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Successor agency OKs submission of recognized payment obligation schedules to address $3.5M in debt
Summary
The successor agency authorized staff to submit Recognized Obligation Payment Schedules (ROPS) to the Los Angeles County Oversight Board and the California Department of Finance to begin repayment of roughly $3.5 million in successor‑agency obligations.
Agency staff presented two resolutions asking the successor agency to submit Recognized Obligation Payment Schedules (ROPS) to the Los Angeles County Oversight Board and the California Department of Finance for repayment of past debts held by the successor agency. Staff said the package would cover about $3.5 million in obligations and requested authority to make adjustments requested by the Department of Finance.
A motion to approve the staff recommendation was made and seconded; the successor agency voted unanimously to authorize staff to submit the ROPS and to allow staff to make any Department of Finance‑requested changes. The items will be forwarded to the county Oversight Board for review.
The council discussed logistics briefly and confirmed the submission will proceed under either the mayor’s or city manager’s signature as appropriate.
