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RSA-4Successor Agency Meeting: April 10, 2012 Santa Monica, California RESOLUTION NO. 4 (SA) A RESOLUTION OF THE SANTA MONICA REDEVELOPMENT SUCCESOR AGENCY APPROVING AND ADOPTING THE AMENDED RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR FEBRUARY 2012 — JUNE 2012 WHEREAS, pursuant to the California Community Redevelopment Law (Health and Safety Code Section 33000 at seq.), the City Council of the City of Santa Monica (the "Council') adopted the Earthquake Recovery Redevelopment Project by Ordinance No. 1747 (CCS) on June 21, 1994, the Downtown Redevelopment Project by Ordinance No. 1021 (CCS) on January 13, 1976, the Ocean Park 1A Project by Ordinance No. 497 (CCS) on June 30, 1960, and the Ocean Park 1B Project by Ordinance No. 516 (CCS) on January 24, 1961 (collectively the "Redevelopment Plans "); and WHEREAS, the California Legislature adopted, and the Governor signed, Assembly Bill No. x1 26 and x1 27 (2011 -2012 16t Ex. Sess.) enacted as Stats. 2011, 1" Ex. Sess. 2011 -2012, chs. 5 -6 (hereinafter AB 26 and AB 27) into law; and WHEREAS, in July 2011, California Redevelopment Agency v. Matosantos was filed in the California Supreme Court, challenging the constitutionality of AB 26 and AB 27, and on December 29, 2011, the Supreme Court issued its opinion in Matosantos; upholding AB 26 and exercising its power of reformation to revise and extend each effective date or deadline for performance of an obligation in part 1.85 of division 24 of the Health and Safety Code, and invalidating AB 27; and WHEREAS, the City of Santa Monica is the designated Successor Agency of the Redevelopment Agency of the City of Santa Monica, within the meaning of AB 26; and WHEREAS, Section 34177(a)(1) of the Health and Safety Code, as reformed by the 1 of 4 California Supreme Court in Matosantos, provides that on or after February 1, 2012, and until a Recognized Obligation Payment Schedule becomes operative, only-, payments required pursuant to an enforceable obligations payment schedule shall be made; and WHEREAS, Section 34177(a)(3) of the Health and Safety Code, as reformed by the California Supreme Court in Matosantos, provides that commencing on May 1, 2012, only those payments listed in a Recognized Obligation Payment Schedule may be made by the Successor Agency from the funds specified in the Recognized Obligation Payment Schedule; and WHEREAS, under Title 14 of the California Code of Regulations, Section 15061(b)(3), the approval of a Recognized Obligation Payment Schedule is exempt from the requirements of the California Environmental Quality Act ( "CEQA "), in that it is not a project as the adoption of a Recognized Obligation Payment Schedule will not have the potential of causing a significant environmental effect and it can be seen with certainty that there is no possibility that the adoption of Recognized Obligation Payment Schedule will have any significant effect on the environment; and WHEREAS, on February 28, 2012, the Successor Agency approved a draft Recognized Obligation Payment Schedule for the period February 2012 — June 2012, inclusive; and WHEREAS, subsequent to the adoption of the draft Recognized Obligation Payment Schedule for the period February 2012 — June 2012, inclusive, Successor Agency staff recommended changes to the schedule based upon information provided by the County Auditor - Controller; and WHEREAS, the Successor Agency has reviewed and duly considered the amended Recognized Obligation Payment Schedule for the period February 2012 — June 2012, inclusive, attached as Exhibit 1, and other written evidence presented at the meeting, if any. 2 of 4 NOW, THEREFORE, THE SUCCESSOR AGENCY DOES RESOLVE AS FOLLOWS: SECTION 1. The Successor Agency hereby finds and determines that the foregoing recitals are true and correct. SECTION 2. The Successor Agency hereby approves and adopts the amended Recognized Obligation Payment Schedule for the period February 2012 — June 2012, inclusive, attached as Exhibit 1 (referenced hereinafter as "the Recognized 2Obligation Payment Schedule "). SECTION 3. The Successor Agency authorizes the Chief Administrative Officer or his designee to: 9 (1) Obtain certification of the amended Recognized Obligation Payment Schedule by the County Auditor - Controller; (2) Submit the amended Recognized Obligation Payment Schedule to the Oversight Board for approval; (3) Submit copies of the amended Recognized Enforceable Obligation Payment Schedule to the County Auditor - Controller and both the State Controller's Office and the State Department of Finance, and post copies of the amended Recognized Enforceable Obligation Payment Schedule on the Successor Agency's Internet Web site; (4) Designate a Successor Agency representative to respond to all questions related to the amended Recognized Obligation Payment Schedule; and 3 of 4 (5) Take such other actions and execute such other documents as are appropriate to effectuate the intent of this Resolution and to implement the amended Recognized Obligation Payment Schedule on behalf of the Successor Agency. SECTION 4. The Secretary of the Successor Agency shall certify the adoption of this Resolution and thenceforth and thereafter the same shall be in full force and effect. APPROVED AS TO FORM: MA HA JYgn S MOU RIE Siac or cy C o nsel 4 of 4 Exhibit 1 Successor Agency of the Redevelopment Agency of the City of Santa Monica All Project Areas AMENDED DRAFT RECOGNIZED OBLIGATION PAYMENT SCHEDULE Six Months Ended June 30, 2012 Per AB 26 1) All payments due in me month Of January 2012 have been paid. 2) City of Santa Monica has elected to be designated as the Successor Agency. 3) Pass-through payment amounts are bar ied over from November 2011 -Jan 2012. 4) Amounts are carried over from FY 2010-2011. These amounts maybe adjusted pending the final outcome of the LAUSD Case Page 1 of 1 Payments by month Project Name / Debt Obligation Project Area Source Of Funds Payee Description Jan' Feb March April May June Total 1) Wells Fargo Tenn Loan Earthquake RORF - Wells Fargo Public uses. including affordable housing - 81,096 81,096 81,096 81,096 81,096 405,480 2) 2011 Earthquake RDA Bonds Earthquake RORF Union Bank Public uses, including affordable housing - - - - 3) 2011 Earthquake RDA Bonds Earthquake Reserve Union Bank/Reserves 2011 Earthquake RDA Bonds Reserves 2,262,413 - - - - 2,262,413 Reserves Balance from Bond 4) 2006 Earthquake RDA Series A Bonds Earthquake RORF Union Bank Property acquisition and improvements - - - 5) 2006 Earthquake RDA Series Earthquake RORF Union Bank Property acquisition and improvements - - - Bonds 6) 2002 Ocean Park Bonds Ocean Park RORF Mellon Bank Property acquisition and development - - - - - 'n in affordable housing 7) 2002 Ocean Park Bond Ocean Park Reserve Mellon Bank/Reserves 2002 Ocean Park Bonds reserves - 1,749,260 - - 1,749,260 Payment Reserves Balance from Bond 8) 2002 Oman Park Bond - Plan Ocean Park Reserve Bank/Spedal Fund 2002 Oman Park Bonds Plan Limit Special - 1,695,919 - - - 1,695,919 Limit Special Fund Fund per Indenture 9) Civic Center Joint Use Earthquake RORF Santa Monica Malibu School Civic Center Joint Use Project - - - 4,065,000 4,065,000 Agreement District 10) Bank of America Line of Earthquake RORF Bank of America Affordable housing development - - - - edit 11) Affordable Housing Earthquake RORF Housing Authority Agreement to perform affordable housing - - 1,000,000 1,000,000 Armament functions and operations 12) Administrative Cost All RORF Successor Agency° FY 2011- 125% Administration Costs - 244,821 244,821 244,821 244,821 244,821 1,224,104 13) 1978 Promissory Notes Downtown RORF City of Some Monica Property acquisition - 1,714,000 1,714,000 14) AS 1290 Statutory pass- Earthquake Successor LA County General Fund Estimated AS 1290 Pass- ihmugh Payments - 1,228,971 - - 1,228,971 Through Payment Agency for November 2011 through January 20123 Custodial Amnurt Successor 15) AB 1290 Statutory pass- Downtown LA County General Fund Estimated All 1290 Pass- through Payments - 118,708 - - 118,708 Through Payment Agency for November 2011 through January 20123 Custodial 16) FY 11 -12 Pass - Through Est. Earthquake Successor Various Taxing Entities Estimated Pass - through payment for - 6,005,035 - - 6,005,035 Agency November 2011 through January 20123 Custodial - 17) FY 11 -12 Pass- Through Est. Dovmtonvn Successor Various Taxing Entities Estimated Pass - through payment for - - 172,342 - 172,342 Agency November 2011 through January 20123 Custodial Reserve 18) ERAF FY 10-11 Earthquake LA County ERAF" - 1,202,546 _ _ 1,202,546 19) ERAF Impound FY 10-11 Earthquake Reserve LA County ERAF Impound" - 2,789.150 - _ 2,789,150 Total - 24.408,824 1) All payments due in me month Of January 2012 have been paid. 2) City of Santa Monica has elected to be designated as the Successor Agency. 3) Pass-through payment amounts are bar ied over from November 2011 -Jan 2012. 4) Amounts are carried over from FY 2010-2011. These amounts maybe adjusted pending the final outcome of the LAUSD Case Page 1 of 1 Adopted and approved this 10th day of April, 2012. Rich rd Bloom, Chair I, Maria M. Stewart, Agency Secretary of the City of Santa Monica, do hereby certify that the foregoing Resolution No. 4 (SAS) was duly adopted at the meeting of the Santa Monica Redevelopment Successor Agency held on the 10th day of April 2012, by the following vote: Ayes: Agency members: Holbrook, O'Connor, Shriver, Chair Bloom, Chair Pro Tom Davis Noes: Agency members: Absent: Agency members: 'McKeown, O'Day ATTEST: �f 4 -- Maria M. Stewart, Agency Secretary