City of Culver City, California
Agenda Item Report
Meeting Date: 04/02/2012 Item Number: C-1
SUCCESSOR AGENCY TO THE CULVER CITY REDEVELOPMENT AGENCY
AGENDA ITEM: (1) Adoption of a Resolution Adopting the Recognized Obligation
Payment Schedule for the Period July 1, 2012 through December 31, 2012,
Pursuant to Section 34177 of the Health and Safety Code; and (2) Authorization
Allowing the Executive Director to Make Such Payments on Behalf of the
Successor Agency Utilizing Available Successor Agency Revenues, Including, but
not Limited to, Newly Received Property Tax Revenues (formerly Redevelopment
Agency Tax Increment Proceeds).
Contact Person/Dept.: Nick Kimball,
Finance
Phone Number: (310) 253-6013
Fiscal Impact: Yes [X] No [] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [] Attachments: [X]
Commission Action Required: Yes [] No [X] Date: _______________
Public Notification: (E-Mail) Meetings and Agendas – Successor Agency (03/30/12)
Department Approval:
Jeff Muir (03/27/12)
Successor Agency General Counsel Approval:
Carol Schwab (by H. Baker) (03/28/12)
Successor Agency Special Council Approval:
Murray Kane (03/30/12)
Chief Financial Officer Approval:
Jeff Muir (03/27/12)
Executive Director Approval:
John Nachbar (03/30/12)
RECOMMENDATION:
Staff recommends the Board of Directors (Board) of the Successor Agency to the
Culver City Redevelopment Agency (Successor Agency) (1) adopt a Resolution
adopting the Recognized Obligation Payment Schedule (ROPS) for the period
covering July 1, 2012 through December 31, 2012; and (2) authorize the Executive
Director to make such payments on behalf of the Successor Agency utilizing
available Successor Agency revenues and assets including, but not limited to, newly
received property tax revenues (former redevelopment agency tax increment
proceeds).
BACKGROUND / DISCUSSION:
Upon dissolution of the Culver City Redevelopment Agency (CCRA) on February 1,
2012 pursuant to AB X1 26 (AB 26), the Successor Agency to the Culver City
Redevelopment Agency was constituted and is governed by a Board of Directors
consisting of the members of the City Council.
City of Culver City, California
Agenda Item Report
Pursuant to Health and Safety Code Section 34177, successor agencies are
required to prepare Recognized Obligation Payment Schedules (ROPS) prior to
each six-month fiscal period. The Successor Agency previously prepared a ROPS
for the six-month fiscal period commencing on January 1, 2012 and ending on June
30, 2012. At this time, a ROPS must be prepared for the next six-month fiscal
period commencing on July 1, 2012 and ending on December 31, 2012.
FISCAL ANALYSIS:
Preparation of the second ROPS is in furtherance of allowing the Successor Agency
to pay enforceable obligations of the former redevelopment agency. No City funds
are obligated.
ATTACHMENTS:
1. Proposed Resolution
MOTION:
That the Successor Agency Board:
1. Adopt a Resolution adopting the Recognized Obligation Payment Schedule for
the Period July 1, 2012 through December 31, 2012; and,
2. Authorize the Executive Director to file the Recognized Obligation Payment
Schedule with the Los Angeles County Auditor-Controller; and,
3. Upon receipt of the approved ROPS from the Oversight Board, authorize the
Executive Director to submit a copy of such document to the Los Angeles County
Auditor-Controller, the State Controller, and the State Department of Finance;
and,
4. Authorize the Executive Director to make such payments on behalf of the
Successor Agency utilizing available Successor Agency revenues, including, but
not limited to, newly received property tax proceeds.
MEETING DATE: April 2, 2012
AGENDA ITEM: (1) Adoption of a Resolution Adopting the Recognized
Obligation Payment Schedule for the Period July 1, 2012
through December 31, 2012, Pursuant to Section 34177 of the
Health and Safety Code; and (2) Authorization Allowing the
Executive Director to Make Such Payments on Behalf of the
Successor Agency Utilizing Available Successor Agency
Revenues, Including, but not Limited to, Newly Received
Property Tax Revenues (formerly Redevelopment Agency Tax
Increment Proceeds).
ATTACHMENTS
Pages
1. Proposed Resolution w/ Exhibit A: ROPS .......................... 1 - 14
1 RESOLUTION NO. 2012-SA
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
SUCCESSOR AGENCY TO THE CULVER CITY REDEVELOPMENT
AGENCY ADOPTING A RECOGNIZED OBLIGATION PAYMENT
SCHEDULE (ROPS) FOR THE PERIOD JULY 1, 2012 THROUGH
DECEMBER 31, 2012, AND APPROVING CERTAIN RELATED
ACTIONS.
WHEREAS, the Culver City Redevelopment Agency ("CCRA") was a
redevelopment agency in the City of Culver City, duly created pursuant to the California
Community Redevelopment Law (Part 1, commencing with Section 33.000 of Division 24 of
the California Health and Safety Code, hereinafter "Redevelopment Law"); and
WHEREAS, the City Council has adopted redevelopment plans for the City of
Culver City's redevelopment project areas, and from time to time, the City Council has
amended such redevelopment plans; and
WHEREAS, the CCRA was responsible for the administration of redevelopment
activities within the City; and
WHEREAS, AB X1 26 and AB X1 27 were signed by the Governor of California
on June 28, 2011, making certain changes to the Community Redevelopment Law (Part 1
(commencing with Section 33000) of Division 24 of the California Health and Safety Code)
(the "Redevelopment Law"), including adding Part 1.8 (commencing with Section 34161)
("Part 1.8") and Part 1.85 (commencing with Section 34170) ("Part 1.85"); and
WHEREAS, the California Redevelopment Association and League of California
Cities filed a lawsuit in the Supreme Court of California (California Redevelopment
Association, etal. v Matosantos, et al., Case No. S194861) alleging that AB X1 26 and AB
X1 27 are unconstitutional. On December 29, 2011, the Supreme Court issued its opinion in
the Matosantos case, largely upholding AB X1 26, invalidating AB X1 27, and holding that AB
X1 26 (AB 26) may be severed from AB X1 27 and enforced independently; and
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WHEREAS, the Supreme Court generally revised the effective dates and
2 deadlines for performance of obligations in Part 1.85 arising before May 1, 2012, to take
3 effect four months later, while leaving the effective dates or deadlines for performance of
4 obligations under Health and Safety Code Part 1.8 of AB 26 unchanged; and
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WHEREAS, as a result of the Supreme Court's decision, and on February 1,
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2012, all California redevelopment agencies were dissolved and successor agencies to the
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8 former redevelopment agencies were established, pursuant to Health and Safety Code
9 Section 34173, and tasked with paying, performing and enforcing the enforceable obligations
10 and winding down the affairs of the former redevelopment agencies; and
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WHEREAS, by its Resolution No. 2012-R001, adopted on January 9, 2012,
12 pursuant to Part 1.85, the City Council made an election to serve as the successor agency to
13 the CCRA upon the dissolution of the CCRA under AB 26 ("Successor Agency"); and
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WHEREAS, pursuant to Health and Safety Code Section 34177(1)2)(A) of AB
16 26, the Successor Agency adopted its initial draft Recognized Obligation Payment Schedule
17 (ROPS) on February 27, 2012 by Resolution No. 2012-SA005; and
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WHEREAS, pursuant to Health and Safety Code Section 34177(1)(1) of AB 26,
19 before each six month fiscal period, successor agencies to former redevelopment agencies
20 must prepare a ROPS for the enforceable obligations of the former redevelopment agency in
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accordance with the requirements of Section 34177; and
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WHEREAS, the next six month fiscal period for which a ROPS is required is the
24 period that commences on July 1, 2012 and ends on December 31, 2012; and
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WHEREAS, according to Health and Safety Code Section 34177(1)(1) of AB 26,
26 for each recognized obligation, the ROPS shall identify one or more of the following sources
27 of payment: (i) Low and Moderate Income Housing Funds, (ii) bond proceeds, (iii) reserve
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-2- 1 balances, (iv) administrative cost allowance, and (v) the Redevelopment Property Tax Trust
2 Fund but only to the extent no other funding source is available or when payment from
3 property tax revenues is required by an enforceable obligation or by the provision of Part 1.85
4 of AB 26; and
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WHEREAS, once adopted by the Successor Agency, the ROPS shall thereafter
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be submitted to the Oversight Board for review and approval. A copy of the approved ROPS
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8 shall be submitted to the County Auditor-Controller and both the State Controller's Office and
9 the State Department of Finance and shall be posted on the Successor Agency's website;
10 and
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WHEREAS, Health and Safety Code Section 34177(a)(1) of AB 26 requires the
12 Successor Agency to continue to make payments due for enforceable obligations and, from
13 February 1, 2012 until a ROPS becomes operative, payments required pursuant to the
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15 Enforceable Obligations Payment Schedule shall be made; and
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WHEREAS, pursuant to Health and Safety Code Section 34177(a)(3),
17 commencing on May 1, 2012, only payments listed in the ROPS may be made by the
18 Successor Agency from the funds specified in the ROPS and, commencing May 1, 2012, the
19 ROPS shall supersede the Statement of Indebtedness of the Redevelopment Agency; and
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WHEREAS, it is the intent of AB 26 that the ROPS serve as the designated
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reporting mechanism for disclosing the Successor Agency's bi-annual payment obligations by
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23 amount and source and, subsequent to the audit and approval of the ROPS as specified in
24 AB 26, the County Auditor-Controller will be responsible for ensuring that the Successor
25 Agency receives revenues sufficient to meet the requirements of the ROPS during each bi-
26 annual period; and
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WHEREAS, notwithstanding the provisions of Health and Safety Code Section
2 34177(a)(1), agreements between the City and the CCRA have been included in the ROPS
3 because, among other things, they have been validated by operation of law prior to the
4 Governor's signature of AB 26 on June 28, 2011 and, therefore, are enforceable obligations;
and
WHEREAS, the Successor Agency's proposed ROPS for the period of July 1,
2012 through December 31, 2012, which is consistent with the requirements of the Health
and Safety Code and other applicable law, is attached to this Resolution as Exhibit "A;" and
WHEREAS, all other legal prerequisites to the adoption of this Resolution
have occurred.
NOW, THEREFORE, the Board of Directors of the Successor Agency to the
Culver City Redevelopment Agency DOES HEREBY RESOLVE as follows:
SECTION 1. The foregoing recitals are true and correct and are a
substantive part of this Resolution.
SECTION 2. The adoption of this Resolution is not intended to and shall not
constitute a waiver by the Successor Agency of any rights the Successor Agency may have
to challenge the effectiveness and/or legality of all or any portion of AB 26 through
administrative or judicial proceedings.
SECTION 3. The ROPS attached hereto as Exhibit "A" and incorporated
herein by reference is hereby approved and adopted.
SECTION 4. The Executive Director, or designee, is hereby authorized and
directed to: i) provide the ROPS to the Oversight Board upon its establishment; and ii) take
such other actions and execute such other documents as are necessary to effectuate the
intent of this Resolution on behalf of the Successor Agency.
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-4- APPROVED AS TO FORM:
I.
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LdArcyL flInInt113) Successor Agency
l General Counsel
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SECTION 5. This Resolution shall take effect immediately upon its adoption.
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APPROVED AND ADOPTED, this day of , 2012.
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MICHEAL 0' LEARY, CHAIR
Successor Agency to the Culver City
Redevelopment Agency
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9 ATTEST:
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12 MARTIN R. COLE, Secretary
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Al2-00323
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-5- RECOGNIZED OBLIGATION PAYMENT SCHEDULE - CONSOLIDATED
FILED FOR THE JULY 2012 to DECEMBER 2012 PERIOD
Name of Successor Agency Culver City Redevelopment Agency Successor Agency
Current
Total Outstanding Total Due
Debt or Obligation During Fiscal Yea r
Outstanding Debt or Obligation 339,686,840.62 $ 22,879,101.02 $
Total Due for Six Month Period
Outstanding Debt or Obligation 15,042,310.7 5 $
Available Revenues other than anticipated funding from RPTTF - $
Enforceable Obligations paid with RPTTF 13,563,577.00 $
Administrative Cost paid with RPTTF 573,148.98 $
Pass-through Payments paid with RPTT F 905,584.77 $
678,178.85 $
Certification of Oversight Board Chairman:
Pursuant to Section 34177(l) of the Health and Safety code,
I hereby certify that the above is a true and accurate Recognized Name Title
Enforceable Payment Schedule for the above named agency.
Signature Date
Administrative Allowance (greater of 5% of anticipated Funding from RPTTF or 250,000. Note: Calculation should not
include pass-through payments made with RPTTF. The RPTTF Administrative Cost figure above should not exceed this
Administrative Cost Allowance figure)
6Name of Redevelopment Agency: Culver City Redevelopment Agency FORM A - Redevelopment Property Tax Trust Fund (RPTTF)
Project Area(s) RDA Project Area All
DRAFT RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AB 26 - Section 34177 (*)
Contract/Agreement
Project Name / Debt Obligation Execution Date Payee Description Jul 2012 Aug 2012 Sep 2012 Oct 2012 Nov 2012 Dec 2012 Total
1) 1993 Tax Allocation Bonds US Bank Bond issue to fund non-housing projects Merged 16,527,000.00 5,520,787.50 RPTTF 0.00 0.00 0.00 5,234,100.00 0.00 0.00 5,234,100.00 $
2) 1999 Tax Allocation Bonds US Bank Bond issue to fund non-housing projects Merged 29,588,236.26 2,197,762.50 RPTTF 0.00 0.00 0.00 1,665,500.00 0.00 0.00 1,665,500.00 $
3) 2002 Tax Allocation Bonds US Bank Bond issue to fund non-housing projects Merged 25,447,525.02 2,052,712.50 RPTTF 0.00 0.00 0.00 1,596,400.00 0.00 0.00 1,596,400.00 $
4) 2004 Tax Allocation Bonds US Bank Bond issue to fund non-housing projects Merged 87,991,804.40 3,021,708.76 RPTTF 0.00 0.00 0.00 1,569,300.00 0.00 0.00 1,569,300.00 $
5) 2005 Tax Allocation Bonds US Bank Bond issue to fund non-housing projects Merged 25,048,756.94 984,988.76 RPTTF 0.00 0.00 0.00 594,494.00 0.00 0.00 594,494.00 $
6) 2011 Tax Allocation Bonds US Bank Bond issue to fund non-housing projects Merged 93,535,625.00 2,809,925.00 RPTTF 0.00 0.00 0.00 1,539,450.00 0.00 0.00 1,539,450.00 $
7) Bond Indenture Monitoring Richards, Watson & Gershon Bond Counsel Services Merged 25,000.00 2,500.00 RPTTF 0.00 0.00 0.00 2,500.00 0.00 0.00 2,500.00 $
8) Debt Service US Bank Maintenance fees for Debt Service trustee Merged 350,000.00 20,000.00 RPTTF 0.00 0.00 0.00 20,000.00 0.00 0.00 20,000.00 $
9) Bond Continuing Disclosure Filings Applied Best Practices, LLC Bond Fiscal Consultant Services Merged 85,000.00 8,000.00 RPTTF 5,000.00 0.00 0.00 0.00 0.00 0.00 5,000.00 $
10) Arbitrage Calculation Fee BLX Group Arbitrage rebate calculations Merged 150,000.00 15,750.00 RPTTF 0.00 0.00 0.00 7,875.00 0.00 0.00 7,875.00 $
11) Successor Agency Repay 2004 ERAF loan Merged 25,848.00 25,848.00 RPTTF 4,500.00 4,500.00 4,500.00 4,500.00 4,500.00 3,348.00 25,848.00 $
12) Successor Agency Repay 2005 ERAF loan Merged 1,068,000.00 432,000.00 RPTTF 36,000.00 36,000.00 36,000.00 36,000.00 36,000.00 36,000.00 216,000.00 $
13) Successor Agency Repay 2006 ERAF loan Merged 996,000.00 288,000.00 RPTTF 24,000.00 24,000.00 24,000.00 24,000.00 24,000.00 24,000.00 144,000.00 $
14) SERAF Loan Payable Successor Agency Repay 2010 SERAF loan Merged 10,946,277.00 2,103,000.00 RPTTF 50,500.00 50,500.00 50,500.00 50,500.00 50,500.00 50,500.00 303,000.00 $
15) Housing Set Aside Deferral Successor Agency Repay set aside defered from 1985 - 1996 per Section
33334.6
Merged 35,209,768.00 1,500,000.00 RPTTF 0.00 0.00 0.00 0.00 0.00 0.00 - $
16) Unfunded CalPERS Pension
Liabilities
CalPERS Unfunded CalPERS pension obligation, per CalPERS
actuarial valuation as of June 30, 2010.
Merged 552,000.00 110,400.00 RPTTF 9,200.00 9,200.00 9,200.00 9,200.00 9,200.00 9,200.00 55,200.00 $
17) Unfunded OPEB Liabilities CalPERS Unfunded actuarial accrued liability as of June 30, 2011, per
AON Consulting, Inc.
Merged 1,725,000.00 345,000.00 RPTTF 28,750.00 28,750.00 28,750.00 28,750.00 28,750.00 28,750.00 172,500.00 $
18) Obligation for unused employee
General Leave earned and vested
City employees directly
involved in Housing and
Redevelopment projects and
administration
Obligation for unused employee General Leave earned and
vested as per MOUs and AB 1X26
Merged 290,000.00 58,020.00 RPTTF 4,835.00 4,835.00 4,835.00 4,835.00 4,835.00 4,835.00 29,010.00 $
19) Culver Hotel OPA Culver Hotel Remodel of Culver Hotel Project Area 3 87,000.00 17,400.00 RPTTF 0.00 17,400.00 0.00 0.00 0.00 0.00 17,400.00 $
20) Existing Litigation Kane Ballmer Berkman Litigation costs for existing litigation Merged 204,000.00 RPTTF 17,000.00 17,000.00 17,000.00 17,000.00 17,000.00 17,000.00 102,000.00 $
21) Financial Audit Moss Levy Hartzheim Close out Financial Audit for the RDA Merged 13,000.00 13,000.00 RPTTF 0.00 0.00 0.00 0.00 0.00 13,000.00 $ 13,000.00
22) Existing Litigation Greenberg Glusker Fields
Claman & Machtinger LLP
Legal Services related to Casmalia Land Fill litigation Merged 25,000.00 2,000.00 RPTTF 0.00 0.00 500.00 0.00 500.00 0.00 1,000.00 $
23) Westfield OPA Westfield Corporation Refund of net TI per OPA with Westfield to make
improvements to the Westfield Culver City Mall
Project Area 1 10,000,000.00 0.00 RPTTF 0.00 0.00 0.00 250,000.00 0.00 0.00 250,000.00 $
24) - $
25) - $
26) - $
27) - $
28) - $
29) - $
30) - $
31) - $
32) - $
Totals - This Page (RPTTF Funding) 339,686,840.62 $ 21,732,803.02 $ N/A 179,785.00 $ 192,185.00 $ 175,285.00 $ 12,654,404.00 $ 175,285.00 $ 186,633.00 $ 13,563,577.00 $
Totals - Page 2 (Other Funding) - $ - $ N/A - $ - $ - $ - $ - $ - $ - $
Totals - Page 3 (Administrative Cost Allowance) - $ 1,146,298.00 $ N/A 95,524.83 $ 95,524.83 $ 95,524.83 $ 95,524.83 $ 95,524.83 $ 95,524.83 $ 573,148.98 $
Totals - Page 4 (Pass Thru Payments) - $ 3,018,615.92 $ N/A 905,584.77 $ - $ - $ - $ - $ - $ 905,584.77 $
Grand total - All Pages 339,686,840.62 $ 22,879,101.02 $ 275,309.83 $ 287,709.83 $ 270,809.83 $ 12,749,928.83 $ 270,809.83 $ 282,157.83 $ 15,042,310.75 $
** All totals due during fiscal year and payment amounts are projected.
*** Funding sources from the successor agency: (For fiscal 2011-12 only, references to RPTTF could also mean tax increment allocated to the Agency prior to February 1, 2012.)
RPTTF - Redevelopment Property Tax Trust Fund Bonds - Bond proceeds Other - reserves, rents, interest earnings, etc
LMIHF - Low and Moderate Income Housing Fund Admin - Successor Agency Administrative Allowance
* The Preliminary Draft Recognized Obligation Payment Schedule (ROPS) is to be completed by 3/1/2012 by the successor agency, and subsequently be approved by the oversight board before the final ROPS is submitted to the State Controller and State Department of Finance by April 15, 2012. It is not a requirement that the
Agreed Upon Procedures Audit be completed before submitting the final Oversight Approved ROPS to the State Controller and State Department of Finance.
Project Area
Total Outstanding
Debt or Obligation
Payments by month
Total Due During
Fiscal Year
2012-13**
***
Funding
Source
Payable from the Redevelopment Property Tax Trust Fund (RPTTF)
ERAF Loan Payable
7Name of Redevelopment Agency: Culver City Redevelopment Agency FORM B - All Revenue Sources Other Than Redevelopment Property Tax Trust Fund (RPTTF)
Project Area(s) RDA Project Area All
DRAFT RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AB 26 - Section 34177 (*)
Contract/Agreement
Project Name / Debt Obligation Execution Date Payee Description Jan 2012 Feb 2012 Mar 2012 Apr 2012 May 2012 Jun 2012 Total
1) - $
2) - $
3) - $
4) - $
5) - $
6) - $
7) - $
8) - $
9) - $
10) - $
11) - $
12) - $
13) - $
14) - $
15) - $
16) - $
17) - $
18) - $
19) - $
20) - $
21) $ -
22) - $
23) - $
24) - $
25) - $
26) - $
27) - $
28) - $
29) - $
30) - $
31) - $
32) - $
33) - $
Totals - LMIHF $0.00
Totals - Bond Proceeds $0.00
Totals - Other $0.00
Grand total - This Page - $ - $ - $ - $ - $ - $ - $ - $ - $
** All total due during fiscal year and payment amounts are projected.
*** Funding sources from the successor agency: (For fiscal 2011-12 only, references to RPTTF could also mean tax increment allocated to the Agency prior to February 1, 2012.)
RPTTF - Redevelopment Property Tax Trust Fund Bonds - Bond proceeds Other - reserves, rents, interest earnings, etc
LMIHF - Low and Moderate Income Housing Fund Admin - Successor Agency Administrative Allowance
* The Preliminary Draft Recognized Obligation Payment Schedule (ROPS) is to be completed by 3/1/2012 by the successor agency, and subsequently be approved by the oversight board before the final ROPS is submitted to the State Controller and State Department of Finance by April 15, 2012. It is not a requirement
that the Agreed Upon Procedures Audit be completed before submitting the final Oversight Approved ROPS to the State Controller and State Department of Finance.
Project Area
Total Outstanding
Debt or Obligation
Payments by month
Total Due During
Fiscal Year
2011-2012**
Funding
Source
***
Payable from Other Revenue Sources
8Name of Redevelopment Agency: Culver City Redevelopment Agency FORM C - Administrative Cost Allowance Paid With Redevelopment Property Tax Trust Fund (RPTTF)
Project Area(s) RDA Project Area All
DRAFT RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AB 26 - Section 34177 (*)
Project Name / Debt Obligation Payee Description Jul 2012 Aug 2012 Sep 2012 Oct 2012 Nov 2012 Dec 2012 Total
1) SA Employee Costs Successor Agency Administrative Cost Allowance for
Successor Agency
Merged 744,042.00 RPTTF 62,003.50 62,003.50 62,003.50 62,003.50 62,003.50 62,003.50 372,021.00 $
2) SA Other Admin Costs Successor Agency Administrative Costs Merged 402,256.00 RPTTF 33,521.33 33,521.33 33,521.33 33,521.33 33,521.33 33,521.33 201,127.98 $
3) - $
4) - $
5) - $
6) - $
7) - $
8) - $
9) - $
10) - $
11) - $
12) - $
13) - $
14) - $
15) - $
16) - $
17) - $
18) - $
19) - $
20) - $
21) $ -
22) - $
23) - $
24) - $
25) - $
26) - $
27) - $
28) - $
- $
- $
- $
- $
- $
- $
- $
Totals - This Page - $ 1,146,298.00 $ 95,524.83 $ 95,524.83 $ 95,524.83 $ 95,524.83 $ 95,524.83 $ 95,524.83 $ $573,148.98
** All total due during fiscal year and payment amounts are projected.
*** Funding sources from the successor agency: (For fiscal 2011-12 only, references to RPTTF could also mean tax increment allocated to the Agency prior to February 1, 2012.)
RPTTF - Redevelopment Property Tax Trust Fund Bonds - Bond proceeds Other - reserves, rents, interest earnings, etc
LMIHF - Low and Moderate Income Housing Fund Admin - Successor Agency Administrative Allowance
**** - Administrative Cost Allowance caps are 5% of Form A 6-month totals in 2011-12 and 3% of Form A 6-month totals in 2012-13. The calculation should not factor in pass through payments paid for with RPTTF in Form D.
Project Area
Total Outstanding
Debt or Obligation
Payments by month
Total Due During
Fiscal Year
2012-13**
Funding
Source
***
Payable from the Administrative Allowance Allocation ****
9Name of Redevelopment Agency: Culver City Redevelopment Agency FORM D - Pass-Through Payments
Project Area(s) RDA Project Area All
OTHER OBLIGATION PAYMENT SCHEDULE
Per AB 26 - Section 34177 (* )
Project Name / Debt Obligation Payee Description Project Area Jul 2012 Aug 2012 Sep 2012 Oct 2012 Nov 2012 Dec 2012 Total
1)
Pass Through Agreement Culver City USD Payments per CRL 33676
Project No. 2 1,622,312.57 RPTTF 486,693.77 486,693.77 $
2)
Statutory Payments LA County General Payments per CRL 33607.5 and .7 Merged 0.00 RPTTF 0.00 - $
3)
Statutory Payments LA County Library Payments per CRL 33607.5 and .7 Merged 98,666.67 RPTTF 29,600.00 29,600.00 $
4)
Statutory Payments LA County Fire Payments per CRL 33607.5 and .7 Merged 25,436.67 RPTTF 7,631.00 7,631.00 $
5)
Statutory Payments LA County Flood Payments per CRL 33607.5 and .7 Merged 60,443.33 RPTTF 18,133.00 18,133.00 $
6)
Statutory Payments Vector Control Payments per CRL 33607.5 and .7 Merged 1,266.67 RPTTF 380.00 380.00 $
7)
Statutory Payments City of Culver City Payments per CRL 33607.5 and .7 Merged 418,856.67 RPTTF 125,657.00 125,657.00 $
8)
Statutory Payments LA County Education Payments per CRL 33607.5 and .7 Merged 14,286.67 RPTTF 4,286.00 4,286.00 $
9)
Statutory Payments LACCD Payments per CRL 33607.5 and .7 Merged 103,200.00 RPTTF 30,960.00 30,960.00 $
10)
Statutory Payments Culver City USD Payments per CRL 33607.5 and .7 Merged 651,853.33 RPTTF 195,556.00 195,556.00 $
11)
Statutory Payments LAUSD Payments per CRL 33607.5 and .7 Merged 7,946.67 RPTTF 2,384.00 2,384.00 $
12)
Statutory Payments West Basin MWD Payments per CRL 33607.5 and .7 Merged 14,346.67 RPTTF 4,304.00 4,304.00 $
13) - $
14) - $
15) - $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
Totals - Other Obligations - $ 3,018,615.92 $ - $ 905,584.77 $ - $ - $ - $ - $ - $ 905,584.77 $
** All total due during fiscal year and payment amounts are projected.
*** Funding sources from the successor agency: (For fiscal 2011-12 only, references to RPTTF could also mean tax increment allocated to the Agency prior to February 1, 2012. )
RPTTF - Redevelopment Property Tax Trust Fund Bonds - Bond proceeds Other - reserves, rents, interest earnings, et c
LMIHF - Low and Moderate Income Housing Fund Admin - Successor Agency Administrative Allowanc e
Total Outstanding
Debt or Obligation
Total Due During
Fiscal Year
2011-2012**
Source of
Funds
Payments by month
Pass Through and Other Payments
* The Preliminary Draft Recognized Obligation Payment Schedule (ROPS) is to be completed by 3/1/2012 by the successor agency, and subsequently be approved by the oversight board before the final ROPS is submitted to the State Controller and State Department of Finance
by April 15, 2012. It is not a requirement that the Agreed Upon Procedures Audit be completed before submitting the final Oversight Approved ROPS to the State Controller and State Department of Finance.
102004 ERAF 2005 ERAF 2006 ERAF 2010 SERAF Month Principal Pmt Month Principal Pmt Month Principal Pmt Month Principal Pmt Month Principal Int Pmt Month Principal Int Pmt
Jan-12 25,848 Jan-12 1,068,000 Jan-12 996,000 Jan-12 10,946,277 Jan-12 33,944,195 113,147 Jan-12 46,980,320 113,147 0
Feb-12 25,848 0 Feb-12 1,068,000 0 Feb-12 996,000 0 Feb-12 10,946,277 0 Feb-12 34,057,342 113,524 0 Feb-12 47,093,467 113,524 0
Mar-12 25,848 0 Mar-12 1,068,000 0 Mar-12 996,000 0 Mar-12 10,946,277 0 Mar-12 34,170,866 113,903 0 Mar-12 47,206,991 113,903 0
Apr-12 25,848 0 Apr-12 1,068,000 0 Apr-12 996,000 0 Apr-12 10,946,277 0 Apr-12 34,284,769 114,283 0 Apr-12 47,320,894 114,283 0
May-12 25,848 0 May-12 1,068,000 0 May-12 996,000 0 May-12 10,946,277 0 May-12 34,399,052 114,664 0 May-12 47,435,177 114,664 0
Jun-12 25,848 0 Jun-12 1,068,000 0 Jun-12 996,000 0 Jun-12 10,946,277 0 Jun-12 34,513,716 115,046 0 Jun-12 47,549,841 115,046 0
Jul-12 21,348 4,500 Jul-12 1,032,000 36,000 Jul-12 972,000 24,000 Jul-12 10,895,777 50,500 Jul-12 34,628,762 115,429 0 Jul-12 47,549,887 115,429 115,000
Aug-12 16,848 4,500 Aug-12 996,000 36,000 Aug-12 948,000 24,000 Aug-12 10,845,277 50,500 Aug-12 34,744,191 115,814 0 Aug-12 47,550,316 115,814 115,000
Sep-12 12,348 4,500 Sep-12 960,000 36,000 Sep-12 924,000 24,000 Sep-12 10,794,777 50,500 Sep-12 34,860,005 116,200 0 Sep-12 47,551,130 116,200 115,000
Oct-12 7,848 4,500 Oct-12 924,000 36,000 Oct-12 900,000 24,000 Oct-12 10,744,277 50,500 Oct-12 34,976,205 116,587 0 Oct-12 47,552,330 116,587 115,000
Nov-12 3,348 4,500 Nov-12 888,000 36,000 Nov-12 876,000 24,000 Nov-12 10,693,777 50,500 Nov-12 35,092,792 116,976 0 Nov-12 47,553,917 116,976 115,000
Dec-12 0 3,348 Dec-12 852,000 36,000 Dec-12 852,000 24,000 Dec-12 10,643,277 50,500 Dec-12 35,209,768 117,366 0 Dec-12 47,557,045 117,366 113,848
Jan-13 816,000 36,000 Jan-13 828,000 24,000 Jan-13 10,343,277 300,000 Jan-13 35,327,134 117,757 250,000 Jan-13 47,314,411 117,757 610,000
Feb-13 780,000 36,000 Feb-13 804,000 24,000 Feb-13 10,043,277 300,000 Feb-13 35,194,891 117,316 250,000 Feb-13 46,822,168 117,316 610,000
Mar-13 744,000 36,000 Mar-13 780,000 24,000 Mar-13 9,743,277 300,000 Mar-13 35,062,207 116,874 250,000 Mar-13 46,329,484 116,874 610,000
Apr-13 708,000 36,000 Apr-13 756,000 24,000 Apr-13 9,443,277 300,000 Apr-13 34,929,081 116,430 250,000 Apr-13 45,836,358 116,430 610,000
May-13 672,000 36,000 May-13 732,000 24,000 May-13 9,143,277 300,000 May-13 34,795,511 115,985 250,000 May-13 45,342,788 115,985 610,000
Jun-13 636,000 36,000 Jun-13 708,000 24,000 Jun-13 8,843,277 300,000 Jun-13 34,661,496 115,538 250,000 Jun-13 44,848,773 115,538 610,000
Jul-13 600,000 36,000 Jul-13 684,000 24,000 Jul-13 8,543,277 300,000 Jul-13 34,527,034 115,090 250,000 Jul-13 44,354,311 115,090 610,000
Aug-13 564,000 36,000 Aug-13 660,000 24,000 Aug-13 8,243,277 300,000 Aug-13 34,392,124 114,640 250,000 Aug-13 43,859,401 114,640 610,000
Sep-13 528,000 36,000 Sep-13 636,000 24,000 Sep-13 7,943,277 300,000 Sep-13 34,256,764 114,189 250,000 Sep-13 43,364,041 114,189 610,000
Oct-13 492,000 36,000 Oct-13 612,000 24,000 Oct-13 7,643,277 300,000 Oct-13 34,120,953 113,737 250,000 Oct-13 42,868,230 113,737 610,000
Nov-13 456,000 36,000 Nov-13 588,000 24,000 Nov-13 7,343,277 300,000 Nov-13 33,984,690 113,282 250,000 Nov-13 42,371,967 113,282 610,000
Dec-13 420,000 36,000 Dec-13 564,000 24,000 Dec-13 7,043,277 300,000 Dec-13 33,847,972 112,827 250,000 Dec-13 41,875,249 112,827 610,000
Jan-14 384,000 36,000 Jan-14 540,000 24,000 Jan-14 6,743,277 300,000 Jan-14 33,710,799 112,369 250,000 Jan-14 41,378,076 112,369 610,000
Feb-14 348,000 36,000 Feb-14 516,000 24,000 Feb-14 6,443,277 300,000 Feb-14 33,573,168 111,911 250,000 Feb-14 40,880,445 111,911 610,000
Mar-14 312,000 36,000 Mar-14 492,000 24,000 Mar-14 6,143,277 300,000 Mar-14 33,435,079 111,450 250,000 Mar-14 40,382,356 111,450 610,000
Apr-14 276,000 36,000 Apr-14 468,000 24,000 Apr-14 5,843,277 300,000 Apr-14 33,296,529 110,988 250,000 Apr-14 39,883,806 110,988 610,000
May-14 240,000 36,000 May-14 444,000 24,000 May-14 5,543,277 300,000 May-14 33,157,517 110,525 250,000 May-14 39,384,794 110,525 610,000
Jun-14 204,000 36,000 Jun-14 420,000 24,000 Jun-14 5,243,277 300,000 Jun-14 33,018,042 110,060 250,000 Jun-14 38,885,319 110,060 610,000
Jul-14 168,000 36,000 Jul-14 396,000 24,000 Jul-14 4,943,277 300,000 Jul-14 32,878,102 109,594 250,000 Jul-14 38,385,379 109,594 610,000
Aug-14 132,000 36,000 Aug-14 372,000 24,000 Aug-14 4,643,277 300,000 Aug-14 32,737,696 109,126 250,000 Aug-14 37,884,973 109,126 610,000
Sep-14 96,000 36,000 Sep-14 348,000 24,000 Sep-14 4,343,277 300,000 Sep-14 32,596,822 108,656 250,000 Sep-14 37,384,099 108,656 610,000
Oct-14 60,000 36,000 Oct-14 324,000 24,000 Oct-14 4,043,277 300,000 Oct-14 32,455,478 108,185 250,000 Oct-14 36,882,755 108,185 610,000
Nov-14 24,000 36,000 Nov-14 300,000 24,000 Nov-14 3,743,277 300,000 Nov-14 32,313,663 107,712 250,000 Nov-14 36,380,940 107,712 610,000
Dec-14 0 24,000 Dec-14 276,000 24,000 Dec-14 3,443,277 300,000 Dec-14 32,171,375 107,238 262,000 Dec-14 35,890,652 107,238 610,000
Jan-15 252,000 24,000 Jan-15 3,143,277 300,000 Jan-15 32,016,613 106,722 286,000 Jan-15 35,411,890 106,722 610,000
Feb-15 228,000 24,000 Feb-15 2,843,277 300,000 Feb-15 31,837,335 106,124 286,000 Feb-15 34,908,612 106,124 610,000
Mar-15 204,000 24,000 Mar-15 2,543,277 300,000 Mar-15 31,657,459 105,525 286,000 Mar-15 34,404,736 105,525 610,000
Apr-15 180,000 24,000 Apr-15 2,243,277 300,000 Apr-15 31,476,984 104,923 286,000 Apr-15 33,900,261 104,923 610,000
May-15 156,000 24,000 May-15 1,943,277 300,000 May-15 31,295,907 104,320 286,000 May-15 33,395,184 104,320 610,000
Jun-15 132,000 24,000 Jun-15 1,643,277 300,000 Jun-15 31,114,227 103,714 286,000 Jun-15 32,889,504 103,714 610,000
Jul-15 108,000 24,000 Jul-15 1,343,277 300,000 Jul-15 30,931,941 103,106 286,000 Jul-15 32,383,218 103,106 610,000
Aug-15 84,000 24,000 Aug-15 1,043,277 300,000 Aug-15 30,749,047 102,497 286,000 Aug-15 31,876,324 102,497 610,000
Sep-15 60,000 24,000 Sep-15 743,277 300,000 Sep-15 30,565,544 101,885 286,000 Sep-15 31,368,821 101,885 610,000
Oct-15 36,000 24,000 Oct-15 443,277 300,000 Oct-15 30,381,429 101,271 286,000 Oct-15 30,860,706 101,271 610,000
Nov-15 12,000 24,000 Nov-15 143,277 300,000 Nov-15 30,196,700 100,656 286,000 Nov-15 30,351,977 100,656 610,000
Dec-15 0 12,000 Dec-15 0 143,277 Dec-15 30,011,356 100,038 454,723 Dec-15 30,011,356 100,038 610,000
Jan-16 29,656,671 98,856 610,000 Jan-16 29,656,671 98,856 610,000
Feb-16 29,145,527 97,152 610,000 Feb-16 29,145,527 97,152 610,000
Mar-16 28,632,679 95,442 610,000 Mar-16 28,632,679 95,442 610,000
Culver City Successor Agency
Amortization of 2004, 2005 & 2006 ERAF; 2010 SERAF and '86-'95 Deferral Debts
85 to '96 Deferral 4% Interest Assumed Grand Total
112004 ERAF 2005 ERAF 2006 ERAF 2010 SERAF Month Principal Pmt Month Principal Pmt Month Principal Pmt Month Principal Pmt Month Principal Int Pmt Month Principal Int Pmt
Culver City Successor Agency
Amortization of 2004, 2005 & 2006 ERAF; 2010 SERAF and '86-'95 Deferral Debts
85 to '96 Deferral 4% Interest Assumed Grand Total
Apr-16 28,118,121 93,727 610,000 Apr-16 28,118,121 93,727 610,000
May-16 27,601,848 92,006 610,000 May-16 27,601,848 92,006 610,000
Jun-16 27,083,854 90,280 610,000 Jun-16 27,083,854 90,280 610,000
Jul-16 26,564,134 88,547 610,000 Jul-16 26,564,134 88,547 610,000
Aug-16 26,042,681 86,809 610,000 Aug-16 26,042,681 86,809 610,000
Sep-16 25,519,490 85,065 610,000 Sep-16 25,519,490 85,065 610,000
Oct-16 24,994,555 83,315 610,000 Oct-16 24,994,555 83,315 610,000
Nov-16 24,467,870 81,560 610,000 Nov-16 24,467,870 81,560 610,000
Dec-16 23,939,430 79,798 610,000 Dec-16 23,939,430 79,798 610,000
Jan-17 23,409,228 78,031 610,000 Jan-17 23,409,228 78,031 610,000
Feb-17 22,877,259 76,258 610,000 Feb-17 22,877,259 76,258 610,000
Mar-17 22,343,517 74,478 610,000 Mar-17 22,343,517 74,478 610,000
Apr-17 21,807,995 72,693 610,000 Apr-17 21,807,995 72,693 610,000
May-17 21,270,688 70,902 610,000 May-17 21,270,688 70,902 610,000
Jun-17 20,731,590 69,105 610,000 Jun-17 20,731,590 69,105 610,000
Jul-17 20,190,695 67,302 610,000 Jul-17 20,190,695 67,302 610,000
Aug-17 19,647,997 65,493 610,000 Aug-17 19,647,997 65,493 610,000
Sep-17 19,103,490 63,678 610,000 Sep-17 19,103,490 63,678 610,000
Oct-17 18,557,168 61,857 610,000 Oct-17 18,557,168 61,857 610,000
Nov-17 18,009,025 60,030 610,000 Nov-17 18,009,025 60,030 610,000
Dec-17 17,459,055 58,197 610,000 Dec-17 17,459,055 58,197 610,000
Jan-18 16,907,252 56,358 610,000 Jan-18 16,907,252 56,358 610,000
Feb-18 16,353,610 54,512 610,000 Feb-18 16,353,610 54,512 610,000
Mar-18 15,798,122 52,660 610,000 Mar-18 15,798,122 52,660 610,000
Apr-18 15,240,782 50,803 610,000 Apr-18 15,240,782 50,803 610,000
May-18 14,681,585 48,939 610,000 May-18 14,681,585 48,939 610,000
Jun-18 14,120,524 47,068 610,000 Jun-18 14,120,524 47,068 610,000
Jul-18 13,557,592 45,192 610,000 Jul-18 13,557,592 45,192 610,000
Aug-18 12,992,784 43,309 610,000 Aug-18 12,992,784 43,309 610,000
Sep-18 12,426,093 41,420 610,000 Sep-18 12,426,093 41,420 610,000
Oct-18 11,857,513 39,525 610,000 Oct-18 11,857,513 39,525 610,000
Nov-18 11,287,038 37,623 610,000 Nov-18 11,287,038 37,623 610,000
Dec-18 10,714,661 35,716 610,000 Dec-18 10,714,661 35,716 610,000
Jan-19 10,140,377 33,801 610,000 Jan-19 10,140,377 33,801 610,000
Feb-19 9,564,178 31,881 610,000 Feb-19 9,564,178 31,881 610,000
Mar-19 8,986,059 29,954 610,000 Mar-19 8,986,059 29,954 610,000
Apr-19 8,406,013 28,020 610,000 Apr-19 8,406,013 28,020 610,000
May-19 7,824,033 26,080 610,000 May-19 7,824,033 26,080 610,000
Jun-19 7,240,113 24,134 610,000 Jun-19 7,240,113 24,134 610,000
Jul-19 6,654,247 22,181 610,000 Jul-19 6,654,247 22,181 610,000
Aug-19 6,066,428 20,221 610,000 Aug-19 6,066,428 20,221 610,000
Sep-19 5,476,649 18,255 610,000 Sep-19 5,476,649 18,255 610,000
Oct-19 4,884,904 16,283 610,000 Oct-19 4,884,904 16,283 610,000
Nov-19 4,291,187 14,304 610,000 Nov-19 4,291,187 14,304 610,000
Dec-19 3,695,491 12,318 610,000 Dec-19 3,695,491 12,318 610,000
Jan-20 3,097,809 10,326 610,000 Jan-20 3,097,809 10,326 610,000
Feb-20 2,498,135 8,327 610,000 Feb-20 2,498,135 8,327 610,000
Mar-20 1,896,462 6,322 610,000 Mar-20 1,896,462 6,322 610,000
Apr-20 1,292,784 4,309 610,000 Apr-20 1,292,784 4,309 610,000
May-20 687,093 2,290 610,000 May-20 687,093 2,290 610,000
Jun-20 79,383 265 79,648 Jun-20 79,383 265 79,648
Jul-20 000 Jul-20 000
12Month Principal Pmt Month Principal Pmt Month Principal Pmt Month Principal Pmt
Jun-12 552,000 Jun-12 1,725,000 Jun-12 290,000 Jun-12 2,567,000
Jul-12 542,800 9,200 Jul-12 1,696,250 28,750 Jul-12 285,165 4,835 Jul-12 2,524,215 42,785
Aug-12 533,600 9,200 Aug-12 1,667,500 28,750 Aug-12 280,330 4,835 Aug-12 2,481,430 42,785
Sep-12 524,400 9,200 Sep-12 1,638,750 28,750 Sep-12 275,495 4,835 Sep-12 2,438,645 42,785
Oct-12 515,200 9,200 Oct-12 1,610,000 28,750 Oct-12 270,660 4,835 Oct-12 2,395,860 42,785
Nov-12 506,000 9,200 Nov-12 1,581,250 28,750 Nov-12 265,825 4,835 Nov-12 2,353,075 42,785
Dec-12 496,800 9,200 Dec-12 1,552,500 28,750 Dec-12 260,990 4,835 Dec-12 2,310,290 42,785
Jan-13 487,600 9,200 Jan-13 1,523,750 28,750 Jan-13 256,155 4,835 Jan-13 2,267,505 42,785
Feb-13 478,400 9,200 Feb-13 1,495,000 28,750 Feb-13 251,320 4,835 Feb-13 2,224,720 42,785
Mar-13 469,200 9,200 Mar-13 1,466,250 28,750 Mar-13 246,485 4,835 Mar-13 2,181,935 42,785
Apr-13 460,000 9,200 Apr-13 1,437,500 28,750 Apr-13 241,650 4,835 Apr-13 2,139,150 42,785
May-13 450,800 9,200 May-13 1,408,750 28,750 May-13 236,815 4,835 May-13 2,096,365 42,785
Jun-13 441,600 9,200 Jun-13 1,380,000 28,750 Jun-13 231,980 4,835 Jun-13 2,053,580 42,785
Jul-13 432,400 9,200 Jul-13 1,351,250 28,750 Jul-13 227,145 4,835 Jul-13 2,010,795 42,785
Aug-13 423,200 9,200 Aug-13 1,322,500 28,750 Aug-13 222,310 4,835 Aug-13 1,968,010 42,785
Sep-13 414,000 9,200 Sep-13 1,293,750 28,750 Sep-13 217,475 4,835 Sep-13 1,925,225 42,785
Oct-13 404,800 9,200 Oct-13 1,265,000 28,750 Oct-13 212,640 4,835 Oct-13 1,882,440 42,785
Nov-13 395,600 9,200 Nov-13 1,236,250 28,750 Nov-13 207,805 4,835 Nov-13 1,839,655 42,785
Dec-13 386,400 9,200 Dec-13 1,207,500 28,750 Dec-13 202,970 4,835 Dec-13 1,796,870 42,785
Jan-14 377,200 9,200 Jan-14 1,178,750 28,750 Jan-14 198,135 4,835 Jan-14 1,754,085 42,785
Feb-14 368,000 9,200 Feb-14 1,150,000 28,750 Feb-14 193,300 4,835 Feb-14 1,711,300 42,785
Mar-14 358,800 9,200 Mar-14 1,121,250 28,750 Mar-14 188,465 4,835 Mar-14 1,668,515 42,785
Apr-14 349,600 9,200 Apr-14 1,092,500 28,750 Apr-14 183,630 4,835 Apr-14 1,625,730 42,785
May-14 340,400 9,200 May-14 1,063,750 28,750 May-14 178,795 4,835 May-14 1,582,945 42,785
Jun-14 331,200 9,200 Jun-14 1,035,000 28,750 Jun-14 173,960 4,835 Jun-14 1,540,160 42,785
Jul-14 322,000 9,200 Jul-14 1,006,250 28,750 Jul-14 169,125 4,835 Jul-14 1,497,375 42,785
Aug-14 312,800 9,200 Aug-14 977,500 28,750 Aug-14 164,290 4,835 Aug-14 1,454,590 42,785
Sep-14 303,600 9,200 Sep-14 948,750 28,750 Sep-14 159,455 4,835 Sep-14 1,411,805 42,785
Oct-14 294,400 9,200 Oct-14 920,000 28,750 Oct-14 154,620 4,835 Oct-14 1,369,020 42,785
Nov-14 285,200 9,200 Nov-14 891,250 28,750 Nov-14 149,785 4,835 Nov-14 1,326,235 42,785
Dec-14 276,000 9,200 Dec-14 862,500 28,750 Dec-14 144,950 4,835 Dec-14 1,283,450 42,785
Jan-15 266,800 9,200 Jan-15 833,750 28,750 Jan-15 140,115 4,835 Jan-15 1,240,665 42,785
Feb-15 257,600 9,200 Feb-15 805,000 28,750 Feb-15 135,280 4,835 Feb-15 1,197,880 42,785
Mar-15 248,400 9,200 Mar-15 776,250 28,750 Mar-15 130,445 4,835 Mar-15 1,155,095 42,785
Apr-15 239,200 9,200 Apr-15 747,500 28,750 Apr-15 125,610 4,835 Apr-15 1,112,310 42,785
May-15 230,000 9,200 May-15 718,750 28,750 May-15 120,775 4,835 May-15 1,069,525 42,785
Jun-15 220,800 9,200 Jun-15 690,000 28,750 Jun-15 115,940 4,835 Jun-15 1,026,740 42,785
Jul-15 211,600 9,200 Jul-15 661,250 28,750 Jul-15 111,105 4,835 Jul-15 983,955 42,785
Aug-15 202,400 9,200 Aug-15 632,500 28,750 Aug-15 106,270 4,835 Aug-15 941,170 42,785
Sep-15 193,200 9,200 Sep-15 603,750 28,750 Sep-15 101,435 4,835 Sep-15 898,385 42,785
Oct-15 184,000 9,200 Oct-15 575,000 28,750 Oct-15 96,600 4,835 Oct-15 855,600 42,785
Nov-15 174,800 9,200 Nov-15 546,250 28,750 Nov-15 91,765 4,835 Nov-15 812,815 42,785
Dec-15 165,600 9,200 Dec-15 517,500 28,750 Dec-15 86,930 4,835 Dec-15 770,030 42,785
Jan-16 156,400 9,200 Jan-16 488,750 28,750 Jan-16 82,095 4,835 Jan-16 727,245 42,785
Feb-16 147,200 9,200 Feb-16 460,000 28,750 Feb-16 77,260 4,835 Feb-16 684,460 42,785
Mar-16 138,000 9,200 Mar-16 431,250 28,750 Mar-16 72,425 4,835 Mar-16 641,675 42,785
Apr-16 128,800 9,200 Apr-16 402,500 28,750 Apr-16 67,590 4,835 Apr-16 598,890 42,785
Culver City Successor Agency
60 Month Amortization Schedule
Employee Related Earned Accruals and Earned Obligations
Pension Liability OPEB Liability Accrual Liability Total All Liabilities
13Culver City Successor Agency
60 Month Amortization Schedule
Employee Related Earned Accruals and Earned Obligations
Pension Liability OPEB Liability Accrual Liability Total All Liabilities
May-16 119,600 9,200 May-16 373,750 28,750 May-16 62,755 4,835 May-16 556,105 42,785
Jun-16 110,400 9,200 Jun-16 345,000 28,750 Jun-16 57,920 4,835 Jun-16 513,320 42,785
Jul-16 101,200 9,200 Jul-16 316,250 28,750 Jul-16 53,085 4,835 Jul-16 470,535 42,785
Aug-16 92,000 9,200 Aug-16 287,500 28,750 Aug-16 48,250 4,835 Aug-16 427,750 42,785
Sep-16 82,800 9,200 Sep-16 258,750 28,750 Sep-16 43,415 4,835 Sep-16 384,965 42,785
Oct-16 73,600 9,200 Oct-16 230,000 28,750 Oct-16 38,580 4,835 Oct-16 342,180 42,785
Nov-16 64,400 9,200 Nov-16 201,250 28,750 Nov-16 33,745 4,835 Nov-16 299,395 42,785
Dec-16 55,200 9,200 Dec-16 172,500 28,750 Dec-16 28,910 4,835 Dec-16 256,610 42,785
Jan-17 46,000 9,200 Jan-17 143,750 28,750 Jan-17 24,075 4,835 Jan-17 213,825 42,785
Feb-17 36,800 9,200 Feb-17 115,000 28,750 Feb-17 19,240 4,835 Feb-17 171,040 42,785
Mar-17 27,600 9,200 Mar-17 86,250 28,750 Mar-17 14,405 4,835 Mar-17 128,255 42,785
Apr-17 18,400 9,200 Apr-17 57,500 28,750 Apr-17 9,570 4,835 Apr-17 85,470 42,785
May-17 9,200 9,200 May-17 28,750 28,750 May-17 4,735 4,835 May-17 42,685 42,785
Jun-17 0 9,200 Jun-17 0 28,750 Jun-17 0 4,735 Jun-17 0 42,685
14