For City Council Meeting and the City of Rialto, Acting as the Successor to the Redevelopment Agency Meeting [January 8, 2019]
TO: Honorable Mayor/Chair and City Council/Governing Board
APPROVAL: Ahmad R. Ansari, Interim City Administrator
Sean Grayson, Interim City Administrator
FROM: Robb R. Steel, Assistant CA/Development Services Director
Title
Request City Council, Acting as Successor Agency to the Redevelopment Agency for the City of Rialto, to Adopt Resolution No. 7441 Approving the Last and Final Recognized Obligation Payment Schedule, Recognized Obligation Payment Scheduled for Fiscal Year 2019-20, and the Administrative Budget for Fiscal Year 2019-20.
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BACKGROUND:
Pursuant to Section 34177 of the California Health and Safety Code (HSC), successor agencies must submit a Recognized Obligation Payment Schedule (ROPS) to make payments for enforceable obligations and receive administrative funds for each fiscal year. Since 2012, each fiscal year the Successor Agency to the Redevelopment Agency of the City of Rialto (Rialto Successor Agency) prepared and submitted the ROPS to the Rialto Oversight Board and the California Department of Finance for approval.
The Last and Final ROPS allows an agency to make scheduled enforceable obligation payments without submitting an annual ROPS. The Last and Final ROPS must be submitted to the Department of Finance (DOF) and the County Auditor-Controller for approval.
Pursuant to HSC Section 34191.6, beginning January 1, 2016, agencies that have received a Finding of Completion have the option to submit a Last and Final ROPS if the agency satisfies all of the following conditions:
* The remaining debt is limited to administrative costs and payments pursuant to enforceable obligations with defined payment schedules including, but not limited to, debt service, loan agreements, and contracts.
* All remaining obligations have been previously listed on the Recognized Obligation Payment Schedule (ROPS) and appr...
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