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Council approves last-and-final ROPS allowing successor agency bond payments through 2041
Summary
The Atascadero City Council, acting as the redevelopment successor agency, unanimously approved a last-and-final Recognized Obligation Payment Schedule that authorizes payment of remaining obligations on refunding bonds and other items through fiscal year 2041, totaling about $21.5 million.
The Atascadero City Council, sitting in its capacity as the successor agency to the former redevelopment agency, unanimously approved a "last and final" Recognized Obligation Payment Schedule (ROPS) that authorizes payments on remaining bond obligations through fiscal year 2041.
Administrative Services Director Jeri Rangel presented the report and said the last-and-final ROPS covers obligations from 07/01/2026 through 06/30/2041. "The total amount of outstanding obligations from 2026 to 2041 on the last and final ROPS is 21,500,000.0, and this will be paid with future redevelopment tax increment," Rangel said.
Rangel said the document bundles the remaining payment schedule (including the 2024 tax allocation refunding bonds), trustee and disclosure fees, and a reduced administrative allowance. She noted a minor rounding error on the agenda packet that will be corrected before submission to the oversight board: two dollar discrepancies in a b-period column.
Council member Funk moved approval of the staff recommendation; Council member Newsom seconded. The motion passed unanimously on roll call. The recorded votes were: Council member Funk: yes; Council member Newsom: yes; Council member Peake: yes; Mayor Pro Tem Barriss: yes; Mayor Borbeau: yes.
Rangel said the oversight board will consider the last-and-final ROPS at its meeting on Sept. 24, 2025, and the state Department of Finance will have up to 100 days to review the filing. Rangel added that successor agencies may file limited amendments in the future and that the city timed the filing to follow a recent refunding of bonds.
Council members asked whether future refinancing opportunities would be precluded by the filing; staff said amendments are possible but that refinancing later in the bond life is increasingly unlikely. No public comment was offered on the item.
Ending: With the unanimous approval, staff will forward the ROPS to the county oversight board on Sept. 24 and, if approved there, to the state Department of Finance for review.
