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Council approves ROPS payment schedule; former redevelopment agency bonds noted
Summary
Acting as successor agency, the council approved the Recognized Obligation Payment Schedule for FY 2023–24, reporting the largest expense as the annual bond payment with about $13.5 million outstanding; the ROPS will be presented to the Lake County Oversight Board and submitted to the State Department of Finance.
The council, sitting as the successor agency to the former Clear Lake Redevelopment Agency, approved the Recognized Obligation Payment Schedule (ROPS) for fiscal year 2023–24 at the Jan. 19 meeting.
Director Wells explained the ROPS is required as part of the wind-down process for the former redevelopment agency and recommended approval so the schedule can be presented to the Lake County Oversight Board on Jan. 26 and submitted to the State Department of Finance by Feb. 1. Wells said expenses for ROPS 2023–24 align with prior years and that the largest single expense is the annual bond payment with about $13,500,000 outstanding.
Councilmember Overton moved to read the successor-agency resolution SA-2023-01 by title only; the motion was seconded and a roll-call vote recorded all present members voting 'Aye.' The motion passed.
Next steps: staff will present the approved ROPS to the county oversight board and submit required documents to the State Department of Finance according to statutory deadlines.
