TITLE:
title
ADOPT RESOLUTION APPROVING RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR FISCAL YEAR 2023-2024 FOR THE PERIOD OF JULY 1, 2023 TO JUNE 30, 2024
end
DEPARTMENT: FINANCE DEPARTMENT
PRESENTED BY: CAROL MOLINA, FINANCE DIRECTOR
CONTACT INFORMATION: CAROL MOLINA, FINANCE DIRECTOR, (714) 754-5243
RECOMMENDATION:
recommendation
Adopt Successor Agency Resolution No. 23-XX approving the Recognized Obligation Payment Schedule for Fiscal Year 2023-24 for the period of July 1, 2023 to June 30, 2024, subject to submittal to and review by the Orange Countywide Oversight Board (Oversight Board) and the State of California, Department of Finance (DOF). Further, the Finance Director, or her authorized designee, in consultation with legal counsel, shall be authorized to request and complete meet and confer session(s), if any, with the DOF and authorized to make augmentations, modifications, additions or revisions as may be necessary or directed by the DOF.
end
BACKGROUND:
As of February 1, 2012, all California redevelopment agencies were dissolved. The Successor Agency to the Costa Mesa Redevelopment Agency (Successor Agency) succeeded to the Costa Mesa Redevelopment Agency (former Agency). The Successor Agency is performing its functions under Division 24, Parts 1.8 and 1.85 of the Health and Safety Code, as amended by Assembly Bill 1484 and other subsequent legislation (together as amended, the "Dissolution Law"), to administer the enforceable obligations and otherwise unwind the affairs of the former Agency, all subject to review and approval by the seven-member countywide oversight board.
One of the enforceable obligations is the $9.3 million loan from the City's General Fund to the former Agency. In May 2014, DOF approved the reinstatement of the Successor Agency's loan and allowed the annual loan repayment be placed on Recognized Obligation Payment Schedules (ROPS), subject to annual approval by the oversight board and DOF.
At previous meetings of ...
Click here for full text