Prior to March 1, 2012, the Dissolution Act requires that each successor agency adopt an Initial Recognized Obligation Payment Schedule (“IROPS”) for payments the redevelopment agency was obligated to make.
On On February 22, 2012, the Rio Vista City Council and Successor Agency adopted the Initial Recognized Obligation Payment Schedule (“IROPS”) by resolution Nos. 2012-23 and 2012-03, respectively.
The recommended IROPS covers the period from January through June 2012. In the future, additional IROPSs will be prepared for each six-month period henceforth. The EOPS and IROPS are generally consistent in recognizing existing obligations of the Redevelopment Agency as expenditures to be made for the remainder of the calendar year. These include:
· Administrative costs and support for City operations in accordance with the adopted City/Agency budget for FY 2011-12;
· Reservation for expenditure of tax increment for capital projects such as 45 Main Street and the Dock per the judgment on the validation action entered into on August 30, 2011; and
· Pass-through payments to the County and other taxing jurisdictions.