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Consider adopting a resolution approving the Recognized Obligation Payment Schedule (ROPS) and Administrative Budget for the Vallejo Successor Agency for the period from July 1, 2020 through June 30, 2021
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Published Notice Required? Yes ___ No _X _
Public Hearing Required? Yes ___ No _X _
RECOMMENDATION:
It is recommended that the Solano Consolidated Oversight Board adopt the resolution approving the Recognized Obligation Payment Schedule (ROPS) and Administrative Budget for the Vallejo Successor Agency for the period from July 1, 2020 through June 30, 2021.
DISCUSSION:
In 2011, the Governor signed into law AB1X 26 (the "Dissolution Act") which immediately suspended most activities of Redevelopment Agencies prior to their elimination effective October 1, 2011. All agencies were subsequently dissolved as of February 1, 2012, and a Successor Agency was designated to complete the work of the Agency and satisfy the outstanding financial obligations. Assembly Bill 1484 ("AB 1484") was signed by the Governor in 2012, adding significant new or modified actions and deadlines. The Dissolution Act was further amended by SB 107 on September 22, 2015.
Pursuant to HSC Section 34177(l), successor agencies must submit their annual Recognized Obligation Payment Schedules (ROPS) and HSC 34177(j) requires the successor agencies to prepare an administrative budget and submit both to the Board for review and approval. The ROPS must be approved by the State Department of Finance (DOF) before any distribution of funds by the County Auditor-Controller.
The Board is being asked to approve the ROPS 20-21 which covers July 1, 2020 - June 30, 2021 (Attachment B) for the Vallejo Successor Agency. Total obligations are $1,580,913 of which $944,770 and $190,000 for administrative expenditures is being funded by the Redevelopment Property Tax Trust Fund (RPTTF). In addition, the Vallejo Successor Agency is applying bond proceeds and other funds (i.e. re...
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