HomeMy WebLinkAbout1/26/2017 - RESOLUTIONS - 046 RESOLUTION NO. 046
A RESOLUTION OF THE OVERSIGHT BOARD FOR
THE SUCCESSOR AGENCY TO THE PALM SPRINGS
COMMUNITY REDEVELOPMENT AGENCY, FINDING
THAT ORIGINAL LOANS WERE ENTERED INTO FOR
LEGITIMATE REDEVELOPMENT PURPOSES AND
AUTHORIZING THE SUCCESSOR AGENCY TO ENTER
INTO THAT CERTAIN AGREEMENT TO RE-
ESTABLISH LOANS PURSUANT TO SECTION 34191.4
BY AND BETWEEN THE CITY OF PALM SPRINGS AND
THE SUCCESSOR AGENCY TO THE PALM SPRINGS
COMMUNITY REDEVELOPMENT AGENCY.
WHEREAS, the City of Palm Springs ("City') is a charter city and municipal
corporation organized and operating under the laws of the State of California; and
WHEREAS, the Successor Agency of the Palm Springs Community
Redevelopment Agency ("Successor Agency') is a public body corporate and politic,
organized and operating under Parts 1.8 and 1.85 of Division 24 of the California Health
and Safety Code, and the successor the former Community Redevelopment Agency of
the City of Palm Springs ("former Agency') that was previously a community
redevelopment agency organized and existing pursuant to the Community
Redevelopment Law, Health and Safety Code Section 33000, et seq. ("CRL"); and
WHEREAS, Assembly Bill x1 26 chaptered and effective on June 27, 2011 added
Parts 1.8 and 1.85 to Division 24 of the California Health & Safety Code, which caused
the dissolution of all redevelopment agencies and wind down of the affairs of former
agencies, including as such laws were amended by Assembly Bill 1484 chaptered and
effective on June 27, 2012 (together, the "Dissolution Laws"); and
WHEREAS, as of February 1, 2012 the former Agency was dissolved pursuant to
the Dissolution Act and as a separate public entity, corporate and politic the Successor
Agency to the Palm Springs Community Redevelopment Agency ("Successor Agency")
administers the enforceable obligations of the former Agency and otherwise unwinds the
former Agency's affairs, all subject to the review and approval by a seven-member
oversight board ("Oversight Board"); and
WHEREAS, Section 34179 provides that the Oversight Board has fiduciary
responsibilities to holders of enforceable obligations and the affected taxing entities that
benefit from distributions of property tax and other revenues pursuant to Section 34188
of Part 1.85 of the Dissolution Act; and
WHEREAS, Section 34177(a) permits the Successor Agency to make payments
due for enforceable obligations; and
Resolution No. 046
Page 2
WHEREAS, Section 34177(I) requires the Successor Agency to prepare a
Recognized Obligation Payment Schedule ('BOPS") before each six-month fiscal period
that lists its Enforceable Obligations; and
WHEREAS, Section 34191.4(b) authorizes the City and Successor Agency to re-
establish prior loan agreement(s) between the City and the former Agency and provides
as follows:
(1) Notwithstanding subdivision (d) of Section 34171, upon application by
the successor agency and approval by the oversight board, loan
agreements entered into between the redevelopment agency and the
city, county, or city and county that created the redevelopment agency
shall be deemed to be enforceable obligations provided that the
oversight board makes a finding that the loan was for legitimate
redevelopment purposes.
(2) For purposes of this section, "loan agreement' means:
(A) Loans for money entered into between the former
redevelopment agency and the city, county, or city and county
that created the former redevelopment agency under which the
city, county, or city and county that created the former
redevelopment agency transferred money to the former
redevelopment agency for use by the former redevelopment
agency for a lawful purpose, and where the former
redevelopment agency was obligated to repay the money it
received pursuant to a required repayment schedule.
(8) An agreement between the former redevelopment agency and
the city, county, or city and county that created the former
redevelopment agency under which the city, county, or city and
county that created the former redevelopment agency
transferred a real property interest to the former redevelopment
agency for use by the former redevelopment agency for a
lawful purpose and the former redevelopment agency was
obligated to pay the city, county, or city and county that created
the former redevelopment agency for the real property interest.
(3) If the oversight board finds that the loan is an enforceable
obligation, any interest on the remaining principal amount of the
loan that was previously unpaid after the original effective date of
the loan shall be recalculated from the date of origination of the
loan as approved by the redevelopment agency on a quarterly
basis, at a simple interest rate of 3 percent. The recalculated loan
shall be repaid to the city, county, or city and county in accordance
with a defined schedule over a reasonable term of years. Moneys
repaid shall be applied first to the principal, and second to the
interest. The annual loan repayments provided for in the
recognized obligation payment schedules shall be subject to all of
the following limitations:
(A) The maximum repayment amount authorized each fiscal year
for repayments made pursuant to this subdivision and
Resolution No. 046
Page 3
paragraph (7) of subdivision (e) of Section 34176 combined
shall be equal to one-half of the increase between the amount
distributed to the taxing entities pursuant to paragraph (4) of
subdivision (a) of Section 34183 in that fiscal year and the
amount distributed to taxing entities pursuant to that paragraph
in the 2012-13 base year, provided, however, that calculation
of the amount distributed to taxing entities during the 2012-13
base year shall not include any amounts distributed to taxing
entities pursuant to the due diligence review process
established in Sections 34179.5 to 34179.8, inclusive. Loan or
deferral repayments made pursuant to this subdivision shall be
second in priority to amounts to be repaid pursuant to
paragraph (7) of subdivision (e) of Section 34176.
(B) Repayments received by the city, county, or city and county
that formed the redevelopment agency shall first be used to
retire any outstanding amounts borrowed and owed to the Low
and Moderate Income Housing Fund of the former
redevelopment agency for purposes of the Supplemental
Educational Revenue Augmentation Fund and shall be
distributed to the Low and Moderate Income Housing Asset
Fund established by subdivision (d) of Section 34176.
Distributions to the Low and Moderate Income Housing Asset
Fund are subject to the reporting requirements of subdivision
(f) of Section 34176.1.
(C) Twenty percent of any loan repayment shall be deducted from
the loan repayment amount and shall be transferred to the Low
and Moderate Income Housing Asset Fund, after all
outstanding loans from the Low and Moderate Income Housing
Fund for purposes of the Supplemental Educational Revenue
Augmentation Fund have been paid; and
WHEREAS, the Successor Agency received its Finding of Completion from the
State Department of Finance ("DOF") by letter dated January 2, 2014; and
WHEREAS, in 1991, the City's Wastewater Treatment Plant Fund loaned the
former Agency $827,000 for funding of the renovation of the Plaza Theatre located in
the Central Business District Redevelopment Project and in 1993 the City's Wastewater
Treatment Plant Fund loaned the former Agency $400,000 for funding of the formation
costs of the Canyon Redevelopment Project ("WWTPF Loans") and such WWTPF
Loans accrued interest at 6%; and
WHEREAS, in 2008, the former Agency agreed to repay the City's Diversion
Facility Fund (now Sustainability Fund) $1,221,894 advanced to the General Fund for
funding of the Agency's obligation to make an upfront sublease payment for the 1.77
acre parcel located in the Tahquitz-Andreas Redevelopment Project directly across from
the entrance to the Convention Center ("Sustainability Fund Loan") and such
Sustainability Fund Loan accrued interest at 6%; and
Resolution No. 046
Page 4
WHEREAS, in fiscal year 2010-11, the City advanced $2,011,785 to the former
Agency for Agency operating expenses and in fiscal year 2011-12, the City advanced
$1,605,000 to the former Agency for Agency operating expenses (the "General Fund
Loans" and together with the WWTPF Loans and the Sustainability Fund Loan, the
"Loans") and such General Fund Loans accrued interest at 6%; and
WHEREAS, the redevelopment purpose for the WWTPF Loans and General
Fund Loans was that the former Agency did not have adequate funds to carry out
redevelopment purpose projects while making mandatory Low and Moderate Income
Housing Fund payments, mandatory pass through payments to affected taxing entities,
and ongoing mandatory ERAF/SERAF payments to the State of California; and
WHEREAS, the redevelopment purpose for the Sustainability Fund Loan was
that the cost to control the property immediately across the street from the Convention
Center was properly charged to the former Agency, and would also assist in the
development of the parcel with potential for outdoor, park-like seating areas and/or drop
off areas necessary for the success of the newly expanded Convention Center; and
WHEREAS, since the loans were established, and prior to the Dissolution Laws
approval, the former Agency made payments on some of the loans, thereby reducing
the principal on such Loans in accordance with the method contained in Senate Bill 107
(where all payments are first applied to principal and interest only accrues at 3%); and
WHEREAS, the current amount due under the Loans will be $5,714,572 as of
June 30, 2017, including principal and accrued interest calculated accordance with the
method contained in Senate Bill 107; and
WHEREAS, the former Agency did borrow funds from the low to moderate
income housing fund to make State-mandated ERAF/SERAF payments, which will be
repaid by June 30, 2017, and which payment will be made prior to any repayment of the
re-established Loans; and
WHEREAS, on January 18, 2017, the City and Successor Agency approved
entering into that certain "Agreement to Re-Establish Loans Pursuant to Section
34191.4" ("Agreement') to re-establish the Loans pursuant to the authority of Section
34191.4 of the Dissolution Laws; and
WHEREAS, the Agreement also establishes a tentative repayment schedule for
the Loans over a reasonable term of years, with interest at 3%, and the Successor
Agency agrees to list the loan as an enforceable obligation on each successive ROPS
prepared by the Successor Agency until such Loans are repaid in full both principal and
interest; and
WHEREAS, by this Resolution the Oversight Board desires to find that the Loans
were entered into for legitimate redevelopment purposes, that the re-established Loans
are enforceable obligations, and to consent to the Successor Agency entering into the
attached Agreement; and
Resolution No. 046
Page 5
WHEREAS, all other legal prerequisites to the adoption of this Resolution have
occurred.
NOW, THEREFORE, BE IT RESOLVED THAT THE OVERSIGHT BOARD FOR
THE SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY
REDEVELOPMENT AGENCY DOES RESOLVE AS FOLLOWS:
SECTION 1. The Recitals set forth above are true and correct and incorporated
herein by reference.
SECTION 2. Pursuant to the Dissolution Laws, the Oversight Board finds and
determines that the Loans made were for legitimate redevelopment purposes within
the meaning of Section 34191.4 and are enforceable obligations.
SECTION 3. The Oversight Board consents to the Successor Agency entering
into the Agreement to Re- Establish Loans Pursuant to Section 34191.4, which is
attached hereto and incorporated by this reference.
SECTION 4. The Oversight Board authorizes the inclusion of the Agreement as
an enforceable obligation on each subsequent ROPS until the Loans are repaid in full.
SECTION 5. The Clerk/Secretary or designee is authorized to take all actions
necessary to implement this Resolution, including without limitation, the posting of this
Resolution and the Recognized Obligation Payment Schedule on the Successor
Agency's website, provide notice of adoption of this Resolution and such Schedule to
the County Auditor-Controller, the State Controller and the State Department of Finance.
SECTION 6. This Resolution shall take effect three (3) business days from
adoption.
PASSED, APPROVED AND ADOPTED BY THE OVERSIGHT BOARD FOR THE
SUCCESSOR AGENCY TO THE PALM SPRINGS COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF PALM SPRINGS THIS 261h DAY OF JANUARY, 2017.
ATTEST:
KATHLEEN D. HART, MMC
INTERIM CLERK/SECRETARY
Resolution No. 046
Page 6
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, KATHLEEN D. HART, Interim Clerk/Secretary of the Oversight Board for the
Successor Agency of the Palm Springs Community Redevelopment Agency hereby
certify that Resolution No. 046 was adopted by the Oversight Board at a Special
Meeting held on the 26th day of January, 2017, by the following vote:
AYES: Board Members Arthur, Foat, Marshall, and Ready
NOES: None
ABSENT: Vice Chair Van Horn, and Chair Howell
ABSTAIN: None
KATHLEEN D. HART, MMC
INTERIM CLERK/SECRETARY
Resolution No. 046
Page 7
EXHIBITA
AGREEMENT TO RE-ESTABLISH LOANS PURSUANT TO SECTION 34191.4
(Attached)
AGREEMENT TO RE-ESTABLISH LOANS PURSUANT TO SECTION 34191.4
This AGREEMENT TO RE-ESTABLISH LOANS PURSUANT TO SECTION 34191.4
("Agreement") is entered into as of January 4, 2017 ("Date of Agreement") between the CITY OF PALM
SPRINGS, a charter city and municipal corporation, ("City") and the SUCCESSOR AGENCY TO THE
PALM SPRINGS COMMUNPI'Y REDEVELOPMENT AGENCY, a public body corporate and politic
pursuant to Parts 1.8 and 1.85 of Division 24 of the California Health & Safety Code("Successor Agency").
RF,CITALS
A. The City is a charter city and municipal corporation organized and operating under the laws
of the State of California.
B. The Successor Agency is a public body corporate and politic, organized and operating
under Parts 1.8 and 1.85 of Division 24 of the California Health and Safety Code, and the successor the
former Community Redevelopment Agency of the City of Palm Springs("former Agency") that was
previously a community redevelopment agency organized and existing pursuant to the Community
Redevelopment Law, Health and Safety Code Section 33000, et seq. ("CRL").
C. Assembly Bill xl 26 ("AB xl 26") chaptered and effective on June 27, 2011 added Parts
1.8 and 1.85 to Division 24 of the California Health & Safety Code and which laws were modified, in part,
and determined constitutional by the California Supreme Court in the petition California Redevelopment
Association, et al. v. Ana Matosantos, et al., Case No. S 194861 ("Matosantos Decision"),which laws and
court opinion caused the dissolution of all redevelopment agencies and winding down of the affairs of
former redevelopment agencies; thereafter, such laws were amended further by Assembly Bill 1484 ("AB
1484") that was chaptered and effective on June 27, 2012 and by Senate Bill 107 ("SB 107") that was
chaptered and effective on September 22,2015 (together AB xl 26,the Matosantos Decision,AB 1484 and
SB 107 are referred to as the "Dissolution Laws"). All statutory references herein are to the Health and
Safety Code of the Dissolution Laws unless otherwise stated.
D. As of February 1,2012 the former Agency was dissolved pursuant to the Dissolution Laws
and as a separate public entity, corporate and politic the Successor Agency administers the enforceable
obligations of the former Agency and otherwise unwinds the former Agency's affairs, all subject to the
review and approval by a seven-member oversight board("Oversight Board").
E. Section 34177(a) permits the Successor Agency to make payments due for enforceable
obligations.
F. Section 34177(1) requires the Successor Agency to prepare a Recognized Obligation
Payment Schedule("ROPS")before each six-month fiscal period that lists its Enforceable Obligations.
G. Section 34191.4(b) authorizes the City and Successor Agency to re-establish prior loans
between the City and the former Agency as follows:
(1) Notwithstanding subdivision (d) of Section 34171, upon application by the successor
agency and approval by the oversight board, loan agreements entered into between the
redevelopment agency and the city, county, or city and county that created the
redevelopment agency shall be deemed to be enforceable obligations provided that the
oversight board makes a finding that the loan was for legitimate redevelopment purposes.
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(2) For purposes of this section, "loan agreement'means:
(A) Loans for money entered into between the former redevelopment agency and the
city, county, or city and county that created the former redevelopment agency
under which the city, county, or city and county that created the former
redevelopment agency transferred money to the former redevelopment agency
for use by the former redevelopment agency for a lawful purpose, and where the
former redevelopment agency was obligated to repay the money it received
pursuant to a required repayment schedule.
(B) An agreement between the former redevelopment agency and the city, county,
or city and county that created the former redevelopment agency under which
the city,county,or city and county that created the former redevelopment agency
transferred a real property interest to the former redevelopment agency for use
by the former redevelopment agency for a lawful purpose and the former
redevelopment agency was obligated to pay the city, county, or city and county
that created the former redevelopment agency for the real property interest.
(3) If the oversight board finds that the loan is an enforceable obligation, any interest on
the remaining principal amount of the loan that was previously unpaid after the
original effective date of the loan shall be recalculated from the date of origination
of the loan as approved by the redevelopment agency on a quarterly basis,at a simple
interest rate of 3 percent. The recalculated loan shall be repaid to the city, county, or
city and county in accordance with a defined schedule over a reasonable tern of
years.Moneys repaid shall be applied first to the principal,and second to the interest.
The annual loan repayments provided for in the recognized obligation payment
schedules shall be subject to all of the following limitations:
(A) The maximum repayment amount authorized each fiscal year for repayments
made pursuant to this subdivision and paragraph (7) of subdivision (e) of
Section 34176 combined shall be equal to one-half of the increase between the
amount distributed to the taxing entities pursuant to paragraph (4) of
subdivision (a) of Section 34183 in that fiscal year and the amount distributed
to taxing entities pursuant to that paragraph in the 2012-13 base year,provided,
however,that calculation of the amount distributed to taxing entities during the
2012-13 base year shall not include any amounts distributed to taxing entities
pursuant to the due diligence review process established in Sections 34179.5 to
34179.8, inclusive. Loan or deferral repayments made pursuant to this
subdivision shall be second in priority to amounts to be repaid pursuant to
paragraph (7) of subdivision(e) of Section 34176.
(B)Repayments received by the city, county, or city and county that formed the
redevelopment agency shall first be used to retire any outstanding amounts
borrowed and owed to the Low and Moderate Income Housing Fund of the
former redevelopment agency for purposes of the Supplemental Educational
Revenue Augmentation Fund and shall be distributed to the Low and Moderate
Income Housing Asset Fund established by subdivision (d) of Section 34176.
Distributions to the Low and Moderate Income Housing Asset Fund are subject
to the reporting requirements of subdivision(f) of Section 34176,1.
(C)Twenty percent of any loan repayment shall be deducted from the loan
repayment amount and shall be transferred to the Low and Moderate Income
Housing Asset Fund, after all outstanding loans from the Low and Moderate
2
Income Housing Fund for purposes of the Supplemental Educational Revenue
Augmentation Fund have been paid.
H. The Successor Agency received its Finding of Completion from the State Department of
Finance(`DOF")by letter dated January 2, 2014.
I. In 1991,the City's Wastewater Treatment Plant Fund loaned the former Agency$827,000
for funding of the renovation of the Plaza Theatre located in the Central Business District Redevelopment
Project and in 1993 the City's Wastewater Treatment Plant Fund loaned the former Agency $400,000 for
funding of the formation costs of the Canyon Redevelopment Project ("WWTPF Loans"). The WWTPF
Loans accrued interest at 6%.
J. In 2008, the former Agency agreed to repay the City's Diversion Facility Fund (now
Sustainability Fund) $1,221,894 advanced to the General Fund for funding of the Agency's obligation to
make an upfront sublease payment for the 1.77 acre parcel located in the Taliquitz-Andreas Redevelopment
Project directly across from the entrance to the Convention Center ("Sustainability Fund Loan"). The
Sustainability Fund Loan accrued interest at 6%.
K. In fiscal year 2010-11, the City advanced $2,011,785 to the former Agency for Agency
operating expenses and in fiscal year 2011-12, the City advanced $1,605,000 to the former Agency for
Agency operating expenses (the "General Fund Loans" and together with the WWTPF Loans and the
Sustainability Fund Loan, the "Loans"). The General Fund Loans accrued interest at 6%.
L. The redevelopment purpose for the WWTPF Loans and General Fund Loans was that the
former Agency did not have adequate funds to carry out redevelopment purpose projects while making
mandatory Low and Moderate Income Housing Fund payments, mandatory pass through payments to
affected taxing entities, and ongoing mandatory ERAF/SERAF payments to the State of California.
M. The redevelopment purpose for the Sustainability Fund Loan was that the cost to control
the property immediately across the street from the Convention Center was properly charged to the former
Agency,who would also assist in the development of the parcel with potential for outdoor,park-like seating
areas and/or drop off areas necessary for the success of the newly expanded Convention Center.
N. Since the loans were established, and prior to the Dissolution Laws approval, the former
Agency made payments on some of the loans as shown in Exhibit A,thereby reducing the principal on such
Loans in accordance with the method contained in SB 107 (where all payments are first applied to principal
and interest only accrues at 3%);the current amount due under the Loans will be$5,714,572 as of June 30,
2017, including principal and accrued interest calculated accordance with the method contained in SB 107.
O. By this Agreement,the City and Successor Agency desire to re-enter into and re-establish
the Loans on the terms and conditions set forth in this Agreement pursuant to the authority of Section
34191.4 of the Dissolution Laws.
P. By this Agreement,the City and Successor Agency also establish a repayment schedule for
the re-established Loans over a reasonable term of years, at a 3% interest rate, and agree to list the
Agreement and loan thereunder as an enforceable obligation of the Successor Agency on each successive
ROPS prepared by the Successor Agency, approved by the Oversight Board, and reviewed and approved
by the DOF until such loan is repaid in full both principal and interest.
3
Q. The former Agency did borrow funds from the low to moderate income housing fund to
make State-mandated ERAF/SERAF payments,which will be repaid by June 30,2017, and which payment
will be made prior to any repayment of the re-established Loans.
AGREEMENT
NOW THEREFORE, in consideration of the mutual covenants and agreements hereinafter set
forth,the City and Successor Agency agree as follows:
Section 1. Recitals. The City and Successor Agency represent and warrant to each other that each and all
of the respective recitals are true and correct, are a material part hereof, and are hereby incorporated into
this Agreement by reference as if fully set forth and such Recitals evidence the intent of the parties regarding
the Loan.
Section 2. Loan Amounts. The City's Wastewater Treatment Plant Fund will have outstanding to the
Successor Agency in the amount of Two Hundred One Thousand Six Hundred Twenty Dollars($201,620)
loans as of June 30, 2017 ("WWTPF Loan Amount"). The City's Sustainability Fund will have an
outstanding loan to the Successor Agency in the amount of One Million One Hundred Eighty-four
Thousand Seven Hundred Eighty-Nine Dollars($1,184,789)as of June 30,2017("Sustainability Fund Loan
Amount"). The City's General Fund will have outstanding loans to the Successor Agency in the amount of
Four Million Three Hundred Twenty-Eight Thousand One FIundred Sixty-Three Dollars ($4,328,163) as
of June 30, 2017 ("General Fund Loan Amount"). The WWTPF Loan Amount, the Sustainability Fund
Loan Amount and the General Fund Loan Amount are referred to herein as the"Loan Amounts."
Section 3. Interest. The principal balances of the Loans shall accrue interest at a simple rate of interest of
3%, not compounded, in accordance with calculation method described in Section 34191.4(b)(3) of the
CRL.
Section 4.Payment. Annual payments of the principal of the Loans together with accrued interest at a 3%
rate described above commence as shown in the repayment schedule attached hereto at Exhibit "A" and
installments shall be payable annually. The schedule of payments set forth in Exhibit "A" hereof is a
projection of payments representative of the statutory formula outlined in Section 34191.4 (b)(3)(A)of the
CRL. The estimated term of repayments may be rendered longer or shorter, depending on the residual
amount that will actually be available each fiscal year to repay the total Loan Amounts plus interest. Twenty
percent (20%) of any loan repayment shall be deducted from the Loan Amounts repaid and shall be
transferred to the Low and Moderate Income Housing Asset Fund,after all outstanding loans from the Low
and Moderate Income Housing Fund for purposes of the SERAF loans and housing deferral repayment have
been paid. Transfers to the Low and Moderate Income Housing Asset Fund are subject to the reporting
requirements of Section 34176.1(f) of the CRL. Moneys repaid toward the Loan Amounts shall be applied
first to the principal, and second to the interest.
Section 5. Subordination. Payment of the Loans and accrued interest thereon is subordinate to the
outstanding tax allocation bonds of the former Agency or the Successor Agency. The obligation of the
Successor Agency to make payment to the City shall,without necessity of further action by the Successor
Agency or City, be junior and subordinate to all other obligations or indebtedness heretofore or hereafter
voluntarily incurred by the Successor Agency, including without limitation,to the bond payments.
Section 6.Loan for Legitimate Redevelopment Purpose: Submittal of Agreement to Oversight Board
and DOF. The Successor Agency agrees to submit this Agreement to the Oversight Board for its review,
approval and determination that the Loans were for a legitimate redevelopment purpose. Thereafter, this
4
Agreement shall be submitted to the DOF for its review and approval pursuant to the Dissolution Laws.
Section 7. Successor Agency to List Agreement as an Enforceable Obligation on Each ROPS until the
Loan is Repaid. The Successor Agency agrees to list this Agreement as an enforceable obligation on each
ROPS during until repaid in full pursuant to the provisions of the Dissolution Laws,with the amount of that
listed enforceable obligation to be the Loan Amounts(or such lesser amount as remains outstanding.)
Section 8. Term. This Agreement shall be in full force and effect from the Date of Agreement until such
time as the entire Loan Amounts with interest to accrue thereon have been repaid in full.
Section 9. Entire Agreement. This Agreement constitutes the entire agreement by and between the
parties with respect to the subject matter of this Agreement, and may be amended only in writing.
Section 10. Remedies. In the event of a default, the parties hereto shall be entitled to pursue any and all
remedies available at law or equity under California law for purposes of enforcing the terms and conditions
of this Agreement.
[Signature blocks on next page]
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IN WITNESS WHEREOF, said parties have caused this Agreement to Re-Establish Loans
Pursuant to Section 34191.4 to be executed by their officers duly authorized on the Date of Agreement.
Cl"PY P GS
Robert Moon,Mayor
ATTEST:
APPROVED
Kathleen Hart 11h ��� 1i�11,11
Interim City Clerk
APPROVE TO/FORM:
City At mey
SUCCESSOR AGENCY TO THE PALM
RIN UNITY
REDE A ENCY
...
Robert Moon, Mayor acting as Chairman of the
ATTEST: Successor Agency
Kathleen Hart APPROVED
Interim City Clerk acting as Secretary of the Successor Agency
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EXHIBIT A
SCHEDULE OF LOAN REPAYMENTS
W WTPF Loans -ROPS Line Item 35 and 36 combined
Payment Payment
Applied to Accrued Applied to Ending
Principal Bal Principal Interest Interest Balance
6/30/2017 103,540 103,540
6/30/2018 - (103,540) -
W WTPF Loans -ROPS Line Item 37
Payment Payment
Applied to Accrued Applied to Ending
Principal Bal Principal Interest Interest Balance
6/30/2017 98,080 98,080
6/30/2018 - (98,080) -
Sustainability Fund Loan-ROPS Line Item 41
Payment Payment
Applied to Accrued Applied to Ending
Principal Bal Principal Interest Interest Balance
6/30/2017 918,576 266,213 - 1,184,789
6/30/2018 918,576 (200,280) 27,557 - 1,012,066
6/30/2019 718,296 (200,000) 21,549 - 833,615
6/30/2020 518,296 (200,000) 15,549 - 649,164
6/30/2021 318,296 (200,000) 9,549 - 458,713
6/30/2022 118,296 (118,296) 3,549 (343,966) -
General Fund Loans -ROPS Line Item 38 and 39 combined
Payment Payment
Applied to Accrued Applied to Ending
Principal Bal Principal Interest Interest Balance
6/30/2017 2,011,785 422,478 2,434,263
6/30/2018 2,011,785 60,354 2,494,617
6/30/2019 2,011,785 (1,400,000) 60,354 1,154,971
6/30/2020 611,785 611,785) 18,354 561,540)
Exhibit A
General Fund Loans -ROPS Line Item 40
Payment Payment
Applied to Accrued Applied to Ending
Principal Bal Principal Interest Interest Balance
6/30/2017 1,605,000 298,900 - 1,893,900
6/30/2018 1,605,000 48,150 - 1,942,050
6/30/2019 1,605,000 48,150 - 1,990,200
6/30/2020 1,605,000 (200,000) 48,150 - 1,838,350
6/30/2021 1,405,000 (1,405,000) 42,150 - 475,500
6/30/2022 - - (475,500) -
Exhibit A