HomeMy WebLinkAboutOB-155RESOLUTION NO. OB - 155
A RESOLUTION OF OVERSIGHT BOARD OF THE SUCCESSOR
AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
APPROVING USE OF MONEYS RECEIVED FROM FISCAL YEAR
2016-17 REDEVELOPMENT PROPERTY TAX TRUST FUND
DISBURSEMENTS FOR REFUNDING BOND DEBT SERVICE AND
TAKING RELATED ACTIONS
RECITALS:
A. Pursuant to Section 34177 of the Health and Safety Code ("HSC"), the
Successor Agency to the Palm Desert Redevelopment Agency (the "Successor
Agency") must prepare a Recognized Obligation Payment Schedule ("ROPS") for each
designated fiscal period, listing the estimated payment amounts for enforceable
obligations and the sources of funds for such payments during the fiscal period.
B. Each ROPS must be submitted to the Oversight Board of the Successor
Agency (the "Oversight Board") and the California State Department of Finance (the
"DOF") for approval.
C. Pursuant to HSC Section 34177(1) and Section 34177(o), the Successor
Agency prepared a ROPS ("ROPS 16-17") for the period from July 1, 2016 through
June 30, 2017 ("Fiscal Year 2016-17).
D. The Oversight Board adopted Resolution No. OB-142 on January 25,
2016, approving ROPS 16-17.
E. Per the DOF's letter dated March 30, 2016, the DOF approved the ROPS
16-17.
F. Included on ROPS 16-17 are certain line items (collective, the "ROPS 16-
17 Bond Line Items") pertaining to scheduled debt service payments for outstanding
bonded indebtedness (the "Prior Agency Bonds") incurred by the former Palm Desert
Redevelopment Agency.
G. On this day, by two separate resolutions (the "OB Bond Resolutions"), the
Oversight Board approved the Successor Agency's issuance of bonds (the "Refunding
Bonds") to refund outstanding Prior Agency Bonds pursuant to HSC Section 34177.5.
H. The Refunding Bonds will be issued pursuant to indentures (the
"Refunding Indentures") as described in the OB Bond Resolutions.
The Successor Agency expects that, upon the DOF's approval of the OB
Bond Resolutions, the Refunding Bonds will be issued before the end of Fiscal Year
2016-17 and, therefore, a portion of the moneys received from Redevelopment Property
Tax Trust Fund ("RPTTF") disbursements that would have been used to pay debt
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RESOLUTION NO. OB- 155
service on the Prior Agency Bonds during Fiscal Year 2016-17, should be applied
toward, instead, debt service on the Refunding Bonds.
NOW, THEREFORE, THE OVERSIGHT BOARD OF THE SUCCESSOR
AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY DOES HEREBY
RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Section 1. The above recitals, and each of them, are true and correct.
Section 2. Subject to the DOF's approval of the OB Bond Resolutions, the
Oversight Board hereby approves the application of moneys received in connection
with the ROPS 16-17 Bond Line Items toward debt service on the Refunding Bonds, in
accordance with the terms of the Refunding Indentures.
Section 3. Other Acts. The members of this Oversight Board and the staff of
the Successor Agency are hereby authorized, jointly and severally, to do all things
which they may deem necessary or proper to effectuate the purposes of this
Resolution.
PASSED, APPROVED and ADOPTED this 17th of October, 2016.
1
RIBERTA. PI G• , CH 1J
ATTEST:
RA HE L D. KL SE ECRETARY
OVERSIGHT BOARD FOR THE SUCCESS R AGENCY TO THE
PALM DESERT REDEVELOPMENT AGENCY
AYES: BUCK, JONATHAN, PACK, RODRIGUEZ, STENDELL, and SPIEGEL
NOES: NONE
ABSENT: KINNAMON
ABSTAIN: NONE
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