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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