RES-OB-0078 Redevelopment Property Tax Trust FundRESOLUTION NO. OB -0078
A RESOLUTION OF THE OVERSIGHT BOARD OF
THE SUCCESSOR AGENCY TO THE ORANGE
REDEVELOPMENT AGENCY APPROVING THE
USE OF MONEYS RECEIVED FROM FISCAL YEAR
2018 -19 REDEVELOPMENT PROPERTY TAX
TRUST FUND DISBURSEMENTS FOR REFUNDING
BONDS DEBT SERVICE AND TAKING RELATED
ACTIONS.
WHEREAS, pursuant to Section 34177 of the Health and Safety Code ( "HSC "), the
Successor Agency to the Orange Redevelopment Agency (the "Successor Agency ") must prepare
a Recognized Obligation Payment Schedule ( "ROPS ") for each designated fiscal period, listing
the estimated payment amounts for enforceable obligations and the sources of funds for such
payments during the fiscal period; and
WHEREAS, each ROPS must be submitted to the Oversight Board of the Successor
Agency (the "Oversight Board ") and the California State Department of Finance (the "DOF ")
for approval; and
WHEREAS, pursuant to HSC Section 34177(1) and Section 34177(o), the Successor
Agency prepared a ROPS ( "ROPS 18 -19 ") for the period from July 1, 2018 through June 30, 2019
Fiscal Year 2018 -19 "); and
WHEREAS, the Oversight Board adopted Resolution No. OB -0075 on January 11, 2018,
approving ROPS 18 -19; and
WHEREAS, included on ROPS 18 -19 is a line item (the "Bond Line Item ") pertaining to
scheduled debt service payments for the Orange Merged and Amended Redevelopment Project
Area 2008 Tax Allocation Bonds, Series A (the "2008A Bonds ") issued by the former
Redevelopment Agency (the "Former Agency "); and
WHEREAS, on this day, by a separate resolution (the "OB Bond Resolution "), the
Oversight Board approved the Successor Agency' s issuance of bonds (the "Refunding Bonds ")
to refund all or a portion of the outstanding 2008A Bonds pursuant to HSC Section 34177.5; and
WHEREAS, the Refunding Bonds will be issued pursuant to an indenture, as amended
and supplemented (the "Indenture ") as described in the OB Bond Resolution; and
WHEREAS, the Successor Agency expects that, upon the DOF's approval of the OB Bond
Resolution, the Refunding Bonds will be issued before the end of Fiscal Year 2018 -19 and,
therefore, a portion of the moneys received from Redevelopment Property Tax Trust Fund
RPTTF ") disbursements that would have been used to pay debt service on the 2008A Bonds
during Fiscal Year 2018 -19, should be applied toward, instead, debt service on the Refunding
Bonds.
NOW, THEREFORE, THE OVERSIGHT BOARD OF THE SUCCESSOR
AGENCY TO THE ORANGE REDEVELOPMENT AGENCY, HEREBY FINDS,
DETERMINES, RESOLVES, AND ORDERS AS FOLLOWS:
Section 1. The above recitals are true and correct and are a substantive part of this
Resolution.
Section 2. Subject to the DOF's approval (or deemed approval) of the OB Bond
Resolution, the Oversight Board hereby approves the application of all or a portion of the RPTTF
moneys received during Fiscal Year 2018 -19 (and other moneys received or held in connection
with the Bond Line Item) that would have been allocated to the 2008A Bonds toward debt service
on the Refunding Bonds.
Section 3. The members of this Oversight Board and the staff of the Successor Agency
are hereby authorized, jointly and severally, to do all things which they may deem necessary or
proper to effectuate the purposes of this Resolution.
ADOPTED this 19th day of April 2018.
0,14 A or
Teres. E. Smith
Chairperson of the Oversight Board to the
Successor Agency of the Orange Redevelopment Agency
ATTEST:
ia,,,:i6,,,c_ _ de„
Mary Mu by
Clerk of the Oversight Board
Resolution No. OB -0078 2-
I hereby certify that the foregoing Resolution was duly and regularly adopted by the
Oversight Board of the Successor Agency to the Orange Redevelopment Agency at a regular
meeting thereof held on the 19th day of April 2018, by the following vote:
AYES:BOARD MEMBERS: Smith, Buttress, Christensen, Remland, Schulze
NOES:BOARD MEMBERS: None
ABSENT: BOARD MEMBERS: Davert
ABSTAIN: BOARD MEMBERS: None
C
Mary Murp y
Clerk of the Oversight Board
Resolution No. OB -0078 3-