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La Palma successor agency reports timeline for dissolution; obligations remain through 2033
Summary
Deputy city manager told the council the successor agency to the dissolved redevelopment agency submitted a last-and-final ROPS on Dec. 30, 2020; 1993 bonds were paid off June 2022; remaining obligations are scheduled to be repaid by January 2033.
The successor agency to La Palma’s dissolved redevelopment agency provided a receive-and-file update at the Aug. 5 meeting. Deputy City Manager Joe Cisneros outlined the history of redevelopment agencies in California, referenced statutory changes and said La Palma submitted its last-and-final Recognized Obligation Payment Schedule (ROPS) on Dec. 30, 2020.
Cisneros reported that the 1993 bonds were paid off in June 2022 and that since then the successor agency’s only activity has been receiving annual loan repayments and administrative fees. He said successor agencies cannot dissolve until all obligations are repaid and that La Palma’s remaining obligations are scheduled for repayment in January 2033. The report was given as a receive-and-file update and no vote was required.
