SA-4 - SA - RESO - ROPS 7-1-19 TO 6-30-20

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ROPS 19-20 January 15, 2019 Page 2 Main Street Redevelopment Project, Tax Allocation Bonds 2003 Series A and Series B Bonds ("2003 Bonds") upon approval by DOR This refinancing action will result in the retirement of the various obligations associated with the 2003 and 2011 Bonds on the ROPS 19-20; specifically line items 1 through 12. Additionally, new line items 160 through 167 have been added for the debt service payments, trustee fees, continuing disclosure fees, and arbitrage rebate analysis fees associated with the new 2018 Bonds. Upon Successor Agency approval, the ROPS will be submitted to the Orange Countywide Oversight Board for approval at its January 29, 2019 meeting. Upon OCOB approval, the ROPS will be submitted to the DOF, County, and other appropriate entities as required by the Dissolution Act by the February 1, 2019 deadline. The ROPS will also posted on the Successor Agency's website. STRATEGIC PLAN ALIGNMENT Approval of this item supports the City's efforts to meet Goal #4 - City Financial Stability, Objective #1 (Maintain a stable, efficient and transparent financial environment). FISCAL IMPACT The Successor Agency is limited to making only payments listed on the approved ROPS for each annual period. Administrative expenses are capped at three percent of the actual property tax distributed for the ROPS in the preceding fiscal year or the minimum of $250,000 per year. The Successor Agency is anticipated to be approved for $289,698 in administrative cost allowance for FY 19/20. Funds will be budgeted for FY 19/20 in the Redevelopment Obligation Retirement Funds (account no. 67118021 -various, 67018843 -various, and 67018850 -various) upon approval of the ROPS by DOF. APPROVED AS TO FUNDS AND ACCOUNTS: Steven A. Mendoza Kathryn Downs, CPA Executive Director Executive Director Do Community Development Agency Finance and Management Services Agency SM/SG Exhibit: 1. Resolution A. Recognized Obligation Payment Schedule 19-20 SA -4-2