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Home My WebLink AboutRES-SAORA-040 APPROVING LAST AND FINAL ROPS FOR FY 7_1_26 THROUGH 6_30_37RESOLUTION NO. SAORA- 040 A RESOLUTION OF THE GOVERNING BOARD OF THE SUCCESSOR AGENCY TO THE ORANGE REDEVELOPMENT AGENCY APPROVING THE LAST AND FINAL RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE FISCAL PERIOD FROM JULY 1,2026,THROUGH JUNE 30, 2037, SUBJECT TO SUBMITTAL TO, AND REVIEW BY THE ORANGE COUNTYWIDE OVERSIGHT BOARD AND THE STATE DEPARTMENT OF FINANCE PURSUANT TO DISSOLUTION LAW, AUTHORIZING THE POSTING AND TRANSMITTAL THEREOF WHEREAS,the Orange Redevelopment Agency(Former Agency)was established as a redevelopment agency that was previously organized and existing under the California Community Redevelopment Law, Health and Safety Code ("HSC") Section 33000, et seq., and previously authorized to transact business and exercise powers of a redevelopment agency pursuant to action of the City Council of the City of Orange("City"); and WHEREAS, Assembly Bill xl 26 added Parts 1.8 and 1.85 to Division 24 of the California Health and "Safety Code, which caused the dissolution of all redevelopment agencies and wind down of the affairs of former agencies, including as such laws were amended by Assembly Bill 1484 and by other subsequent legislation, and most recently by Senate Bill 107 (together, the"Dissolution Law"); and WHEREAS, as of February 1, 2012 the Former Agency was officially dissolved under the Dissolution Law, and as a separate public entity, corporate and politic the Successor Agency to the Orange Redevelopment Agency ("Successor Agency")administers the enforceable obligations of the Former Agency and otherwise unwinds the Former Agency's affairs,all subject to the review and approval by a seven-member oversight board: and WHEREAS, pursuant to Section 34179(j) of the Dissolution Law, in every California county there shall be one oversight board that is staffed by the county's auditor- controller; and WHEREAS, the applicable consolidated oversight board overseeing this Successor Agency is the Orange Countywide Oversight Board("Oversight Board"); and WHEREAS, every oversight board, both the prior local board and this Oversight Board, has fiduciary responsibilities to the holders of enforceable obligations and to the taxing entities that benefit from distributions of property tax and other revenues pursuant to Section 34188 of the Dissolution Law; and WHEREAS, pursuant to HSC Section 34191.6 successor agencies may submit a Last and Final Recognized Obligation Payment Schedule("ROPS")for approval if all of the following conditions are met: 1) the remaining debt is limited to administrative costs and payments pursuant to enforceable obligations with defined payment schedules, 2) all remaining obligations have been previously listed on a ROPS and approved for payment by Department of Finance ("DOF") pursuant to HSC Section 34177, and 3) the Successor Agency is not party to outstanding or unresolved litigation; and WHEREAS, the Agency meets the conditions required to submit a Last and Final ROPS, and WHEREAS, the Agency has evaluated the implications of preparing a Last and Final ROPS and has determined that it reduces the administrative burden for dissolving the former Orange Redevelopment Agency; and WHEREAS, Sections 34177(m), 34177(o) and 34179 provide that a Last and Final ROPS is submitted to, reviewed and authorized for submittal the Successor Agency and then reviewed and approved by the Oversight Board, and is not effective unless and until reviewed and approved by the State Department of Finance; and WHEREAS,the Last and Final ROPS, in draft form, is attached as Exhibit A and is fully incorporated by this reference; and WHEREAS, the Successor Agency has reviewed the Last and Final ROPS and desires to approve this schedule and to authorize and direct Successor Agency staff to transmit the Last and Final ROPS to the Oversight Board,with copies to the Orange County Administrative Officer ("CAO"), Orange County Auditor-Controller ("CAC"), the State Controller's Office("SCO") and DOF as required by Dissolution Law. 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. The Successor Agency hereby approves and authorizes submittal of the Last and Final ROPS, subject to review, modification, and final approval by the Oversight Board and the State Department of Finance pursuant to the Dissolution Law. Section 3. The Successor Agency hereby authorizes and directs transmittal of the Last and Final ROPS to the Oversight Board and then to the DOF and other bodies as required by law. 2 Section 4. 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 posting the Last and Final ROPS on the Successor Agency website as required by law, transmitting the Last and Final ROPS to the appropriate agencies, requesting meet-and-confer with the State I/ Department of Finance, and making any modifications to the Last and Final ROPS required or directed by the State Department of Finance. PASSED AND ADOPTED this 13th day of January, 2026. e'e l R. Slater, Chairperson AT T: C—A‘litiC-4 /014'1'1d4 Pamela Coleman,Agency Clerk APPROVED AS TO FORM: Natha ie Adourian, Ag cy Attorney Attachment: Exhibit A 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 13th day of January, 2026 by the following vote: AYES: BOARD MEMBERS: Bilodeau, Barrios, Dumitru, Tavoularis, Gutierrez, Gyllenhammer, Slater NOES: BOARD MEMBERS: None ABSENT: BOARD MEMBERS: None Pamela Coleman, Agency Clerk 3 Last and Final Recognized Obligation Payment Schedule (ROPS) - Summary Filed for the July 1, 2026 through June 30, 2037 Period Successor Agency: Orange City County: Orange I Initial ROPS 26-27A Period: Final ROPS Period: 36-37B Requested Funding for Enforceable Obligations Total Outstanding Obligation A Enforceable Obligations Funded as Follows (B+C) B Bond Proceeds C Other Funds D Redevelopment Property Tax Trust Fund (RPTTF) (E+F)25,631,490 E RPTTF 25,524,590 F Administrative RPTTF 106,900 G Total Outstanding Obligations (A+D) 25,631,490 Certification of Oversight Board Chairman: 1 and Pit R., Sla,-tex C hill VmGt vi 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 the above named successor agency. 1/ I /2 fP ignature Date Orange City Last and Final Recognized Obligation Payment Schedule (ROPS) - Summary by ROPS Period July 1, 2026 through June 30, 2037 A Period B Period July - December January -June Fund Sources Fund Sources Twelve-Month Six-Month Six-Month Total Bond Other RPTTF Admin Total ROPS Period Bond Other RPTTF Admin Total Proceeds Funds RPTTF Proceeds Funds RPTTF 23,025,788 23,025,788' 2,498,802 $106,900 $2,605,702 25,631,490 1,879,268 1,879,268 ROPS 26-27B 435,585 10,910 446,495 2,325,763 1,909,692 1,909,692 ROPS 27-28B 396,785 8,652 405,437 2,315,129 1,959,347 1,959,347 ROPS 28-29B 356,565 8,854 365,419 2,324,766 1,995,579 1,995,579 ROPS 29-30B 315,989 9,059 325,048 2,320,627 2,044,954 2,044,954 ROPS 30-31B 273,184 9,267 282,451 2,327,405 2,087,098 2,087,098 ROPS 31-32B 228,277 9,479 237,756 2,324,854 2,138,637 2,138,637 ROPS 32-33B 181,019 9,693 190,712 2,329,349 2,184,821 2,184,821 ROPS 33-34B 141,435 9,911 151,346 2,336,167 2,230,177 2,230,177 ROPS 34-35B 100,176 10,132 110,308 2,340,485 2,275,356 2,275,356 ROPS 35-36B 57,245 10,357 67,602 2,342,958 2,320,859 2,320,859 ROPS 36-37B 12,542 10,586 23,128 2,343,987 Orange City Last and Final Recognized Obligation Payment Schedule (ROPS) - ROPS Detail July 1, 2026 through June 30, 2037 Report Amounts in Whole Dollars) A B C D E F G H I Agreement Agreement Total Item Project Name Obligation Type Execution Termination Payee Description Project Outstaning Date Date Area Obligation 25,631,490 4 2008 A&B and 2014A Fees 05/22/2012 09/01/2037 Richards,Watson Bond counsel Orange Bonds Gershon Merged 61 2008 Tax Allocation Bonds Issued On 05/01/2008 12/30/2027 US Bank To fund Orange Merged &Amended Orange 1,312,755 Bonds Series B or Before 12/31/10 Merged 70 Successor Agency Admin Costs 08/16/1983 07/05/2039 various Costs for maintaining Successor Agency operations Orange 106,900 Administrative Costs Merged 128 2014 Tax Allocation Bonds Issued After 12/04/2014 02/29/2024 US Bank 2014 Bond Refunding of the 1997 Tax Allocation Parity Bonds, Series A and the 2003 Tax Allocation Refunding Orange Refunding Bonds Series 12/31/10 Bonds, Series A. DOF approved Resolution No. OB-0055 that authorized the bond refunding and issuance. Merged A 130 2018 Tax Allocation Bonds Issued After 07/12/2018 09/01/2036 US Bank 2018 Bond Refunding of the 2008 Tax Allocation Bonds, Series A. DOF approved Resolution No. OB-0078 that 24,005,850 Refunding Bonds Series 12/31/10 authorized the bond refunding and issuance. A 131 2008B, 2014A, & 2018A Fees 06/01/1997 09/01/2036 US Bank Fiscal agent fees 109,392 Bonds 132 2008B, 2014A, & 2018A Fees 06/01/1997 09/01/2036 Willdan Bonds disclosure/arbitrage fees 96,593 Bonds A L P Q T X Y AB AF AG AJ AN AO AR AV AW AZ BD BE BH 26-27A 26-27B (Jan-Jun) 27-28A 27-28B (Jan-Jun) 28-29A 28-29B (Jan-Jun) 29-30A 29-30B (Jan-Jun) 30-31A 30-31B (Jan-Jun) 31-32A 31-32B (Jan-Jun) 32-33A Jul-Dec) Jul-Dec) Jul-Dec) Jul-Dec) Jul-Dec) Jul-Dec) Jul-Dec) Item RPTTF RPTTF Admin RPTTF RPTTF Admin RPTTF RPTTF Admin RPTTF RPTTF Admin RPTTF RPTTF Admin RPTTF RPTTF Admin RPTTF RPTTF RPTTF RPTTF RPTTF RPTTF RPTTF 1,879,268 $435,585 $10,910 $1,909,692 $396,785 $8,652 $1,959,347 $356,565 $8,854J$1,995,579 $315,989 $9,0502,044,954 $273,184 $9,267 $2,087,098 $228,277 $9,4702,138,637 4 61 638,385 19,685 654,685 70 128 130 1,234,400 408,200 1,248,200 387,200 1,952,200 348,075 1,988,075 307,075 2,037,075 263,825 2,078,825 218,450 2,128,450 131 7,700 8,085 8,490 8,914 9,359 9,827 132 6,483 6,807 1,500 7,147 7,504 7,879 8,273 10,187 699'0 6 - 999'I4 LLS`6 6Z 1'6 ZE 1. 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