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Arvin successor agency adopts 2026-27 obligation schedule amid questions over $5.23 million legacy bond
Summary
The Arvin successor agency board approved the recognized obligation payment schedule for July 1, 2026to June 30, 2027 after staff outlined $5,230,000 in outstanding bond debt and described the limited scenarios in which the city might need to loan funds to cover short-term shortfalls.
The Arvin successor agency board on a 3-0 vote approved the recognized obligation payment schedule (ROPS) for July 1, 2026 to June 30, 2027 and authorized staff to submit the schedule to the Kern County Oversight Board and the California Department of Finance.
Acting Finance Director Mr. Clark told the board the ROPS lists enforceable obligations of the former redevelopment agency and their payment sources, principally incremental property-tax distributions (the RPTTF). "The successor agency currently has $5,230,000 in bond debt, which will be paid off in full by 2039,"…
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