SA Resolution 2015-003RESOLUTION NO. SA 2015 - 003
A RESOLUTION OF THE SUCCESSOR AGENCY TO THE LA
QUINTA REDEVELOPMENT AGENCY ADOPTING
RECOGNIZED OBLIGATION PAYMENT SCHEDULE 15-16B
FOR THE PERIOD OF JANUARY 1, 2016 THROUGH JUNE 30,
2016
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 Law
(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 ("ABx1 26") requiring that each
redevelopment agency be dissolved and Assembly Bill 27 ("ABx1 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"), which, among other things, made
certain revisions to certain of the statutes added by ABx1 26; and
WHEREAS, Health and Safety Code Section 34177 requires successor agencies
to prepare and adopt, on a semi-annual basis, a "Recognized Obligation Payment
Schedule" ("ROPS") that lists all obligations of the former redevelopment agency that
are enforceable within the meaning of subdivision (d) of Section 34171; and
Resolution No. SA 2015-003
Adoption of Recognized Obligation Payment Schedule
Adopted: September 15, 2015
Page 2 of 3
. WHEREAS, Successor Agency to the La Quinta Redevelopment Agency
("Successor Agency") staff have prepared ROPS 15-16B for the period of January 1,
2016 through June 30, 2016; 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 15-16B. In order to enable the Successor Agency to
strictly comply with ABx1 26, and based on the Recitals set forth above, the -Successor
Agency hereby approves ROPS 15-16B attached hereto as Exhibit A as the Recognized
Obligation Payment Schedule for the period of January 1, 2016 through June 30,
2016. 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 Part 1.85 of
AB x1 26.
SECTION 3. Implementation. The Successor Agency hereby authorizes and directs
the Executive Director to submit ROPS 15-16B 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 .15-
16B to the Department of Finance, State Controller, County Administrative Officer, and
County Auditor -Controller.
SECTION 4. Severability. 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.
PASSED, APPROVED, AND ADOPTED at the meeting of the Successor Agency to
the La Quinta Redevelopment Agency held this 15th of September 2015, by the
following vote:
Resolution No. SA 2015-003
Adoption of Recognized Obligation Payment Schedule
Adopted: September 15, 2015
Page 3 of 3
AYES: Agency Members Franklin, Osborne, Radi, Chair Evans
NOES: None
ABSENT: Agency Member Pena
ABSTAIN: None
LINDX EVANS, Chairperson
City of La Quinta Acting as Successor Agency
to the La Quinta Redevelopment Agency
ATTEST:
SUSAN MAYSELS, Secret&1y
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
EXHIBIT A
Recognized Obligation Payment Schedule (RODS 15-16B) - Summary
Filed for the January 1, 2016 through June 30, 2016 Period
Name of Successor Agency: La Quinta
Name of County: Riverside
Current Period Requested Funding for Outstanding Debt or Obligation Six -Month Total
Enforceable Obligations Funded with Non -Redevelopment Property Tax Trust Fund .(RPTTF) Funding
A Sources (B+C+D): $ 9,588,068
B Bond Proceeds Funding (ROPS Detail)
8,897,830
C Reserve Balance Funding (BOPS Detail)
690,238
D Other Funding (ROPS Detail)
E Enforceable Obligations Funded with RPTTF Funding (F+G):
$ 7,591,877
F Non -Administrative Costs (ROPS Detail)
7,370,754
G Administrative Costs (ROPS Detail)
221,123
H Total Current Period Enforceable Obligations (A+E):
$ 17,179,945
Successor Agency Self -Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
I Enforceable Obligations funded with RPTTF (E):
J Less Prior Period Adjustment (Report of Prior Period Adjustments Column S)
K Adjusted Current Period RPT`TF Requested Funding (W)
7,591, 877
(18,280)
$ 7,573,597
County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
L Enforceable Obligations funded with RPTTF (E): 7,591,877
M Less Prior Period Adjustment (Report of Prior Period Adjustments Column AA) -
N Adjusted Current Period RPTTF Requested Funding_(L-M)
Certification of Oversight Board Chairman:
Pursuant to Section 34177 (m) 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 agency.
7,691,877
Name Title
/s/
Signature Date
La Quinta Recognized Obligation Payment Schedule (ROPS 15-16B) - ROPS Detail
January 1, 2016 through June 30, 2016
(Report Amounts in Whole Dollars)
A
B
C
D
E
F
O
H
I
J
K
L
M
N
O
P
Funding Source
Non -Redevelopment Property Tax Trust Fund
Non-RPTTF
RPTTF
Contract/Agreement
ContractlAgreemenL
Total Outstanding
Item #
Project Name / Debt Obligation
Obligation Type
Execution Dale
Termination Dale
Payee
Description/Project Scope
Project Area
Debt or Obligation
Retired
Bond Proceeds
Reserve Balance
Other Funds
Non-Admin
Admin
Six -Month Total
$ 414,359,357
$ 8,897,830
$ 690,238
$ -
$ 7,370.754
$ 221,123
$ 17.179 945
7
2011 Tax Allocation Bonds -
Bonds Issued After
7132005
SIM036
US Bank
Bands to fund prolacts
1 and 2
55.478956
N
107,543
942.316
1,049,859
8
2011 Tax Allocation Bonds -
Bonds Issued After
7/32005
9/12039
US Bank
Bonds to fund projects
1 and 2
14.642,053
N
235,353
$ 235,353
Taxable
12131110
9
Annual Continuing Disclosure
Fees
1/17/2012
9/12039
Willdan Financial Services
Preparation of annual continuing
1 and 2
4,000
N
4.000
$ 4,000
Statements
disclosure reports per Federal
regulations
10
Bond Holder Fees
Fees
6/162005
9112039
US Bank
Fees for holding administration and
1 and 2
4,000
N
4,000
$ 4,000
distribution of bond proceeds
11
SilverRock Infrastructure Design
Professional
8/162006
12/312014
RBF Consulting
Infrastructure design and engineering
1
742,543
Y
$ -
Services
I
to support development of SilverRock
12
Construction of Washington Street
OPA/ODAIConstructi
10/72008
11/302032
to Quinta Housing
Written commitment to US
2
18,529,850
N
2,142,038
$ 2,142,038
Apartments Site Improvement 8,
on
Authority
Department of Agriculture -Rural
Rehabilitation Project
Development to rehabilitate &
construct improvement to
Washington Street Apartments
15
Construction of Washington Street
Professional
7/32011
7/312016
Tall Man Group
Project & Construction Management
2
756,78D
N
100,000
$ 100.000
Apartment Site Improvement &
Services
for Washington Street Apartment Site
Rehabilitation Project
Improvement & Rehabilitation Project
17
Washington Street Apartment
Project Management
1112014
9112032
City of La Quinta
Project Management Cost -Stag
2
30D,00D
N
50,000
$ 60,000
Rehabilitation Project
Cost
Time, Nan Personnel to administer
rehab of 72 affordable unit and
addition of 24 senior unit
18
Washington Street Apartment
Project Management
7112012
7/1/2016
Rutan & Tucker
Project Management Cost - Legal
2
30,000
N
30,ODO
$ 30.000
Rehabiliation Pro act
Cost
21
Water and Sewer Agreement for
Improvemenf/lnfrasir
12/312020
Coachella Valley Water
Future Infrastructure Improvement
1
16.626.644
Y
$ -
futre development at SilverRock
ucture
District
required for future development of
F12005
SilverRock by Domestic Water &
Sanitation System Installation and
Ini ation Agreement
22
Administrative Allowance
Admin Cost
111/2014
9/112039
City of La Quinta
Administrative Allowance per ABx1 26
1 and 2
221,123
N
221,123
$ 221,123
3 % of BOPS
23
Series A 2013 TARE
Bonds Issued After
12232013
9/12033
US Bank
Refund 1998, 2001, 2002, 2DO3 TABS
133,684,975
N
2,167.231
$ 2,167.231
12131110
24
Series B 2013 TARB
Bonds Issued After
12/232013
9112032
US Bank
Refund 1998, 2001, 2002, 2003 TABS
32,416,003
N
512,740
$ 512,740
12/3111 O
25
Advances from City General Fund
City/County Loans
6/30/1994
9112030
City of La Quinta
Loans made from the General Fund to
33.777,113
N
1,976,864
$ 1,976,864
approved for repayment by
On or Before
the former RDA
Oversight Board
627111
27
2014 Bonds
Bonds Issued After
7/9/2014
9/112034
US Bank
Refund 2004 Bonds
99,BB6,750
N
1.528,250
$ 1,528,250
12/31/10
28
SilverRock Infrastructure
Professional
6/112005
12/312020
Various
Roadwork and improvement to
6,575.792
N
6,575,792
$ 6,575,792
Services
support development
29
2014 Bonds requesting funding for
Bonds Issued After
719/2014
9/12034
US Bank
Refund 2004 Bonds - correction for
90,360
N
90,360
$ 90,360
unfunded obligations due to certain
12/31/10
March 2015 debt service
circumstances
30
Administrative Allowance for ROPS
Admin Cost
lil2014
9/1/2039
City of La Quinta
Administrative Allowance per ABx1 26
1 and 2
492,335
N
492,335
$ 492,335
14-15A requesting funding for
(3 % of ROPS) for ROPS14-15A
unfunded obligations due to certain
insufficient tax increment
circumstances
La Quinta Recognized Obligation Payment Schedule (BOPS 15-16B) - Report of Cash Balances
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177 (1), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the BOPS, but only to the extent no other funding source is available or when payment
from property tax revenues is required by an enforceable obligation. For tips on how to complete the Report of Cash Balances Form, see [ INSERT URL LINK TO CASH BALANCE TIPS SHEET )
A
B
C
D
E
F
G
H
I
Fund Sources
Bond Proceeds
Reserve Balance
Other
RPTTF
Prior RODS
Prior ROPS '
period balances
RPTTF
Bonds Issued
Bonds Issued
and DDR RPTTF
distributed as
Rent,
Non-Admin
on or before
on or after
balances
reserve for future
Grants,
and
Cash Balance Information by ROPS Period
12/31/10
01/01/11
retained
period(s)
Interest, Etc.
Admin
Comments
ROPS 14-15B Actuals (01/01/16 -06/30115)
1
Beginning Available Cash Balance (Actual 01/01115)
Bond Proceeds post 1/1/11 reduced $3,294,431
for bond reserve previously included in proceeds
in error. Cash balances Other & RPTTF updated
9,287,285
27,979,180
3,112,987
769,644
3,332,833
to better reflect actual activity.
2
Revenue/Income (Actual 06/30/15)
RPTTF amounts should tie to the ROPS 14-15B distribution from the
County Auditor -Controller during January 2015
124,893
2,749,294
3
Expenditures for ROPS 14-16B Enforceable Obligations (Actual
06/30115)
RPTTF amounts, H3 plus H4 should equal total reported actual.
expenditures in the Report of PPA, Columns L and Q
2,422,749
5,836,841
4
Retention of Available Cash Balance (Actual 06/30115)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
5
ROPS 14-15B RPTTF Prior Period Adjustment
RPTTF amount should tie to the self -reported ROPS 14-15B PPA in the
No entry required
Report of PPA, Column S
18,280
6
Ending Actual Available Cash Balance
C to G = (1 + 2 - 3 - 4), H = (1 + 2 - 3 - 4 - 5)
$ 9,287,285
$ 27,979,180
$ 690,238
$ -
$ 894,537
$ 227,006
ROPS 1546A Estimate 07/01115-12/31/15
7
Beginning Available Cash Balance (Actual 07/01/15)
(C, D, E, G = 4 + 6, F = H4 + F4 + F6, and H = 5 + 6)
$ 9,287,286
$ 27,979,180
$ 090,238
$ -
$ 894,637
$ 246,286
8
Revenuelincome (Estimate 12/31115)
RPTTF amounts should tie to the ROPS 14-15B distribution from the
County Auditor -Controller during June 2015
11,716,243
9
Expenditures for ROPS 15-16A Enforceable Obligations (Estimate
12131/16)
12 548,994
10
Retention of Available Cash Balance (Estimate 12/31/16)
RPTTF amount retained should only include the amounts distributed as
reserve for future period(s)
11
Ending Estimated Available Cash Balance (7 + 8 - 9 -10)
$ 9,287,285
$ 27,979,180
$ 690,238
$ -
$ 894,537
$ 587,465
La Quinta Recognized Obligation Payment Schedule (ROPS 15-16B) - Report of Prior Period AdjustmE
Reported for the ROPS 14-15B (January 1, 2015 through June 30, 2015) Period Pursuant to Health and Safety Code (H:
(Report Amounts in Whole Dollars)
ROPS 14.15B Successor Agency (SA) Self -reported Prior Period Adjustments (PPA): Pursuant to HSC Section 34186 (a), SAS are required to report the differences between their actual available funding and their actual expenditures for the ROPS 14-15B (January
through June 2015) period. The amount of Redevelopment Property Tax Trust Fund (RPTTF) approved for the ROPS 15-16B (January through June 2016) period will be offset by the SA's self -reported ROPS 14-15B prior period adjustment. HSC Section 34186 (a) also
specifies that the prior period adjustments self -reported by SAS are subject to audit by the county auditor -controller (CAC) and the State Controller.
A
B
c
D
E
F
G
H
I
J
K
L
M
N
O
P
O
R
S
Non-RPTTF Expenditures
RPTTF Expenditures
Net SA Non-Admin
and Admin PPA
(Amount Used to
Offset ROPS 1546B
Bond Proceeds
Reserve Balance
Other Funds
Non-Admin
Admin
Requested RPTTF)
Available
Available
Difference
RPTTF
RPTTF
(If total actual
(BOPS 14-15B
Difference
(ROPS 14-15B
exceeds total
distributed + all other
Net Lesser of
(If K is less than L,
distributed + all other
Net Lesser of
authorized, the
Project Name I
available as of
Authorized I
the difference is
available as of
Authorized I
total difference is
Net Difference
Item #
Debt Obligation
Authorized
Actual
Authorized
Actual
Authorized
Actual
Authorized
0111/15)
Available
Actual
zero)
Authorized
0111/15)
Available
Actual
zero)
(M+R)
$ 2,995,940
$ 226.668
$ 2,422,749
$ 2,422,749
$ -
$ -
$ 5,339,723
$ 5,339,723
$ 5.339,723
$ 5,411,803
$ 18,28D
$ 425,038
$ 425,038
$ 425,038
$ 425,038
$ -
$ 18,200
2
1998 Tax Allocation
$
$
$
3
2001 Tax Allocation
$
$
$
4
2002 Tax Allocation
-
-
-
-
$ -
$ -
$ -
Bonds - Tax Exempt
5
2003 Tax Allocation
-
-
-
-
$ -
$ -
$ -
Bonds - Taxable
6
2004 Tax Allocation
-
-
-
-
$ -
$ -
$
Bonds - Tax Exempt
7
2011 Tax Allocation
1,063,984
1,063,984
-
-
$
$ -
$ -
Bonds - Taxable
8
2011 Tax Allocation
-
236,428
236,428
-
-
$ -
$ -
$ -
Bonds - Taxable
9
Annual Continuing
-
-
-
10.000
10,000
$ 10,000
3,260
$ 6,740
$ 6,740
Disclosure
Statements
10
Bond Holder Fees
15,140
15140
$ 15,140
3,600
$ 11,540
$ 11,540
11
SilverRock
25,000
209,315
-
-
$ -
$
$ -
Infrastructure
12
Construction of
2,142,038
-
-
$ -
$ -
$ -
Washington Street
Apartments Site
Improvements 8
Rehabilitation
Project
13
Construction of
-
-
-
-
$ -
$ -
$ -
Washington Street
Apartments Site
Improvements 8
Rehabilitation
Project
14
Construction of
-
-
-
$ -
$ -
$ _
Washington Street
Apartments Site
Improvements 8
Rehabilitation
Pro ect
La Quinta Recognized Obligation Payment Schedule (ROPS 15-16B) - Report of Prior Period Adjustme
Reported for the RODS 14-15B (January 1, 2015 through June 30, 2015) Period Pursuant to Health and Safety Code (H!
(Report Amounts in Whole Dollars)
ROPS 14-168 Successor Agency (SA) Self -reported Prior Period Adjustments (PPA): Pursuant to HSC Section 34186 (a), SAS are required to report the differences between their actual available funding and their actual expenditures for the ROPS 14-15B (January
through June 2015) period. The amount of Redevelopment Property Tax Trust Fund (RPTTF) approved for the ROPS 15-16B (January through June 2016) period will be offset by the SKs self -reported ROPS 14-15B prior period adjustment. HSC Section 34186 (a) also
specifies that the prior period adjustments self -reported by SAS are subject to audit by the county auditor -controller (CAC) and the State Controller.
A
B
C
D
I E
F
I G
I H
I
J
K
L
M
N
O
P
O
R
S
Non-RPTTF Expenditures
RPTTF Expenditures
Net SA Non-Admin
and Admin PPA
(Amount Used to
Offset ROPS 1646E
Bond Proceeds
Reserve Balance
Other Funds
Non -Adman
Admin
Requested RPTTF)
Available
Available
Differs ce
RPTTF
RPTTF
(if total actual
(ROPS 14-15B
Difference
(ROPS 14.15E
exceeds total
LAuthoriaed
distributed + all other
Net Lesser of
(If K is less than L,
distributed + a0 other
Net Lesser of
authorized, the
Project Name I
available as of
Authorized/
the difference is
available as of
Authorized I
total difference is
Net Difference
Item
Debt Obligation
Authorized
Actual
Authorized
Actual
Actual
Authorized
01/1/15)
Available
Actual
zero)
Authorized
0111/15)
Available
Actual
zero)
(M+R)
$ 2,995,940
$ 226,668
$ 2,422,749
$ 2,422,749
$ -
$ 5,339,723
$ 5,339.723
$ 5.339,723
$ 5,411,803
$ 18,280
$ 425,038
$ 425,038
$ 425,038
$ 425,038
$ -
$ 18,280
15
Construction of
100,000
15,975
-
-
$
$ -
$ -
Washington Street
Apartments Site
Improvements 8
Rehabilitation
Project
16
Construction of
-
-
-
$
$
$
Washington Street
Apartments Site
Improvements 8
Rehabilitation
.Project
17
Washington Street
50,000
1,378
-
-
$ -
$ -
$
Apartments
Rehabilitation
Pro ect
18
Washington Street
3D,000
-
-
-
$ -
$ -
$
Apartments
Rehabilitation
Project
19
Coral Mountain
16,902
-
-
$ -
$ -
$
Partners Disposition
'
and Development
.Agreement
20
Coral Mountain
30.000
-
-
$
$"
$
Partners Disposition
and Development
Agreement
21
Water and Sewer
-
-
$
$
$
Agreement for future
development at
SINerRock
22
Administrative
-
-
-
$
$
$ -
Allowance
23
1 Series A2013
-
1,122,337
1 1.122,337
-
1,1395,969
1,095.969
i $ 1,095,969
i 1,095,969
i $
$ -
TARS
1
24
Sedes B 2013
-
519,271
519,271
$ 519,271
519,271
$
$
TARE
1
1
La Quinta Recognized Obligation Payment Schedule (ROPS 15-1613) - Report of Prior Period Adjustme
Reported for the ROPS 14-15B (January 1, 2015 through June 30, 2015) Period Pursuant to Health and Safety Code (H!
(Report Amounts in Whole Dollars)
ROPS 14-15B Successor Agency (SA) Self -reported Prior Period Adjustments (PPA): Pursuant to HSC Section 34186 (a), SAs are required to report the differences between their actual available funding and their actual expenditures for the ROPS 14-15B (January
through June 2015) period. The amount of Redevelopment Property Tax Trust Fund (RPTTF) approved for the ROPS 15-16B (January through June 2016) period will be offset by the SA's self -reported ROPS 14-15B prior period adjustment. HSC Section 34186 (a) also
specifies that the prior period adjustments self -reported by SAs are subject to audit by the county auditor -controller (CAC) and the State Controller.
A
B
c
D
E
I F
G
H
I
J
K
L
M
N
O
P
Q
R
S
Non-RPTTF Expenditures
RPTTF Expenditures
Net SA Non-Admin
and Admin PPA
(Amount Used to
'
Offset ROPS 15-16B
Bond Proceeds
Reserve Balance
Other Funds
Non-Admin
Admin
Requested RPTTF)
Available
Available
Difference
RPTTF
RPTrF
(It total actual
(ROPS 14-15B
Difference
(ROPS 14-15B
exceeds total
distributed + all other
Net Lesser of
(If K is less than L,
distributed + all other
Net Lesser of
authorized, the
Project Name I
available as of
Authorized I
the difference is
available as of
Authorized I
total difference is
Net Difference
Item #
Debt Obligation
Authorized
Actual
Authorized
Actual
Authorized
Actual
Authorized
0111/15)
Available
Actual
zero)
Authorized
0111/15)
Available
Actual
zero)
(M+R)
$ 2,995,940
$ 226.668
$ 2,422,749
$ 2.422.749
$ -
$ -
$ 5.339.723
$ 5.339,723
$ 5,339.723
$ 5,411.803
$ 18,280
$ 425,038
$ 425,038
$ 425,038
$ 425,038
$ -
$ 18,280
25
Advances from City
-
1,797.725
1,797.725
$ 1.797,725
1.797,725
$
$ -
General Fund
approved for
repayment by
oversight SDard
26
Long-range
-
-
-
-
$ -
$ -
$ -
Property
Management Plan
Implementation
Services
27
12.14 Bands
1.901.618
1,801,618
$ 1.901,618
- 1,891,978
$
$
28
Silvetck
602,000
-
-
-
$ -
$ -
$ -
Infrastructure
La Quinta Recognized Obligation Payment Schedule (ROPS 15-1613) - Notes
January 1, 2016 through June 30, 2016
Item #
Notes/Comments
29
For ROPS period 14-15B a clerical error was made where the wrong amount was requested for the debt service for the 2014A bonds. The debt service amount
should have been $1,991,978 but only $1,901,618 was requested in error. The difference of $90,360 was made up for using other RPTTF available and now the City
is requesting funding from Agency Reserve for unfunded obligations due to certain circumstances to correct this error.
30
For ROPS period 14-15A there was insufficient tax increment to reimburse the City for the 3% admin cost allowance and the Tax Increment payment was reduced by
the full admin cost request of $492,335, the City is now requesting funding from Agency Reserve for this shortage as unfunded obligations due to certain
circumstances