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Home My WebLink AboutRES-SAORA-038 RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS) - FY2025-26RESOLUTION NO. SAORA-038 A RESOLUTION OF THE GOVERNING BOARD OF THE SUCCESSOR AGENCY TO THE ORANGE REDEVELOPMENT AGENCY APPROVING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE FISCAL PERIOD FROM JULY 1, 2025, THROUGH JUNE 30, 2026, PURSUANT TO HEALTH AND SAFETY CODE SECTION 34177 AND TAKING CERTAIN RELATED ACTIONS WHEREAS,pursuant to Health and Safety Code Section 34177(o),the Successor Agency to the Orange Redevelopment Agency (the Successor Agency) must prepare a Recognized Obligation Payment Schedule listing the anticipated payments for enforceable obligations to be made by the Successor Agency during the fiscal period from July 1, 2025, through June 30, 2026 ROPS 25-26) and submit ROPS 25-26 to the oversight board of the Successor Agency (the Oversight Board) for approval; and WHEREAS,pursuant to Health and Safety Code Section 34177(1)(2)(B),at the same time that the Successor Agency submits ROPS 25-26 to the Oversight Board for approval,the Successor Agency must submit a copy of such ROPS 25-26 to the State Department of Finance (the DOF), the County administrative officer, and the County Auditor-Controller; and WHEREAS, pursuant to Health and Safety Code Section 34177(1)(2) and Section 34177 o)(1), the Successor Agency must: (i) submit the Oversight Board-approved ROPS 25-26 to the DOF,the Office of the State Controller, and the County Auditor-Controller no later than February 1, 2025, and (ii) post a copy of the Oversight Board-approved ROPS 25-26 on the Successor Agency's website. NOW, THEREFORE, BE IT RESOLVED that the Governing Board of the Successor Agency to the Orange Redevelopment Agency does hereby find, determine, resolve, and order as follows: Section 1. The above recitals are true and correct and are a substantive part of this Resolution. Section 2. ROPS 25-26, substantially in the form attached hereto as Exhibit A, is hereby approved. The Executive Director of the Successor Agency, in consultation with the Successor Agency's legal counsel, may modify ROPS 25-26 as the Executive Director or the Successor Agency's legal counsel deems necessary or advisable. Section 3. Staff is hereby authorized and directed to submit a copy of ROPS 25-26 to the Oversight Board for approval and, at the same time, transmit a copy of ROPS 25-26 to the DOF, the County Auditor-Controller and the County administrative officer as designated by the County. Section 4. Staff is hereby authorized and directed to submit a copy of Oversight Board- approved ROPS 25-26 to the DOF, the Office of the State Controller, and the County Auditor- Controller. If the Oversight Board has not approved ROPS 25-26 by February 1, 2025, Staff is hereby authorized and directed to transmit ROPS 25-26 to the DOF, the Office of the State Controller, and the County Auditor-Controller by February 1, 2025, with a written notification regarding the status of the Oversight Board's review. Written notice and information regarding the action of the Oversight Board shall be provided to the DOF by electronic means and in a manner of DOF's choosing. Section 5. Staff is hereby authorized and directed to post a copy of the Oversight Board-approved ROPS 25-26 on the Successor Agency's Internet website (being a page on the Internet website of the City of Orange). Section 6. The officers and other Staff members of the Successor Agency are hereby authorized and directed, jointly and severally, to do any and all things which they may deem necessary or advisable to effectuate this Resolution, including but not limited to requesting additional review by the DOF and an opportunity to meet and confer on any disputed items, and making adjustments to ROPS 25-26 pursuant to the DOF's instructions, and any such actions previously taken are hereby ratified and confirmed. PASSED AND ADOPTED this 14`1' day of January 2025. aniel R. Slater, Chairperson ATTEST: Pamela Coleman,Agency Clerk APPROVED AS TO FORM: Mike igliotta, Agency Attorney 2 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF ORANGE I hereby certify that the foregoing Resolution was duly and regularly adopted by Governing Board of the Successor Agency to the Orange Redevelopment Agency at a regular meeting thereof held on the 14th day of January, 2025 by the following vote: AYES: BOARD MEMBERS: Bilodeau, Barrios, Dumitru, Tavoularis, Gutierrez, Gyllenhammer, Slater NOES: BOARD MEMBERS: None ABSENT: BOARD MEMBERS: None r Pamela Coleman,Agency Clerk 3 EXHIBIT A SUCCESSOR AGENCY TO THE ORANGE REDEVELOPMENT AGENCY RECOGNIZED OBLIGATION PAYMENT SCHEDULE July 1,2025—June 30,2026) Recognized Obligation Payment Schedule (ROPS 25-26) - Summary Filed for the July 1, 2025 through June 30, 2026 Period Successor Agency: Orange City County: Orange Current Period Requested Funding for Enforceable 25-26A Total 25-26B Total ROPS 25-26 Obligations (ROPS Detail) December) ( Janua June) ry Total A Enforceable Obligations Funded as Follows (B+C+D) 1,825,335 $ 462,685 $ 2,288,020 B Bond Proceeds C Reserve Balance D Other Funds 1,825,335 462,685 2,288,020 E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) $ 25,715 $ 25,715 $ 51,430 F RPTTF G Administrative RPTTF 25,715 25,715 51,430 H Current Period Enforceable Obligations (A+E) 1,851,050 $ 488,400 $ 2,339,450 Certification of Oversight Board Chairman: DQ.r1 6{ Cketiqlec5on Name Title Pursuant to Section 34177 (o) of the Health and Safety code, I hereby certify that the above is a true and accurate Recognized Obligation Payment Schedule for J the above named successor agency. s/ ature Date Orange City Recognized Obligation Payment Schedule(ROPS 25-26)-ROPS Detail July 1,2025 through June 30,2026 A B C D E F G H I J K L M N 0 P Q R S T U V W ROPS 25-26A(Jul-Dec) Agreement Agreement Total ROPS Item Project Name Obligation Execution Termination Payee Description Are Project Outstanding Retired 25-26 Fund Sources Total 6A Fund Sources 2T tagDateDateObligationTotalBondReserveOtherAdminBondReserveOtherAdmin Proceeds Balance Funds RPTTF RPTTF Proceeds Balance Funds RPTTF RPTTF 33,052,938 $2,339,450 $- $-$1,825,335 $-$25,715 $1,851,050 4 2008 A&B Admin 05/22/ 09/01/2037 Richards,Watson Bond Orange 11,500 N $1,000 500 $500 500 $500 and 2014A Costs 2012 Gershon counsel Merged Bonds 61 2008 Tax Bonds 05/01/ 05/01/2038 US Bank To fund Orange 3,899,388 N $643,620 605,335 - - $605,335 38,285 - - $38,285 Allocation Issued 2008 Orange Merged Bonds Series On or Merged& B Before Amended 12/31/10 70 Successor Admin 08/16/ 07/05/2039 various Costs for Orange 250,000 N $38,100 19,050 $19,050 19,050 $19,050 Agency Costs 1983 maintaining Merged Administrative Successor Costs Agency operations 130 2018 Tax Bonds 07/12/ 09/01/2036 US Bank 2018 Bond 28,740,250 N $1,644,400 1,220,000 - - $1,220,000 424,400 - - $424,400 Allocation Issued 2018 Refunding Refunding After 12/ of the 2008 Bonds Series 31/10 Tax A Allocation Bonds, Series A. DOF approved Resolution No. OB-0078 that authorized the bond refunding and issuance. 131 2008B& Admin 06/01/ 09/01/2036 US Bank Fiscal 80,400 N $7,850 3,925 $3,925 3,925 $3,925 2018A Bonds Costs 1997 agent fees 132 2008E& Admin 06/01/ 09/01/2036 Willdan Bonds 71,400 N $4,480 2,240 $2,240 2,240 $2,240 2018A Bonds Costs 1997 disclosure/ arbitrage fees Orange City Recognized Obligation Payment Schedule (ROPS 25-26) -Report of Cash Balances July 1,2022 through June 30,2023 Report Amounts in Whole Dollars) Pursuant to Health and Safety Code section 34177(I), Redevelopment Property Tax Trust Fund(RPTTF)may be listed as a source of payment on the ROPS, but only to the extent no other funding source is available or when payment from property tax revenues is required by an enforceable obligation. A B C D E F G H Fund Sources Bond Proceeds Reserve Balance Other Funds RPTTF ROPS 22-23 Cash Balances Prior ROP S 07/01/22-06/30/23) Bonds issued Bonds issued RPTTF anndd Comments on or before on or after Reserve Rent,grants, Non-Admin 12/31/10 01/01/11 Balances retained interest,etc. and Admin for future period(s) I 1 Beginning Available Cash Balance(Actual 07/01/22) 4,300 1,922,500 953,154 144,490 RPTTF amount should exclude"A"period distribution amount. 2 Revenue/Income(Actual 06/30/23) 5,526,033 RPTTF amount should tie to the ROPS 22-23 total distribution from the County Auditor-Controller 3 Expenditures for ROPS 22-23 Enforceable Obligations 1,618 5,659,947 6/30/2023 City repaid loan$3,417,360 Actual 06/30/23) 4 Retention of Available Cash Balance(Actual 06/30/23) 1,922,500 8,958 RPTTF amount retained should only include the amounts distributed as reserve for future period(s) 5 ROPS 22-23 RPTTF Prior Period Adjustment No entry required RPTTF amount should tie to the Agency's ROPS 22-23 PPA form submitted to the CAC 6 Ending Actual Available Cash Balance(06/30/23) 4,300 951,536 1,618 CtoF=(1 +2-3-4),G=(1 +2-3-4-5) Orange City Recognized Obligation Payment Schedule (ROPS 25-26) - Notes July 1, 2025 through June 30, 2026 Item # Notes/Comments 4 61 70 130 131 132