2017 01 17 SA Specialt0
a 0aigra
GEM ofihe- DESERT —
Successor Agency agendas and staff
reports are now available on the City's
web page: www.la-quintg.org
SUCCESSOR AGENCY
To The La Quinta Redevelopment Agency
AGENDA
CITY HALL COUNCIL CHAMBERS
78-495 Calle Tampico, La Quinta
SPECIAL MEETING
TUESDAY, JANUARY 17, 2017 AT 4:00 P.M.
CALL TO ORDER
ROLL CALL: Agency Members: Fitzpatrick, Peha, Radi, Sanchez, Chairperson Evans
PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA
At this time, members of the public may address the Successor Agency on any matter
not listed on the agenda. Please com ' plete a "request to s ' peak" form and limit you
comments to three minutes. The Successor Agency values your comments; however in
accordance with State low, no action shall be taken on any item not appearing on the
agenda unless it is an emergency item authorized by GC 54954.2(b).
CLOSED SESSION - NONE
CONFIRMATION OF AGENDA
ANNOUNCEMENTS, PRESENTATIONS AND WRITTEN COMMUNICATIONS - NONE
CONSENT CALENDAR
NOTE: Consent Calendar items are routine in nature and can be approved by one
motion.
PAGE
1. APPROVE MINUTES OF NOVEMBER 1, 2016
SUCCESSOR AGENCY TO RDA AGENDA I JANUARY 17, 2017
SPECIAL MEETING
BUSINESS SESSION
1. ADOPT RESOLUTION APPROVING THE SUCCESSOR AGENCY
ADMINISTRATIVE BUDGET FOR THE PERIOD OF JULY 1, 2017 TO
JUNE 30, 2018 (RESOLUTION NO. SA 2017-001)
2. ADOPT RESOLUTION APPROVING A RECOGNIZED OBLIGATION
PAYMENT SCHEDULE OF THE FORMER LA QUINTA REDEVELOPMENT
AGENCY FOR THE PERIOD OF JULY 1, 2017 TO JUNE 30, 2018
(RESOLUTION NO. SA 2017-002)
STUDY SESSION - NONE
PUBLIC HEARINGS - NONE
DEPARTMENTAL REPORTS - NONE
CHAIR AND BOARD MEMBERS'ITEMS
REPORTS AND INFORMATIONAL ITEMS - NONE
ADJOURNMENT
For information about the next special meeting of the City os Successor Agency to the
Lo Quinto Redevelopment Agency, please contact the City Clerk's Office at 760-777-
7103.
DECLARATION OF POSTING
I, Susan Maysels, Agency Secretary of the City as Successor Agency to the La Quinto
Redevelopment Agency, do hereby declare that the foregoing agenda was posted near
the entrance to the Council Chambers at 78-495 Calle Tampico and on the bulletin
boards at the La Quinta Cove Post Office at 51-321 Avenida Bermudas and the Stater
Brothers Supermarket at 78-630 Highway 111, on January 13, 2017.
DATED: January 13, 2017
SUSAN MAYSELS, Agency Secretary
Successor Agency to the
La Quinta Redevelopment Agency
SUCCESSOR AGENCY TO RDA AGENDA 2 JANUARY 17, 2017
SPECIAL MEETING
Public Notices
The La Quinto City Council Chamber is handicapped accessible. If special
equipment is needed for the hearing impaired, please call the City Clerk's Office at
777-7103, twenty-four (24) hours in advance of the meeting and accommodations
will be made.
If special electronic equipment is needed to make presentations to the Successor
Agency, arrangement should be made in advance by contacting the City Clerk's
Office at 777-7103. A one (1) week notice is required.
If background material is to be presented to the Successor Agency during a
meeting, please be advised that eight (8) copies of all documents, exhibits, etc.,
must be supplied to the City Clerk for distribution. It is requested that this take
place prior to the beginning of the meeting.
Any writings or documents provided to a majority of the Successor Agency
regarding any item on this agenda will be made available for public inspection at
the City Clerk counter at City Hall located at 78-495 Calle Tampico, La Quinta,
California, 92253, during normal business hours.
SUCCESSOR AGENCY TO RDA AGENDA 3 JANUARY 17, 2017
SPECIAL MEETING
CONSENT CALENDAR ITEM NO. 1
SUCCESSOR AGENCY TO THE
LA QUINTA REDEVELOPMENT AGENCY
MINUTES
TUESDAY, NOVE BER 10 2016
A Special Meding of the La Quinta City Council in their capacity as Successor Agency
to the La Quinta Redevelopment Agency ("SA") was called to order at 4:00 p.m. by
Chairperson Evans.
PRESENT: Agency Members Franklin, Osborne, Peha, Radi, Chair Evans
ABSENT: None
CLOSED SESSION - None
PUBLIC COMMENT ON MATTERS NOT ON THE AGENDA - None
CONFIRMATION OF AGENDA - Confirmed
ANNOUNCEMENTS. PRESENTATIONS. AND WRITTEN COMMUNICATIONS - None
CONSENT CALENDAR
1. APPROVE MINUTES OF SEPTEMBER 20, 2016
2. APPROVE AMENDED AGREEMENTS WITH HARRELL AND COMPANY ADVISORS,
LLC., AS MUNICIPAL ADVISOR AND NORTON ROSE FULLBRIGHT US LLP, AS
DISCLOSURE COUNSEL IN CONNECTION WITH 2016 BOND FINANCING FEES
FOR SERVICES
MOTION - A motion was made and seconded by Agency Members Osborne/Radi to
approve the Consent Calendar as recommended. Motion passed unanimously.
BUSINESS SESSION - None
STUDY SESSION - None
PUBLIC HEARINGS - None
DEPARTMENTAL REPORTS - None
CHAIR AND AGENCY MEMBERS'ITEMS - None
REPORTS AND INFORMATIONAL ITEMS - None
ADJOURNMENT
There being no further business, it was moved and seconded by Agency Members
Franklin/Radi to adjourn at 4:02 p.m. Motion passed unanimously.
Respectfully submitted,
SUSAN MAYSELS, Agency Secretary
CITY AS SUCCESSOR AGENCY TO RDA I
SPECIAL MEETING
NOVEMBER 1, 2016
5
BUSINESS SESSION ITEM NO. 1
City of La Quinto
SUCCESSOR AGENCY MEETING: January 17, 2017
STAFF REPORT
AGENDA TITLE: ADOPT RESOLUTION APPROVING THE SUCCESSOR AGENCY
ADMINISTRATIVE BUDGET FOR THE PERIOD OF JULY 1, 2017 TO JUNE 30, 2018
RECOMMENDATION
Adopt a Resolution approving the Successor Agency's 2017/18 Administrative Budget.
EXECUTIVE SUMMARY
The Successor Agency (SA) administers the former Redevelopment Agency's
dissolution activities and the Oversight Board must approve SA actions.
0 The SA may receive an administrative allowance (budget) for these activities,
which may not exceed three percent of the prior fiscal year's adjusted
Redevelopment Property Tax Trust Fund (RPTTF) allocation.
0 Once the SA approves the budget, the OB must review and approve it.
FISCAL IMPACT
For the period of July 1, 2017 through June 30, 2018 the estimated costs for SA and
OB administration are $250,000. The maximum allowed is $507,857.
BACKGROUND/ANALYSIS
SB 107 provides an administrative allowance for all successor agencies to carry out
wind -down activities of the former redevelopment agencies and to administer the
oversight boards. The maximum allowance is three percent of the prior year's
adjusted RPTTF distribution, reduced by the SA administrative cost allowance and loan
repayments, which was $16,928,570. Three percent of the adjusted prior year's RPTTF
is $507,857. Estimated costs for SA and OB administration are $250,000.
The following presents the items that comprise the 2017/18 budget:
PERSONNEL
$
95,700
SUPPLIES AND SERVICES
$
2,000
CONTRACT SERVICES
$
124,300
SUPPLIES AND PUBLICATIONS
$
4,000
PRINTING/MAILING/ADVERTISING
$
1,000
INFORMATION TECHNOLOGY
$
6,000
OFFICE AND EQUIPMENT
$
17,000
$
250,000
rA
The two major cost components are personnel costs and professional contract
services. Personnel costs are related to City staff time required to manage SA affairs.
The contract services costs are legal counsel, audit, bond administration, and
consulting services (as may be required). The detailed administrative budget for this
time period is included as Exhibit A to the resolution. Once the SA reviews and
approves the administrative budget, the budget must be reviewed and approved by
the OB.
While SB 107 does not require administrative budgets to be submitted to the
Department of Finance (DOF), the DOF does review oversight board actions.
ALTERNATIVEF
Since this is a legislative requirement staff does not recommend an alternative.
Prepared by: Karla Campos, Finance Director
Approved by: Frank J. Spevacek, Executive Director
R'
RESOLUTION NO. SA 2017 -
A RESOLUTION OF THE CITY OF LA QUINTA ACTING AS
THE SUCCESSOR AGENCY TO LA QUINTA REDEVELOPMENT
AGENCY APPROVING THE SUCCESSOR AGENCY
ADMINISTRATIVE BUDGET FOR THE PERIOD OF JULY 1�
2017 THROUGH JUNE 3072018
WHEREAS, the City Council of the City of La Quinta ("City Council" or "City," as
applicable) elected to act as the Successor Agency and to take certain actions to wind
down the affairs of the former La Quinta Redevelopment Agency ("Agency") in accordance
with the California Health and Safety Code; and
WHEREAS, the Agency was engaged in activities to execute and implement the
Project Area No. 1 Redevelopment Plan and the Project Area No. 2 Redevelopment Plan
(collectively, the "Redevelopment Plans") pursuant to the provisions of the California
Community Redevelopment Law (Health and Safety Code § 33000, et 5Leq.) ("CRL"); and
WHEREAS, as part of the 2011/2012 State budget bill, the California Legislature
enacted and the Governor signed, ABx1 26 requiring that each redevelopment agency be
dissolved; and
WHEREAS, an action challenging the constitutionality of ABx1 26 and companion
bill ABx1 27 was filed in the California Supreme Court by the California Redevelopment
Association, the League of California Cities, and two individual cities; and
WHEREAS, on December 29, 2011, the Court upheld ABx1 26; and
WHEREAS, Health and Safety Code Section 34177(j) requires each successor
agency to prepare a proposed administrative budget every six months setting forth the
successor agency's estimated administrative costs of carrying out the wind -down
activities of the former redevelopment agency, proposing sources of payment for such
estimated administrative costs, and proposing for arrangements for administrative and
operations services provided by a city, county and/or other entity; and
WHEREAS, the Successor Agency has prepared a proposed administrative budget
for the six-month period July 1, 2017 through June 30, 2018 (the "Administrative Budget");
and
WHEREAS, all other legal prerequisites to the adoption of this Resolution have
occurred.
NOW THEREFORE, BE IT RESOLVED, by City of La Quinta Acting as the Successor
Agency to La Quinta Redevelopment Agency, does hereby resolve as follows:
R
Resotution No. SA 2017-
Adoption of SA Administrative Budget
Adopted: January 17, 2017
Page 2 of 3
SECTION 1. Recitals. The Recitals set forth above are true and correct and incorporated
herein by reference.
SECTION 2. Approval of Administrative Budge . The Successor Agency hereby approves
the Administrative Budget, which Administrative Budget is attached hereto as Exhibit A.
SECTION 3. SeveraW%. If any provision of this Resolution or the application thereof to
any person or circumstance is held invalid, such invalidity shalt not affect other provisions
or applications of this Resolution which can be given effect without the invalid provision or
application, and to this end the provisions of this Resolution are severable. The Successor
Agency hereby declares that it would have adopted this Resolution irrespective of the
invalidity of any particular portion thereof.
SECTION 4. The Successor Agency Secretary shalt certify to the adoption of this
Resolution.
PASSED, APPROVED, and ADOPTED at the meeting of the City of La Quinta Acting
as the Successor Agency to La Quinta Redevelopment Agency held this 17th day of
January, 2017, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
LINDA EVANS, Chairperson
City of La Quinta Acting as Successor Agency
to the La Quinta Redevelopment Agency
F-111 I 14.11 Iq
SUSAN MAYSELS, Secretary
City of La Quinta Acting as Successor
Agency to the La Quinta Redevelopment Agency
(AGENCY SEAL)
10
Resotution No. SA 2017-
Adoption of SA Administrative Budget
Adopted: January 17, 2017
Page 3 of 3
F-11 a U."T11Tj 4 IN-5-11 111j;1@1 "18;
WILLIAM H. IHRKE, Counsel
City of La Quinta Acting as Successor
Agency to the La Quinta Redevelopment Agency
11
12
Exhibit A
SUCCESSOR AGENCY/OVERSIGHT BOARD JULY 2017 - JUNE 2018
ADMINISTRATIVE BUDGET
PERSONNEL $ 95,700
City Manager
$23,000
Finance Director
$19,000
Accounting Manager
$15,000
Management Specialist
$9,000
City Clerk
$6,800
Deputy City Clerk
$3,400
Accountant
$19,500
SUPPLIES & SERVICES
$ 2,000
CONTRACT SERVICES $ 124,300
This account provides for legal, consulting, and audit services
plus a portion of League of California Cities and
California Redevelopment Agency dues related to
technical assistance and training.
Audits as required by ABx1 26 $12,000
League of California Cities Dues & Seminars/Webinars related to ABx1 26 $15,300
Legal Services for Successor Agency $48,000
Consulting Services for Successor Agency $49,000
SUPPLIES AND PUBLICATIONS $ 4,000
This account provides for various office supplies and publications
to be used by SA and OB staff and board members
Successor Agency Supplies & Publications $2,500
Oversight Board Supplies & Publications $1,500
PRINTING/MAILINGIADVERTISING $ 1,000
This account provides for required mailings, agenda printing,
and legal advertising
INFORMATION TECHNOLOGY $ 6,000
This account provides for annual replacement charges for information
technology items such as computers, printers, and computer related
items attributable to SA/OB; and support/hosting for SA/OB web
pages, which are required by ABx1 26 $3,500
Computer Document Storage related to SA $2,000
On -Line Muni Code related to Successor Agency $500
OFFICE AND EQUIPMENT $ 17,000
This account provides for office space rental and
equipment usage in City Hall
Rent $15,000
Equipment $2,000
TOTAL ADMINISTRATIVE BUDGET $ 250,000
13
14
BUSINESS SESSION ITEM NO. 2
City of La Quinta
SUCCESSOR AGENCY MEETING: January 17, 2017
STAFF REPORT
AGENDA TITLE. ADOPT RESOLUTION APPROVING A RECOGNIZED OBLIGATION
PAYMENT SCHEDULE OF THE FORMER LA QUINTA REDEVELOPMENT AGENCY FOR THE
PERIOD OF JULY 1, 2017 TO JUNE 30, 2018.
RECOMMENDATION
Adopt a Resolution approving a Recognized Obligation Payment Schedule for July 1,
2017 through June 30, 2018.
EXECUTIVE SUMMARY
A Recognized Obligation Payment Schedule (ROPS) identifies the current
payment obligations of the former Redevelopment Agency (RDA).
The Successor Agency (SA) is responsible for these obligations and must submit
a ROPS to the Department of Finance (DOF), State Controller's Office, the County
Administration Officer, and the County Auditor Controller by February 1.
The 2017/18 ROPS identifies $370,633,196 of Enforceable Obligations, which is
a reduction of $8.9 million from the approved 2016/17 ROPS.
Three items have been added (bond expenditure agreement non -housing and
housing and 2016 Taxable Series A bonds) and seven items have been removed
(2011 Tax Allocation bonds and individual project items).
FISCAL IMPACT
The SA requests authorization from the DOF to expend $33,801,238 from bond
proceeds, and an allocation of $19,315,548 of Redevelopment Property Tax Trust Fund
(RPTTF) revenue. The $19,315,548 would be allocated as follows: $250,000 for
administrative expenses, $3,077,699 for a City General Fund loan principal payment,
and $16,237,849 for bond interest and principal payments.
BACKGROUND/ANALYSIS
The ROPS identify the obligations of the RDA that the SA must pay during 2017/18.
These obligations include tax allocation bond debt service payments, administrative
costs, the bond expenditure agreement, and a City General Fund loan payment.
15
In December 2016, the SA refunded bonds that the RDA issued in 2011. The 2016
Taxable Series A bonds are recognized as a new obligation (item 31) on the ROPS
detail. This refunding combined with bond debt service payments made in 2016/17
reduced the total outstanding debt by $6.4 million.
The bond expenditure agreement (items 32 and 33) (approved by the Oversight Board
(OB) on July 6, 2016 and subsequently by the DOF on August 23, 2016) has been
added and items 12, 15, 17, 18, and 28 have been retired. These project expenditures
(previously listed as items 12, 15, 17, 18 and 28) have been incorporated in the bond
expenditure agreement.
SB 107 allows a recalculation of the outstanding City General Fund loan interest from
the initial 0.264% Local Agency Investment Fund rate to 3% quarterly simple interest.
Item 25 recognizes the recalculated outstanding principal and interest balance.
The ROPS must be submitted to the DOF, State Controller, the County Administration
Officer, and the County Auditor Controller by February 1, 2017. If the ROPS is
submitted late, the City will be subject to a civil fine of $10,000 per day. The DOF then
has until April 15, 2017 to make its final determination regarding the enforceable
obligations, the dollar amounts, and funding sources. Once the 2017/18 ROPS is
approved the SA will prepare a Last and Final ROPS for review and approval to the OB
and DOF.
ALTERNATIVES
Since this is a legislative requirement, staff does not recommend an alternative.
Prepared by: Karla Campos, Finance Director
Approved by: Frank J. Spevacek, Executive Director
MT
RESOLUTION NO. SA 2017 -
A RESOLUTION OF THE SUCCESSOR AGENCY TO THE LA
QUINTA REDEVELOPMENT AGENCY ADOPTING THE
RECOGNIZED OBLIGATION PAYMENT SCHEDULE 17-18
FOR THE PERIOD OF JULY 1P 2017 THROUGH JUNE 30,
2018
WHEREAS, the City Council of the City of La Quinta ("City Council" or "City," as
applicable) previously approved and adopted (i) the Redevelopment Plan for La Quinta
Project Area No. 1 ("Project Area No. 1" or "Project Area No. 1 Redevelopment Plan," as
applicable); and (ii) the Redevelopment Plan for La Quinta Redevelopment Project Area No.
2 ("Project Area No. 2" or "Project Area No. 2 Redevelopment Plan," as applicable); and
WHEREAS, the former La Quinta Redevelopment Agency ("Agency") was
engaged in activities to execute and implement the Project Area No. 1 Redevelopment
Plan and the Project Area No. 2 Redevelopment Plan (collectively, the "Redevelopment
Plans") pursuant to the provisions of the California Community Redevelopment Low
(Health and Safety Code § 33000, et seq.) ("CRL"); and
WHEREAS, as part of the 2011/2012 State budget bill, the California Legislature
enacted and the Governor signed, Assembly Bill 26 ("ABxl 26") requiring that each
redevelopment agency be dissolved and Assembly Bill 27 ("ABxl 27") that would have
allowed redevelopment agencies to remain in existence if certain remittance
payments were made; and
WHEREAS, an action challenging the constitutionality of ABx1 26 and ABx1 27
was filed in the California Supreme Court; and
WHEREAS, on December 29, 2011, the Court upheld ABx1 26 and struck down
ABx1 27 as unconstitutional; and
WHEREAS, on January 2, 2012, the City Council adopted City Council Resolution
No. 2012-002, affirmatively electing to be the "successor agency" to the Agency; and
WHEREAS, on June 27, 2012, the California Legislature enacted, and the
Governor signed, Assembly Bill 1484 ("AB 1484"), and on September 22, 2015, Senate
Bill 107 ("SB 107"), which, among other things, made certain revisions to certain of the
statutes added by ABx1 26, and all other bills that have amended ABx1 26, are
collectively referred to as the "redevelopment dissolution low" (Part 1.85 of Division 24
of the Health and Safety Code); and
WHEREAS, Health and Safety Code Section 34177 requires successor agencies
to prepare and adopt, on an annual basis, a "Recognized Obligation Payment
17
Resolution No. SA 2017-
Adoption of Recognized Obligation Payment Schedule
Adopted: January 17, 2017
Page 2 of 3
Schedule" ("ROPS") that lists all obligations of the former redevelopment agency that
are enforceable within the meaning of subdivision (d) of Section 34171; and
WHEREAS, Successor Agency to the La Quinta Redevelopment Agency
("Successor Agency") staff have prepared ROPS 17-18 for the period of July 1, 2017 to
June 30, 2018; and
WHEREAS, all other legal prerequisites to the adoption of this Resolution have
occurred.
NOW THEREFORE, BE IT RESOLVED, by the Successor Agency to the La Quinta
Redevelopment Agency, as follows:
SECTION 1. Recitals. The Recitals set forth above are true and correct and
incorporated herein by reference.
SECTION 2. Approval of ROPS 17-18. In order to enable the Successor Agency to
strictly comply with the redevelopment dissolution taw, and based on the Recitals set
forth above, the Successor Agency hereby approves ROPS 17-18 attached hereto as
Exhibit A as the Recognized Obligation Payment Schedule for the period of July 1,
2017 through June 30, 2018. Pursuant to Health & Safety Section 34173(e), the
Successor Agency's liability, including, but not limited to, its liability for the obligations
on the attached schedule, is limited to the total sum of property tax revenues it
receives pursuant to the redevelopment dissolution law.
SECTION 3. Implementation. The Successor Agency hereby authorizes and directs
the Executive Director to submit ROPS 17-18 to the Oversight Board of the City as
Successor Agency to the La Quinta Redevelopment Agency (the "Oversight Board")
and, after approval by the Oversight Board, to submit a copy of the approved ROPS 17-
18 to the Department of Finance, State Controller, County Administrative Officer, and
County Auditor -Controller.
SECTION 4. Severa�[�. If any provision of this Resolution or the application thereof
to any person or circumstance is held invalid, such invalidity shall not affect other
provisions or applications of this Resolution which can be given effect without the
invalid provision or application, and to this end the provisions of this Resolution are
severable. The Successor Agency hereby declares that it would have adopted this
Resolution irrespective of the invalidity of any particular portion thereof.
SECTION 5. The Successor Agency Secretary shall certify to the adoption of this
Resolution.
18
Resolution No. SA 2017-
Adoption of Recognized Obtigation Payment Schedute
Adopted: January 17, 2017
Page 3 of 3
PASSED, APPROVED, AND ADOPTED at the meeting of the Successor Agency to
the La Quinta Redevelopment Agency held this 17th of January 2017, by the following
vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
LINDA EVANS, Chairperson
City of La Quinta Acting as Successor Agency
to the La Quinta Redevelopment Agency
ATTEST:
SUSAN MAYSELS, Secretary
City of La Quinta Acting as Successor
Agency to the La Quinta Redevelopment Agency
(AGENCY SEAL)
APPROVED AS TO FORM:
WILLIAM H. IHRKE, Counsel
City of La Quinta Acting as Successor
Agency to the La Quinta Redevelopment Agency
19
20
17-18A (July - December)
Fund Sources
Fund Sources
21
22
HAND OUTS
SUCCESSOR
AGENCY
MEETING
JANUARY 17 2017
&Vj�
Recognized Obligation Payment Schedule (ROPS 17-18) - Summary
Filed for the July 1, 2017 through June 30, 2018 Period
Successor Agency: La Quinta
County: Riverside
17-IBA Total 17-18B Total
Current Period Requested Funding for Enforceable Okillgations (ROPS Detail) (July - Decnm�ar) (January - Juno) ROPS 17-18 Total
A Enforceable Obligations Funded as Follows (B+C+D):
B Bond Proceeds
C Reserve Balance
D Other Funds
E Redevelopment Property Tax Trust Fund (RPTTF) (F+G):
F RPTTF
G Administrative RPTTF
H Current Period Enforceable Obligations (A+E):
Cert1fication of Oversight Board Chairman:
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.
/a/
$ 35,367.486 S - $ 36,367A86
AS01.23t 33,001.238
1,566.247 1.565,247
11,796.660 $ 7,799,698 S 19,666,548
11JAU650 7.674.89B 19.315,548
125�000 126,000 250.000
47.133,136 7,799,396 54,93).033
Name Title
Signature Date
La Quinta Recognized Obligation Payment Schedule (ROPS 17-18) - Report of Cash Balances
(Report Amounts In Whole Dollars)
Purwant to Health and S&W Code section 3417Z.ffi..R-edeY-e.1op-nient Pr_qvertv Tax TIM;j Fgad (RPTTE) M
n the RQP5. but only tQAhe extent no o1her fuildiLig sq -is ava
Aable
ay be tijUd as a sourcqqf pay
-zPPr.aqhF;alancPTlnsSheet.
A
B
C
D E
F G
H
Fund Sources
Bond Proceeds
Resurvo Balance
Other
RPTTF
Prior ROPS
Prior ROPS
period balances
RPTIFF
Bonds issued on
and DDR RPTTF
distributed as
Rent,
Non-Admin
or before
Bonds issued on'
balances
reserve for future
grants,
and
Cash Balance Information by ROPS Period
12/31110
or after 01101 /11
retained
perlod(s)
interest, etc.
Admin
Comments
ROPS 15-168 Attuals (01101 F16 - 0600119
I
BegInning AvallabTo Cash Balance (Actual 01/01/16)
9.051.389
27.980,719
1,527.830
18.260
2
Revenue/income (Actual 06130/16)
RPTTF amounts should tie to the ROPS 15-16B distribution from the
County Auditor -Controller during January 2016
772
38.417
7.681.139
3
Expenditures for ROPS 15-16B Enforceable Obligations (Actual
06130/16)
323,308
7.807,647
4
Retention of Available Cash Balance (Actual 06130116)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
5
ROPS 16-16B RPTTF Balances Remaining
jr
jr -X
6
EndingActual Avallablo Cash Balance
CtoG-(1+2-3-4),H-(1+2-3-4-5)
$ 8,724,001
27.981,491 S
S 1,566,24715
(10R.428)
La Quints Recognized Obligation Payment Schedule (ROPS 17-18) - Notes July 1, 2017 through June 30, 2018
Item #
Notes/Comments
OW1 2-22-2616, the Cmcessor Agency to the City of La Quinta Issued $35.055,000 U Qulnta Redevelopment Project Area No. land 2, Subordinate Tax Allocation
Refunding Bonds, 2016 Taxable Series A. A portion of the procea ds of (he 2016 Bonds was used to refund and defease the ou Istan ding 2011 Bonds.
On 12-22-2016, the Successor Agency to the City of La Quinta issued $35,055,000 La Quints Redevelopment Project Area No. I and 2, Subordinate Tax AJIocation
Refunding Bonds, 2016 Taxable Series A. A portion of the proceeds of the 2016 Bonds was used to refund and defease the outstanding 2011 Bonds._
Increase *1 $1,500 Is reffect d for additional annual reportwo as require d under SB 1029.
7
8
9.An
25
As outlined in SB 107 the City Is recognizing the outstanding principal and interest on an approved Advance from the City General Fund. Interest Is being calculated at
3% simple interest on the quarterly basis starting with the balance as of July 1, 2014. The City Is not seeking reimbursement of outstanding interest atthis time but
rather a recognition of such interest for future repayments after principal.
31
As approved by DOF on 9-12-2016; on 12-22-2016, the Successor Agency to the City of La Quinta issued $35,055,000 La Quinta Redevelopment Project Area No. 1
and 2, Subordinate Tax AJIocation Refunding Bonds, 2016 Taxable Series A. Debt service payments are due on March Ist and September 1 st of each year unfit
maturity on 9-1-2039.
32
mTap��v�ii by DOF on August 23, 2016 and the Oversight Board an July 6, 2016; the City of La QuInta, the La Quints Housing Authority, and Successor Agency
to the City of La Quinta Redevelopment Agency have entered Into a bond expenditure agreement to expend excess bond proceeds. This portion represents Non-
Housing proceeds.
3311proceeds.
As approved by DOF on August 23, 2016 and the Oversight Board on July 6, 2016; the City of La Quints, the La Quints Housing Authority, and the SuccessorAgency
Ito the City of La Quinta Redevelopment Agency have entered into a bond expenditure agreement to expend excess bond proceeds. This portion represents Housing