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�Q`SdT v\ <br />REQUEST • <br />SUCCESSOR AGENCY <br />� y <br />ACTION • `•.1 _— <br />JFU <br />MEETING DATE: <br />JANUARY 15, 2019 <br />TITLE: <br />ADOPT A RESOLUTION APPROVING THE <br />RECOGNIZED OBLIGATION PAYMENT <br />SCHEDULE FOR THE PERIOD OF JULY 1, <br />2019 THROUGH JUNE 30, 2020 <br />{STRATEGIC PLAN NO. 4, 1} <br />r6o <br />TY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF THE COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Implementing Resolution <br />❑ Other <br />CONTINUED TO <br />FILE NUMBER <br />Adopt a resolution approving the Recognized Obligation Payment Schedule for the period of July <br />1, 2019 through June 30, 2020 pursuant to Part 1.85 of Division 24 of the California Health & <br />Safety Code. <br />DISCUSSION <br />Pursuant to Part 1.85 of Division 24 of the California Health & Safety Code ("Dissolution Act"), the <br />City Council on January 9, 2012, elected for the City to act' as the "Successor Agency to the <br />dissolved Community Redevelopment Agency ("Agency"). On February 1, 2012, in accordance <br />with the Dissolution Act and the California Supreme Court's decision in California Redevelopment <br />Association v. Matosantos, Case No. S194861, the Agency was dissolved and the City began to <br />serve as the "Successor Agency." The City Council serves as the governing body of the <br />Successor Agency under the Dissolution Act as amended by AB 1484, AB 471, and SB 107, to <br />administer the enforceable obligations of the Agency and otherwise unwind the Agency's affairs. <br />Effective July 1, 2018, the local Oversight Board to the Successor Agency was dissolved and the <br />new Orange Countywide Oversight Board (OCOB) was established. The OCOB now has <br />oversight with respect to the Dissolution process, including review and approval of the <br />Recognized Obligation Payment Schedule (ROPS). <br />The ROPS includes the administrative cost allowance as required under Health and Safety Code <br />Section 34177 Q) through (k), and is presented in the format designed by the Department of <br />Finance (DOF). <br />On November 8, 2018, the Successor Agency issued its Tax Allocation Refunding Bonds, Series <br />2018A and 2018B ("2018 Bonds") in the amount of $72,310,000 to refinance the former Agency's <br />Merged Project Area, Tax Allocation Bonds, 2011 Series A Bonds ("2011 Bonds") and the South <br />SA -4-1 <br />