HomeMy WebLinkAbout18-04 OB SARDA Resolution RESOLUTION NO. OB SARDA 18-04
A RESOLUTION OF THE OVERSIGHT BOARD OF
THE SUCCESSOR AGENCY TO THE TEMECULA
REDEVELOPMENT AGENCY, APPROVING REPAYMENTS
OF AMOUNTS BORROWED FROM THE LOW AND
MODERATE INCOME HOUSING FUND FOR FISCAL
YEARS 2009-10 AND 2010-11 REMITTANCES TO THE
SUPPLEMENTAL EDUCATIONAL REVENUE
AUGMENTATION FUND AND TAKING RELATED ACTIONS
THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA
REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. Recitals. The Oversight Board of the Successor Agency to the
Temecula Redevelopment Agency (the "Successor Agency") does hereby find, determine,
and declare that:
A. The former Redevelopment Agency of the City of Temecula (the "Former
Agency") was a duly constituted redevelopment agency pursuant to provisions of the
Community Redevelopment Law (the "Redevelopment Law") set forth in Section 33000 et
seq. of the California Health and Safety Code ("HSC").
B. Pursuant to HSC 33334.2, the Former Agency was required to maintain a
Low and Moderate Income Housing Fund (the "Housing Fund") and deposit certain
amounts of tax increment received by the Former Agency into the Housing Fund.
C. Pursuant to HSC Sections 33690(a) and 33690.5(a), the Former Agency was
required to make remittances (together, the "SERAF Payments") to the Riverside County
Auditor-Controller for deposit into the County's Supplemental Educational Revenue
Augmentation Fund ("SERAF") for fiscal years 2009-10 and 2010-11, respectively.
D. Pursuant to HSC Sections 33690(c) and 33690.5(c), the Former Agency
was permitted to incur loans repayable to the Housing Fund by using moneys that were
otherwise required to be allocated to the Housing Fund to pay all or a portion of each of
the SERAF Payments.
E. On February 9, 2010, the governing board of the Former Agency adopted
Resolution No. RDA 10-01, authorizing the borrowing of moneys that were otherwise
required to be allocated to the Housing Fund to pay the SERAF Payment for fiscal year
2009-10 (the "FY 2009-10 SERAF Loan").
F. On February 8, 2011, the governing board of the Former Agency adopted
Resolution No. RDA 11-01, authorizing the borrowing of moneys that were otherwise
required to be allocated to the Housing Fund to pay the SERAF Payment for fiscal year
2010-11 (together with the FY 2010-11 SERAF Loan, the "SERAF Loans").
G. Pursuant to AB. X1 26 (enacted in June 2011), and the California Supreme
Court's decision in California Redevelopment Association,et al. v. Ana Matosantos, et al.,
53 Cal.4th 231 (2011), the Former Agency was dissolved as of February 1, 2012, the
Successor Agency was established, and the Oversight Board to the Successor Agency
was established.
H. The SERAF Loans, in the aggregate outstanding amount of approximately
$5.2 million, remain unpaid.
I. Pursuant to HSC Section 34176(b), on January 24, 2012, the City Council of
the City of Temecula (the "City") adopted Resolution No. 12-11 designating the City as the
successor entity with respect to the housing assets and functions of the Former Agency
(the City, when acting in such capacity, the "Housing Successor').
J. Pursuant to HSC Section 34171(d), all funds transferred to the Housing
Successor and all funds generated from housing assets must be maintained in a Low and
Moderate Income Housing Asset Fund (the "Housing Asset Fund"), established and held
by the Housing Successor.
K. Pursuant to HSC Section 34171(d)(1)(G), the SERAF Loans constitute.
enforceable obligations of the Successor Agency; provided that the repayment schedule
must be approved by the Oversight Board, and repayments must be transferred to the
Housing Asset Fund and used in a manner consistent with the affordable housing
requirements of the Redevelopment Law.
L. HSC Section 34176(e)(6)(B) additionally provides that the maximum amount
of repayment authorized each fiscal year for the SERAF Loan is equal to one-half of the
increase between the -amount distributed to taxing entities pursuant to HSC Section
34183(a)(4) in that fiscal year and the amount distributed to taxing entities pursuant to
HSC Section 34183(a)(4) in the 2012-13 base year.
M. Pursuant to HSC Section 3.4177(o), the Successor Agency must prepare a
Recognized Obligation Payment Schedule ("ROPS") for each annual fiscal period.
N. The Successor Agency desires to include the repayment of the SERAF
Loan on the ROPS.
Section 2. Actions.
A. The Oversight Board hereby authorizes the inclusion of one or more line
items on the ROPS for the repayment. of the SERAF Loans, up to the maximum
repayment amount calculated in accordance with HSC Section 34176(e)(6), until the
SERAF Loans are paid in full.
B. The repayment of the SERAF Loans as described in Section 2.A shall
constitute the repayment schedule of the SERAF Loans. The Oversight Board hereby
approves such repayment schedule.
C. The members of the Oversight Board and Staff of the Successor Agency
are hereby authorized, jointly and severally, to execute and deliver any and all
necessary documents and instruments and to do all things which they may deem
necessary or proper to effectuate the purposes of this Resolution.
PASSED, APPROVED, AND ADOPTED by the Oversight Board of the
Successor Agency to the Temecula Redevelopment Agency this 27th day of June, 2018.
John Kelliher, Board Chair
IATTESS
Ran ecretary
[SEAL]
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Randi Johl, Secretary of the Oversight Board of the Successor Agency to the
Temecula Redevelopment Agency, do hereby certify that the foregoing Resolution No.
OB SARDA 18-04 was duly and regularly adopted by the Oversight Board of the
Successor Agency to the Temecula Redevelopment Agency at a meeting thereof held on
the 27th day of June, 2018, by the following vote:
AYES: 5 BOARD MEMBERS: Gonzalez, Kelliher, Meyer, Ordway-Peck, Venable
NOES: 0 BOARD MEMBERS: None
ABSTAIN: 0 BOARD MEMBERS: None
ABSENT: 2 BOARD MEMBERS: Thornhill, Turner
Randi Johl, Secretary