OB - 2012-0003- Approving the Recognized Obligation Payment Schedules for the Period of January 1, 2012 Through June 30, 2012 and July 1, 2012 Through December 31, 2012RESOLUTION: 2012 -0003
A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY
TO THE ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION APPROVING
THE RECOGNIZED OBLIGATION PAYMENT SCHEDULES FOR THE PERIOD OF
JANUARY 1, 2012 THROUGH JUNE 30, 2012 AND JULY 1, 2012 THROUGH
DECEMBER 31, 2012
WHEREAS, California Health and Safety Code section 34179 requires that each
Successor Agency have an Oversight Board; and
WHEREAS, Section 34177 requires each Successor Agency to prepare a draft
Obligation Payment Schedule ('BOPS ") and section 34180 requires the Oversight Board to
approve same; and
WHEREAS, Section 34177 provides that each ROPS shall be forward looking to the
next six months; and
WHEREAS, section 34177 requires that the draft ROPS prepared by the Successor
Agency be certified by an external auditor designated by the County Auditor - Controller and then
submitted to the Oversight Board for approval, after which it is to be transmitted to the County
Auditor - Controller, the State Controller and the State Department of Finance; and
WHEREAS, notwithstanding the sequencing contemplated in section 34177, the
Department of Finance is requesting the ROPS be considered by the Oversight Board and
transmitted as soon as possible; and
WHEREAS, the County of Los Angeles has assigned an auditor, but has not indicated
when it will complete the external audits of the draft ROPS; and
WHEREAS, the County will not make any payments of property taxes to the Successor
Agency for use in payment of the obligations listed on the ROPS until the ROPS has been
approved by the Oversight Board. Any delay in such payment could impair the Successor
Agency's ability to make payments for the enforceable obligations; and
WHEREAS, the Successor Agency prepared a draft ROPS for the period January 1,
2012 through June 30, 2012 is attached hereto as Exhibit A. The Successor Agency prepared
draft ROPS for the period July 1, 2012 through December 31, 2012 is attached hereto as
Exhibit B.
NOW THEREFORE, THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY
TO ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION HEREBY RESOLVES:
1. The ROPS for the period January 1, 2012 through June 30,2012 attached hereto as
Exhibit A is hereby approved.
2. The ROPS for the period July 1, 2012 through December 31, 2012 attached hereto
as Exhibit B is hereby approved.
3. Successor Agency staff is directed to provide a copy of this Resolution along with
the approved ROPS to the County Auditor - Controller, the State Controller's Office
and the State Department of Finance.
PASSED, APPROVED AND ADOPTED this 25th day of April 2012.
Chairperson
ATTEST:
Matth w E. Hs kesworth
Successor Agency Staff
Assistant City Manager
HEREBY CERTIFY that the above and foregoing resolution was duly passed and adopted by
the Oversight Board for the Successor Agency to the Rosemead Community Development
Commission at its special meeting held on the 25 day of April 2012, by the following vote, to
wit:
AYES:
NOES:
ABSENT:
ABSTAINED:
n
Matthew E. Hawkesworth
Successor Agency Staff
Assistant City Manager
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS.
CITY OF ROSEMEAD )
I, Matthew E. Hawkesworth, Successor Agency Staff of the Oversight Board for the
Successor Agency to the Rosemead Community Development Commission, do hereby
certify that the foregoing Resolution No. 2012 -0003, entitled:
A RESOLUTION OF THE OVERSIGHT BOARD
FOR THE SUCCESSOR AGENCY TO THE
ROSEMEAD COMMUNITY DEVELOPMENT
COMMISSION APPROVING THE RECOGNIZED
OBLIGATION PAYMENT SCHEDULES FOR THE
PERIOD OF JANUARY 1, 2012 THROUGH JUNE 30,
2012 AND JULY 1, 2012 THROUGH DECEMBER 31,
2012
was duly and regularly approved and adopted by the Rosemead Oversight Board of the
Successor Agency to the Rosemead Community Development Commission on the 25` of
April 2012, by the following vote to wit:
Yes: Allred, Alvarez, Jones, Lash, Redondo - Churchward, Wallach
No: None
Abstain: None
Absent: None
Matthe1w E. H wkesworth
Successor Agency Staff
ROSEMEAD SUCCESSOR
AGENCY STAFF REPORT
TO: THE HONORABLE CHAIR AND BOARD MEMBERS
FROM: MATTHEW HAWKESWORTH, ASSISTANT CITY MANAGER
DATE: APRIL 25, 2012
SUBJECT: RECOGNIZED OBLIGATION PAYMENT SCHEDULE APPROVAL
SUMMARY
California Health and Safety Code section 34177 requires each Successor Agency to
prepare a Recognized Obligation Payment Schedule (`BOPS ") and section 34180
requires the Oversight Board to approve the ROPS. The approved ROPS is then
required to be transmitted to the County Auditor - Controller, the State Controller's Office
and the State Department of Finance.
A ROPS will be prepared and presented to the Oversight Board for each six month
period. Due to the unique timing of the establishment of the Oversight Board and its
first meeting, ROPS for the periods of January through June 2012 and July through
December 2012 have both been prepared and are submitted for the Board's approval.
Staff Recommendation:
That the Oversight Board approve Resolution 2012 -0003 approving the ROPS for the
periods of January through June 2012 and July through December 2012.
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process in
accordance with the Brown Act.
Prepared by:
Matthew E. Hawkesworth
Assistant City Manager
ITEM NO.