AgdaPkt 2012-04-23 - Laserfiche WebLink

Browse Search

6.4. B. - Page 1 RE PO RT To the Honorable Mayor and City Council From the Cit Mana er April 23, 2012 SUBJECT Resolution of the Successor Agency adopting the Recognized Obligation Payment Schedule - July 1, 2012 through December 31, 2012 RECOMMENDATION That the City of Redwood City as the Successor Agency adopt a resolution approving the Recognized Obligation Payment Schedule - July 1, 2012 through December 31, 2012. (Attachment 1) BACKGROUND In its capacity as the Successor Agency (SA) to the dissolved Redevelopment Agency of Redwood City, the City of Redwood City prepares the ROPS for each six month period of each fiscal year. The ROPS lists the enforceable obligations, payee, funding source, obligation expiration date, and payment by month for items such as debt services, loans, agreements, and purchase orders of the former Redevelopment Agency of Redwood City. ANALYSIS The proposed ROPS for July through December 2012 (Second ROPS) will cover enforceable obligation payments for the period of July 1 through December 31, 2012. The County Auditor-Controller is required to make payments to the SA from the Trust Fund for this period by June 1, 2012 and must provide estimates of the amount of such payments to the State and SA by May 1, 2012. Prior to May 11, 2012, the Oversight Board must approve the Second ROPS, which will be submitted to the State Department of Finance (DOF), State Controller, and County Auditor Controller. Actions of the Oversight Board's approval of the Second ROPS do not become effective for three business days. If the DOF requests a review, it has ten days to approve the Oversight Board action or to return the action to the Oversight Board for reconsideration. ALTERNATIVES The Successor Agency may revise the items listed in the Second ROPS. FISCAL IMPACT There is no fiscal impact for the preparation of the Second ROPS.