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RSA-5Successor Agency Meeting: April 10, 2012 Santa Monica, California RESOLUTION NO. 5 (SA) A RESOLUTION OF THE SANTA MONICA REDEVELOPMENT SUCCESOR AGENCY APPROVING AND ADOPTING THE AMENDED RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR JULY 2012 — DECEMBER 2012 WHEREAS, pursuant to the California Community Redevelopment Law (Health and Safety Code Section 33000 et 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 1 B 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 1st Ex. Sess.) enacted as Stats. 2011, 1st 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 July 2012 — December 2012, inclusive; and WHEREAS, subsequent to the adoption of the draft Recognized Obligation Payment Schedule for the period July 2012 — December 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 July 2012 — December 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 July 2012 — December 2012, inclusive, attached as Exhibit 1 (referenced hereinafter as "the Recognized Obligation Payment Schedule "). SECTION 3. The Successor Agency authorizes the Chief Administrative Officer or his designee to: (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. MA SHA JO S MOUT IE Su ssor a cy Couns 4of4 ExhibA 1 Successor Agency of the Redevelopment Agency of the City of Santa Monies All Project Areas AMENDED DRAFT RECOGNIZED OBLIGATION PAYMENT SCHEDULE SN Months Ended December 31, 2012 Per AS 26 1) City of Sam is already is a reserve account 2) City of Same Monica has elected estimates to be designated as the Successor Agency. 3) Lined expend'paym are estimates. 4) Pa suns a h payment amounts are 1 mad 1. overfrom Thee Nmounts maybe dj 2012. 5) Amounts are wined over from FY 20re0Q011. These amounts maybe adjusted pending the final outcome of the LAUSD Case Fagetal Payments by month Project Name I Debt Source o1 Obligation Project Area Funds Payee Description July Aug Sept Oct Nov Dec Total 1) Wells Fargo Tenn Loan Earthquake RORF Wells Fargo Public uses, including affordable housing 4,357,800 72,086 72,086 72,086 72,086 72,086 4,718,230 2) Wells Fargo Tenn Loan Earthquake RORF Wells Fargo Public uses, Including affordable housing - - - 4,357,000 4,357,800 (Reserve for Jan. 2013 (Reserve for Jan. 2013 Payment) Payment) 3) 2011 Earthquake RDA Earthquake RORF Union Bank Public uses, Including affordable housing 1,131,206 - - 1,131,206 4) 2011 EaMquake RDA Earthquake Reserve Union BanWReserves 2011 Earthquake RDA Bonds reserve as - 2,262,413 - - 2,262,413 Bonds Reserves Balance from required perthe bond indenture Bond 5 1201 Earthquake RDA Earthquake RORF Union BanWReserves 2011 Earthquake RDA Bonds reserve for - - - - 1,131.206 1,131,206 Bonds (Reserve for Jan. Jan. 2013 payment 6) 2006 Earthquake RDA Bends A Bonds Earthquake RORF Union Bank Property acquisition and improvements 1,113,647 - 1,113,647 7) 2006 EaMquake RDA Sedes Earthquake. RORF Union Bank 2006 Earthquake RDA Series A Bond - 1,113,647 1,113,647 A Bonds (Reserve for Jan, reserve forJan. 2013 Payment 8) 2006 Earthquake RDA Sends 8 Send, Earthquake RORF Union Bank Property acquisition and improvements 2,115,138 - - 2,115,138 9) 2006 Earthquake RDA Series Earthquake ROPP Union Bank 2006 EaMquake RDA Series B Bond - - - 55,000 55,000 S Bonds (Reserve for Jan. IMA Pay—nn) reserve for Jan. 2013 Payment ' 10) 2002 Ocean Park Bonds Ocean Park RORF Mellon Bank Property acquisition and development, 2002 Ocean Park Bontls reserves as 1,499,005 - - 1,499,005 17) 2002 Ocean Park Bond Ocean Park Reserve BanWReserves 1,749,260 - - 1,749,260 Reserves Balance from required peram bond indenture Bond 12) 2002 Ocean Park Bond- Ocean Park Reserve Mellon BanWSpeclal Fund 2002 Ocean Park Bonds Plan Limn Special 1,695,919 - - 1,695,919 Plan Limit SPOON Fund Fund perthe bond indenture' 13) 2002 Ocean Park Bond Ocean Park RORF Cgy of Same Monica 2002 Ocean Park Bond reserve for Jan. - - 219,630 219,630 (Reserve for Jan. 2013 2013 Payment 14) Bank ofAmenda Line of Credit Earthquake RORF Bank of Amen Affordable housing development 1,987,390 - - - 1,987,390 15) Bank of America line of Earthquake RORF Bank of America Affordable housing development(Resery - - 2,019,696 2,019,696 Credit (Reserve for Jan. 2013 forJan. 2013 Payment) 16) Ancona and 40 Notes Payable Earthquake RORF Spuryin at al Property acquitition(Reserve for Jan. 2013 - - - - 3,300,000 3,300,000 175 Administrative Cost All RORF SuwessarAgencya FY2012- 133% Administration Costs 123,808 123,808 123,808 123,808 123,808 123,808 742,848 lowance 18) AS 1290 Statutory pass EaMquake Successor LA County General Fund Estimated AS 1290 Passthrough payments 1,228,971 - 1,228,8]1 Through Payment Agency for November2011 through January 2012° Custodial 19) AS 1290 Statutory pass- Downtown Succe ssor IA County General Fund Estimated AS 1290 Pass -through payments - 118,708 - - - 118.708 Through Payment Agency for November2011 through January 2012° Custodial 20) FY 11 -12 Pass - Through Eat EaMquake Successor Various Taxing Entities Estimated Passthmugh payments for - 6,005,035 - 6,005,035 Agency November 2011 through January 2012° Custodial 21)FY11- 12PassThrough Est Downtown Successor Various Taring Entities Estimated Pass -through payments for 172,342 - 172,342 Agency November 2011 through January 2012° Custodial �) 1 ERAF FY 10 -11 lEarmquake Reserve 1LCOunny ERAFS - 1202$46 _ 1,202,546 23) 1 ERAF Impound FY 10 -11 lEartinqualbe IReserve 11-Acounly I ERAF Impounds 2.789.150 - _ 2,789,150 Total 41,9851939 1) City of Sam is already is a reserve account 2) City of Same Monica has elected estimates to be designated as the Successor Agency. 3) Lined expend'paym are estimates. 4) Pa suns a h payment amounts are 1 mad 1. overfrom Thee Nmounts maybe dj 2012. 5) Amounts are wined over from FY 20re0Q011. These amounts maybe adjusted pending the final outcome of the LAUSD Case Fagetal Adopted and approved this 10th day of April, 2012. Richard Bloom, Chair I, Maria M. Stewart, Agency Secretary of the City of Santa Monica, do hereby certify that the foregoing Resolution No. 5 (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 Tem Davis Noes: Agency members: Absent: Agency members: McKeown , O'Day ATTEST: Maria M. Stewart, Ag ncy Secretary