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pursuant to which enforceable obligations (as defined in the Dissolution Act) of the successor agency are listed, together with the source of funds to be used to pay for each enforceable obligation. As defined in the Dissolution Act, "enforceable obligation" includes bonds, including the required debt service, reserve set -asides, and any other payments required under the indenture or similar documents governing the issuance of the outstanding bonds of the former redevelopment agency, as well as other obligations such as loans, judgments or settlements against the former redevelopment agency, any legally binding and enforceable agreement that is not otherwise void as violating the debt limit or public policy, contracts necessary for the administration or operation of the successor agency, and amounts borrowed from the Low and Moderate Income Housing Fund and from the city. A reserve may be included on the ROPS and held by the successor agency when required by the bond indenture or when the next property tax allocation will be insufficient to pay all obligations due under the provisions of the bond for the next payment due in the following six-month period (see APPENDIX A — "SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE"). The Successor Agency has covenanted to request such reserves as described below. Under the Dissolution Act, the categories of sources of payments for enforceable obligations listed on a ROPS are the following: (i) the Low and Moderate Income Housing Fund, (ii) bond proceeds, (iii) reserve balances, (iv) administrative cost allowance, (v) the RPTTF (but only to the extent no other funding source is available or when payment from property tax revenues is required by an enforceable obligation or otherwise required under the Dissolution Act), or (vi) other revenue sources (including rents, concessions, asset sale proceeds, interest earnings, and any other revenues derived from the former redevelopment agency, as approved by the oversight board). Other than amounts deposited in the RPTTF allocable to the Project Area and amounts held in funds and accounts under the Indenture, the Successor Agency does not expect to have any other funds available to pay the Bonds. The Dissolution Act provides that only those payments listed in the ROPS may be made by the Successor Agency from the funds specified in the ROPS. Required Approvals. As provided in SB 107, the ROPS, with respect to each Fiscal Year, and segregated into each six-month period beginning July 1 and January 1, must be submitted by the Successor Agency, after approval by the Oversight Board, to the the County Auditor -Controller, the State Department of Finance, and the State Controller by each February 1. For information regarding procedures under the Dissolution Act relating to late ROPS and implications thereof on the Bonds, see "RISK FACTORS - Recognized Obligation Payment Schedule." Pursuant to SB 107, commencing on September 22, 2015, successor agencies that have received a Finding of Completion and the concurrence of the Department of Finance as to the items that qualify for payment, among other conditions, may at their option, file a "Last and Final" ROPS. If approved by the Department of Finance, the Last and Final ROPS will be binding on all parties, and the Successor Agency will no longer submit a ROPS to the Department of Finance or the Oversight Board. The county auditor -controller will remit the authorized funds to the Successor Agency in accordance with the approved Last and Final ROPS until each remaining enforceable obligation has been fully paid. A Last and Final ROPS may only be amended twice, and only with approval of the Oversight Board, the Department of Finance and the County Auditor - Controller. The Successor Agency has not yet submitted a Last and Final ROPS nor has it yet determined a time to file a Last and Final ROPS. Debt Service. In the Indenture, the Successor Agency covenants to take all actions required under the Dissolution Act to include on its ROPS the amounts described below to be transmitted to the Trustee for the applicable ROPS Period in order to satisfy the requirements of the Indenture, including the principal and interest due on Outstanding Bonds and any Parity Debt, any Compliance Costs, as defined in the Indenture, any deficiency in the Reserve Account to the full amount of the Reserve Requirement. The Successor Agency shall submit an Oversight Board -approved ROPE to the County Auditor -Controller and the Department of Finance on or before February 1 with respect to the ROPS Period commencing the following July 1 and paid on June 1 of the same year and January 2 of the following year. 16 SA -3-30