Recognized Obligation Payment Schedule
The Recognized Obligation Payment Schedule (ROPS) is a permanent schedule of obligations that replaces the Existing Obligation Payment schedule once it is approved by the Oversight Board to the Successor Agency to the Former Redevelopment Agency. Only payments required pursuant to the ROPS may be made by the Successor Agency after May 1, 2012. The County Auditor-Controller will allocate property tax increment to Successor Agencies to pay debts listed on the ROPS. A new ROPS must be adopted for each successive six-month period.
"Enforceable Obligations" listed in the ROPS may include the following:
- Bonds and loans legally required to be repaid pursuant to a payment schedule with mandatory repayment terms;
- Payments required by the federal government; pre-existing obligations to the state or obligations imposed by state law;
- Judgments, settlements or binding arbitration decisions that bind the agency;
- Legally binding and enforceable agreements or contracts;
- Contracts or agreements necessary for the continued administration or operation of the agency, including agreements to purchase or rent office space, equipment and supplies; and
- Amounts borrowed from or payments owing to the Low and Moderate Income Housing Fund or a redevelopment agency, which had been deferred as of June 29, 2011.
The ROPS will become valid and operative when the following steps have been completed:
- The draft ROPS is certified by an external audit overseen by the county auditor-controller.
- The ROPS is approved by the Oversight Board. The first meeting of the Oversight Baord was held on April 26,2012.and
- A copy of the approved ROPS is submitted to the County of Sonoma Auditor-Controller, State Controller's Office and Department of Finance, and was posted on the Successor Agency’s website. A preliminary copy of the ROPS was submitted to the to County of Sonoma Auditor-Controller, State Controller's Office and Department of Finance by April 15, 2012. The Oversight Board approved ROPS was sent to the County of Sonoma Auditor-Controller, State Controller's Office and Department of Finance on April 26, 2012.
Oversight Board Approved ROPS - April 26, 2012
Oversight Board Approved ROPS - August 30, 2012