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As Successor Agency to the Redevelopment Agency of the County of Monterey, approve the Draft Recognized Obligation Payment Schedule (ROPS) for July 1, 2012 to December 31, 2012 as required by ABx1 26 and forward it to the Oversight Board for approval.
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RECOMMENDATION:
It is recommended that the Board of Supervisors:
As Successor Agency to the Redevelopment Agency of the County of Monterey, approve the Draft Recognized Obligation Payment Schedule (ROPS) for July 1, 2012 to December 31, 2012 as required by ABx1 26 and forward it to the Oversight Board for approval.
SUMMARY:
On December 29, 2011, the California Supreme Court issued a decision that upheld Assembly Bill (AB) x1 26 (the Dissolution Act) which dissolved redevelopment agencies effective February 1, 2012. The Successor Agency is required to approve draft Recognized Obligation Payment Schedules (ROPS) for each six month time period and send them onto the Oversight Board for approval. The ROPS provides authority to make payments on enforceable obligations.
DISCUSSION:
The Dissolution Act provides for the actions required to wind down the affairs of the former redevelopment agency. There are a number of required actions by the Successor Agency and Oversight Board, including the preparation and approval of a draft ROPS for each upcoming six month time period, until all debt has been paid off. Due to lack of clarity in the law as well as inconsistencies resulting from the Supreme Court decision in December, certain time frames for the specified actions do not align. The Initial Draft ROPS for January 1, 2012 to June 30 2012 was approved by the Successor Agency on February 28, 2012. The Law technically requires that the County Auditor-Controller “certify” the ROPS before the Oversight Board considers it for approval. However, the Auditor-Controller has until July 1, 2012 to complete the audits of the former RDAs and therefore will not be able to certify the ROPS until then.
The Oversight ...
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