024 is claimed on the 23-24B ROPS to comply with the bond covenant: Page 18 of the Official Statement states: "...the Successor Agency has covenanted to submit an Oversight Board approved Recognized Obligation Payment Schedule to the State Department of Finance and to the County Auditor-Controller, which shall include all scheduled interest, principal and mandatory sinking fund payments that are due and payable on all Bonds and Parity Bonds of the Successor Agency during the next ensuing calendar year, together with any amount required to replenish the Reserve Fund, and any amounts due and owing to the Insurer under the Indenture."
53 54
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