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Resolution - 2022-129RESOLUTION NO. 2022-129 A RESOLUTION OF THE SUCCESSOR AGENCY TO THE FORMER WEST COVINA REDEVELOPMENT AGENCY APPROVING AND AUTHORIZING THE TRANSMITTAL OF AN ADMINISTRATIVE BUDGET AND A RECOGNIZED OBLIGATION PAYMENT SCHEDULE ("ROPS") FOR THE PERIOD OF JULY 1, 2023 THROUGH JUNE 30, 2024 WHEREAS, pursuant to ABX 1 26, enacted on June 28, 2011, and as subsequently amended by AB 1484, SB 341, and SB 107 ("Dissolution Act'), the Redevelopment Agency to the City of West Covina was dissolved as of February 1, 2012, and the City of West Covina elected to serve as the Successor Agency to the former Redevelopment Agency to the City of West Covina; and WHEREAS, pursuant to Health and Safety Code section 34179(q), commencing on and after July 1, 2018, the County of Los Angeles, where more than 40 oversight boards were created by the Dissolution Act, has five consolidated oversight boards each encompassing the five supervisorial districts; and WHEREAS, Health and Safety Code section 34177(o)(1) requires that the ROPS for the period from July 1, 2023 to June 30, 2024 be submitted after oversight board approval to the State of California Department of Finance and the Los Angeles County Auditor -Controller by February 1, 2023; and WHEREAS, the West Covina City Council, acting as Successor Agency to the former West Covina Redevelopment Agency, reserves the right to appeal any determination of the State of California Department of Finance or other entity regarding the propriety of this Resolution as well as any future determinations; and WHEREAS, the West Covina City Council, acting as Successor Agency to the former West Covina Redevelopment Agency, intends to comply with the state - mandated obligations established hereunder; and WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred. NOW, THEREFORE, BE IT RESOLVED by the West Covina City Council, acting as Successor Agency to the former West Covina Redevelopment Agency, as follows: SECTION 1. The foregoing recitals are incorporated into this Resolution by this reference, and constitute a material part of this Resolution. SECTION 2. The Recognized Obligation Payment Schedule ('BOPS") attached hereto as Exhibit "A" is approved and the Executive Director is authorized to submit the ROPS to the Oversight Board for approval and transmit the same to the Los Angeles County Auditor -Controller, the California State Controller and the State of California Department of Finance in accordance with Health and Safety Code section 34177 subject to all reservations of rights and contingencies set forth above. SECTION3. The Administrative Budget for the Successor Agency for the annual period of July 1, 2023 — June 30, 2024 attached hereto as Exhibit "B" is approved and the Executive Director is authorized to transmit the same to the Los Angeles County Auditor -Controller, the California State Controller and the State of California Department of Finance in accordance with Health and Safety Code section 34177 subject to all reservations of rights and contingencies set forth above. SECTION 4. The Executive Director or designee is authorized to take all actions necessary to implement this Resolution, including without limitation, the posting of this Resolution and the Recognized Obligation Payment Schedule on the City's website, and any other reasonable acts in furtherance of approval of the Recognized Obligation Payment Schedule and Administrative Budgets. SECTION 5. The Secretary shall certify as to the passage and adoption of this Resolution, and it shall thereupon take effect and be in full force. APPROVED AND ADOPTED at a regularly scheduled meeting held on this 20th day of December, 2022. APPROVED AS TO FORM: Thomas P. Du rte Counsel Dario Castellanos Chair ATTEST: e Lisa errick y Secr ary I, LISA SHERRI CK, Secretary of the Successor Agency to the former West Covina Redevelopment Agency, do hereby certify that the foregoing Resolution No. 2022-129 was duly adopted by the West Covina City Council, acting as Successor Agency to the former West Covina Redevelopment Agency, at a regular meeting thereof held on the 20th day of December, 2022, by the following vote: AYES: Castellanos, Diaz, Lopez-Viado, Tabatabai, Wu NOES: None ABSENT: None ABSTAIN: None Lisa S rrick U Secrettaty Exhibit A Recognized Obligation Payment Schedule (ROPS 23-24) - Summary Filed for the July 1, 2023 through June 30, 2024 Period Successor Agency: West Covina County: Los Angeles Current Period Requested Funding for Enforceable 23-24A Total 23-24B Total ROPS 23-24 Obligations (ROPS Detail) (July - (January - Total December) June) A Enforceable Obligations Funded as Follows (B+C+D) $ _ S S _ 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) Certification 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. $ 19,851,420 $ 2,770,447 $ 22,621,867 19,719,570 2,638,697 22,358,267 131,850 131,750 263,600 $ 19,851,420 $ 2,770,447 $ 22,621,867 Name title /s/ Signature Date d 6 O O c rc Nw i� y o N N C F � O O N N OLLvc K K m � O U m O a` p� O E M N N m N N N O Q 00 d dN n N m N N 0 K� n O afiao y LL v v N d Z c Km w co u m `o a` N N W 19 -I v - z > > z z z z z z z z z z z � z O O N N N O P O N 0-O 0M d Q -j m m L L L v 0 m L L. 0 m T m D v V a�i P m T m O v T m `v y p w w E v@ Eo o�E va 2 2 2n D m v p c T v T v y `° n >.2 E `m 1° m m�E w Q E m .z v t v L c n 15 K m p% v m 'E 0 E v `¢ m'z to _ 4 o E U K ry Q p m v m L 9 2 LL 9 Kph 9 V ¢AR 1 �N y¢mfL L FtOi N Ktvi 9 KE 9 K.Q FIi4 E0o2 LL y UU Svl 2iq N_U'iiu Up. 0 o3 N> UU i2 UU OU OU UU 7 iq o O N y E o o 24 o o o o o o 0 0 ¢r o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 cm co p�o r'`8 3a� '"m �n ¢ w O N O N O N O O m N O O N O N O N O O O N O O m c15 U =Emw'mv UaO p E Ems ]EI i o o 'o o m,O2N zap E zt mX W O O UT�-0`cQ U� U' mm °rc°OU EoEw U_ m¢E , w �Ud o'"Dqco_ o`O o 02d0 Ea2 =rEE�= .'v2ya co 0Ei 0 ¢mU¢ mam0¢ F ow SpU o "' N n N Imo . . . . . . . . . . . . }}. wo ! r /\)\\. . . . . . . . . . . . . �0)j. � !) 00 �� 3; \j!\{�\)! )vgg �'\ < / / q / ) }ƒ /!\: !! /! /! b b! §o ©«� 2 6 9 G!>!R!e e G S!! a:l6lG ,a#l2a,fa«:l;zHa w \ \) \) \) \) to ) ) }\`\) ) ) :) .co i § § § K § | § | § !!�/ \ | $ | | | | | | ) | | \; \; E E \ }\ ! \\ \§ ) }\) /\/ \) i) \) \\){ ! ! _ § �! \!| _// ) ; _� ; !| !! ) )) ))\ )! 9 \/ ) \/ / ;!{ Q !\ !\ 9)\ 40, wo ! r / � !) w < ]§ kE,//l._/I-_\� West Covina Recognized Obligation Payment Schedule (ROPS 23-24) - Notes July 1, 2023 through June 30, 2024 Item # Notes/Comments 3 6 This item has been retired. Obligation completed in FY2023. 7 This item has been retired. Obligation completed in FY2023. 8 9 10 11 This item is requested due to an error by the County and City. The amounts were supposed to come out of available funds before the distribution to the other taxing entities. However, the County billed the City in 2016, 2017, and 2018. Due to turnover of Finance Directors during this time, the amounts were paid from General Fund revenues in error. This has caused the City General Fund reserves to decline during this time and the State auditors have named the City of West Covina number 12 in the worst financial cities in the state. Much of the decline was due to the errors made by the County in billing the city for these amounts. 12 13 21 23 24 25 26 28 This item has been retired.The bonds have matured September 2022. 30 45 50 51 55 This item has been retired. 60 67 73 74 76 77 106 This item has been retired. 117 Item # Notes/Comments 119 This item has been retired. 134 140 141 144 INnIII 7fi? Successor Agency To The West Covina Redevelopment Agency Recognized Obligation Payment Schedule (ROPS 23-24) Administrative Budget July 1, 2023 through June 30, 2024 Period Salaries & Benefits Maintenance & Operations Consultants Audit Fees Legal Fees Overhead Annual Amount 84,000 1,500 40,000 62,500 Jul - Dec 2023 Jan - Jun 2024 $ 37,800 $ 37,800 42,000 42,000 800 700 20,000 20,000 31,250 31,250 Subtotal Maintenance & Operations $ 188,000 $ 94,050 $ 93,950 Total Budget $ 263,600 $ 131,850 $ 131,750