HomeMy WebLinkAboutOB-163RESOLUTION NO. OB- 163
A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR
AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
RATIFYING AND APPROVING THE APPLICATION OF ALTERNATE
FUNDING SOURCES TOWARDS ROPS 17-18 DEBT SERVICE
PAYMENTS 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
prescribed periods, listing the expected payment for enforceable obligations and the
sources of funds for such payments during such fiscal period.
B. Each ROPS must be submitted to the Oversight Board of the Successor
Agency (the "Oversight Board") and the State Department of Finance (the "DOF") for
approval.
C. The Oversight Board adopted Resolution No. OB-158, approving the
Successor Agency's ROPS ("ROPS 17-18") for the period from July 1, 2017 through
June 30, 2018 (the "Fiscal Year 2017-18").
D. Listed on the ROPS 17-18 are certain line items (the "Bond Line Items")
debt service payments for certain outstanding bonds (the "Bonds"), to be paid from
property tax revenues deposited in and disbursed from the Redevelopment Property
Tax Trust Fund during Fiscal Year 2017-18.
E. The DOF, by a letter dated May 17, 2017, approved the Successor
Agency's ROPS 17-18, with certain modifications which do not affect the Bond Line
Items.
F. After the DOF's approval of the ROPS 17-18, the Successor Agency
received certain moneys from interest earnings on bond debt service funds and other
sources (the "Other Fund Sources") that may be applied toward the Fiscal Year 2017-18
debt service payments on the Bonds.
G. Pursuant to HSC Section 34177(a)(4), the Oversight Board is authorized
to approve the use of funding sources other than those listed on an approved ROPS for
enforceable obligations
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.
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RESOLUTION NO. OB- 163
Section 2. The use of the Other Fund Sources toward a portion of the debt
service payments on the Bonds during Fiscal Year 2017-18 is hereby approved and
ratified.
Section 3. The members of this Oversight Board and the officers and 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.
AYES:
NOES:
ABSENT:
PASSED, APPROVED and ADOPTED thisloTHday of JULY , 2017.
BUCK, STENDELL, WILSON, and SPIEGEL
NONE
BIANCO, JONATHAN, and RODRIGUEZ
ABSTAIN: NONE
431.9'a'•
ROBERT A. SPIEGEL, CHAYR
ATTEST:
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RA ELL-c D. K'LA EN, CRETARY
OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE
PALM DESERT REDEVELOPMENT AGENCY
1
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