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San Ramon LogoOversight Board Minutes title line

MINUTES OF THE
CITY OF SAN RAMON – OVERSIGHT BOARD
February 27, 2013

A regular meeting of the Oversight Board of the City of San Ramon was held on
February 27, 2013 at 4:01 p.m. in the City Council Chamber at City Hall, 2222 Camino Ramon, Vice Chair Marc Fontes presiding.
PRESENT:  Boardmembers Gary Black, Patricia Boom, John Nejedly, Matt Stamey, Vice Chair Mary Lou Oliver, and Chair Marc Fontes.
ABSENT:  Boardmember Scott Perkins.
STAFF PRESENT:  City Manager Greg Rogers, Administrative Services Director Eva Phelps, and Board Clerk Patricia Edwards.

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PLEDGE OF ALLEGIANCE

Chair Fontes led those present in the pledge of allegiance.

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ANNOUNCEMENTS

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PUBLIC COMMENT

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APPROVAL OF MINUTES

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CONSENT CALENDAR

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UNFINISHED BUSINESS

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NEW BUSINESS

(#8.1) Resolution No. OB 2013-003 – Adopting a Recognized Obligation Payment Schedule for the Period July 1, 2013 through December 31, 2013 in Accordance with Health and Safety Code Section 34177(l) and (m).

Administrative Services Director Eva Phelps provided the report.  The proposed fourth Recognized Obligation Payment Schedule (ROPS) is similar to the previously approved ROPS.  Changes were made per the Department of Finance which disallowed: reserve funds for future CAL HFA loan payments; SERAF Advance for Low/Mod; and reserve funds for future SERAF advance repayment.  Although these are enforceable obligations, they were disallowed because payments are not due until 2016.  She noted that slight changes in numbers reflect fiscal year payments.  Adopting the ROPS allows the Successor Agency to continue to make payments on obligations listed on the ROPS.  The deadline to submit the ROPS to the Department of Finance is March 1, 2013.  Chair Fontes noted that the ROPS was considered by the Successor Agency.  Because some of the obligations have balloon payments, staff suggested that money incrementally be set aside annually for these payments.  This was disallowed by the Department of Finance.  Ms. Phelps stated that the obligations will continue to appear on the ROPS.  She noted that the City is allowed a reserve of debt for the Tax Allocation Bonds.  She expressed concern that there will be sufficient reserve to make the other balloon payments.  She noted that the Cal loan is $750,000 plus interest.

Vice Chair Oliver’s motion to adopt Resolution OB No. 2013-003 was seconded by Mbr. Boom and passed 6-0-1-0.  Mbr. Perkins absent.

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ADJOURNMENT

At 4:08 p.m., there being no further business, Chair Fontes adjourned the meeting.

Marc Fontes, Vice Chair
Patricia Edwards, Board Clerk

Approved at the September 11, 2013 Oversight Board meeting 5-0-1-1; Mbr. Perkins abstain; Mbr. Boom absent.

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