OB - 2013-0003 - Re-Affirming the Approval of the Bond Proceeds Funded Capital Improvement Projects As Previously Included in the Recognized Obligation Payment SchedulesRESOLUTION: 2013 -0003
A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY
TO THE ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION RE- AFFIRMING
THE APPROVAL OF THE BOND PROCEEDS FUNDED CAPITAL IMPROVEMENT
PROJECTS AS PREVIOUSLY INCLUDED IN THE RECOGNIZED OBLIGATION
PAYMENT SCHEDULES
WHEREAS, on April 25, 2012 the Oversight Board for the Rosemead Successor
Agency approved the inclusion of Capital Improvement Projects to be funded with existing bond
proceeds on the Recognized Obligation Payment Schedule; and
WHEREAS, the approved Capital Improvement Projects have been included on each
Recognized Obligation Payment Schedule filed by the Rosemead Successor Agency; and
WHEREAS, the Rosemead Successor Agency received the Finding of Completion on
April 18, 2013 from the Department of Finance; and
WHEREAS, the Finding Completion states that the Rosemead Successor Agency may
utilize proceeds derived from bonds issued prior to January 1, 2011 in a manner consistent with
the original bond covenants per Health and Safety Code section 34191.4(c); and
WHEREAS, the Rosemead Successor Agency is holding approximately $7.1 million in
bond proceeds derived from bonds issued prior to January 1, 2011 for Capital Improvement
Projects identified in the bond covenants; and
WHEREAS, the Rosemead Successor Agency will be required to enter into new
contracts or agreements for the completion of the Capital Improvement Projects; and
WHEREAS, the Rosemead Successor Agency will be required to submit amended
Recognized Obligation Payment Schedules upon the award of any related contracts for periods
in which a Recognized Obligation Payment Schedule has previously been submitted.
NOW THEREFORE, THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY
TO ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION HEREBY RESOLVES:
1. Successor Agency staff may move forward with Capital Improvement Projects
identified in the bond covenants and listed on the ROPS.
2. Successor Agency staff shall follow the City of Rosemead's municipal code and
purchasing policies, and any applicable matching grant requirements to the
completion of the projects.
3. Successor Agency staff is directed to submit amended ROPS for the January to
June 2013 and /or July to December 2013 period once contracts are issued and the
anticipated funding schedule is identified.
4. Successor Agency staff is directed to provide a copy of this Resolution to the County
Auditor - Controller, the State Controller's Office and the State Department of
Finance.
PASSED, APPROVED AND ADOPTED this 13th day of May 2013.
1 4 Ad
Pat Wallach
Chairperson
ATTEST:
rr r
Matthew E. Htiftesworth
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 11"' day of February 2013, by the following vote,
to wit:
AYES: Ailed, Jones, lash, Sotelo, Wallach
NOES: None
ABSENT: Miller, Redondo - Churchward
ABSTAINED: None
Matth w E. HakvVesworth
Successor Agency Staff
Assistant City Manager