TABLE OF CONTENTS
Independent Accountants Report on Applying
Agreed-Upon Procedures ................................................................................ Attachment A -Agreed-Upon Procedures Engagment Pursuant
To ABX1 26 ............................................................................................... 1
Attachment B- Additional Detail in Support of Agreed-Upon
Procedures ................................................................................................. 12
Attachment C- Copy of Agreed-Upon Procedures Engagement Pursuant
To AB1 26, Community Redevelopment Dissolution- City
Of Selma- Issued July 12, 2012 ..................................................................... 13
Steven B. Yribarren, CPA
Nancy R. Tutschulte, CPA
Haley C. Lynch, CPA
September 12, 20 12
County Auditor-Controller I Oversight Board of the Successor Agency
Fresno County I City of Selma, California
INDEPENDENT ACCOUNTANT'S REPORT ON
APPLYING AGREED-UPON PROCEDURES
We have performed the minimum required agreed-upon procedures enumerated in Attachment A, which
were agreed to by the California State Controller's Office, Department of Finance, and Fresno County
Auditor-Controller, solely to assist you in ensuring that the dissolved redevelopment agency is complying
with its statutory requirements with respect to ABX I 26. Management of the successor agency and the
county are responsible for the accounting records pertaining to statutory compliance pursuant to Health and
Safety Code section 34179.5(c)(l) through 34179.5(c)(3) and 34179.5(c)(5) through 34179.5(c)(6). This
agreed-upon procedures engagement was conducted in accordance with attestation standards established by
the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the
responsibility of those parties specified in the report. Consequently, we make no representation regarding
the sufficiency of the procedures described below either for the purpose for which this report has been
requested or for any other purpose.
The scope of this engagement was limited to performing the minimum required agreed-upon procedures and
results as set forth in Attachment A.
We were not engaged to and did not conduct an audit, the objective of which would be the expression of
an opinion as to the appropriateness of the results summarized in Attachment A. Accordingly, we do not
express such an opinion. Had we performed additional procedures, other matters might have come to our
attention that would have been reported to you.
This report is intended solely for the information and use of the Fresno County Auditor-Controller, the
successor agency, and applicable State agencies, and is not intended to be, and should not be used by
anyone other than these specified parties. This restriction is not intended to limit distribution of this
report, which is a matter of public record.
Y ibarren Group
ertified Public Accountants
3410 McCall Avenue Suite 106
Selma, California 93662
(559) 896-1542 Phone
(559)896-2368 Fax
www.ygroupcpas.com
Attachment A
v. 8-27-12
List of Procedures for Due Diligence Review
General information regarding these procedures:
1. The procedures associated with Sections 34179 .5( c)( I) through 34179.5( c )(3) and Sections
34179.5(c)(5) through 34179.5(c)(6) are to be applied separately to (a) the Low and Moderate
Income Housing Fund of the Successor Agency and to (b) all other funds of the Successor
Agency combined (excluding the Low and Moderate Income Housing Fund).
2. The due date for the report associated with the Low and Moderate Income Housing Fund is
October 1, 2012.
3. The due date for the report associated with all other funds of the Successor Agency combined
(excluding the Low and Moderate Income Housing Fund) is December 15, 2012.
4. Because the procedures required by Section 34179.5(c)(4) pertain to the Successor Agency as a
whole, these procedures should be addressed in the report that is due on December 15, 2012.
Fiscal year references below refer to fiscal years ending on June 30. This language should be modified for
those agencies that have a different fiscal year-end.
For purposes of the procedures below and the related exhibits, the amount of the assets presented should be
based upon generally accepted accounting principles (GAAP), unless otherwise noted.
To the extent the procedures listed below are duplicative to the agreed upon procedures that were
performed pursuant to HSC 34182 (a)(1 ), it is acceptable to obtain and use information from the HSC
34182 (a)( I) procedures for purposes of this due diligence review without having to re-perform the
procedures. When this is done, the due diligence report should refer to the report that was issued for the
agreed upon procedures performed under HSC 34182 (a)( I).
Certain assets may qualify as a deduction under more than one category of deduction. In such cases, care
should be taken to ensure that such assets have been included as a deduction in the summary schedule
only once.
Citation:
34179.5(c)(1) The dollar value of assets tramferredfrom the former redevelopment agency to the
successor agency on or about February 1, 2012.
Suggested Procedure(s):
1.
Obtain from the Successor Agency a listing of all assets that were transferred from the former
redevelopment agency to the Successor Agency on February I, 2012. Agree the amounts on this
listing to account balances established in the accounting records of the Successor Agency. Identify
in the Agreed-Upon Procedures (AUP) report the amount of the assets transferred to the Successor
Agency as of that date.
1
v. 8-27-12
Conclusion: See attachment AUP 110-1-12. The only asset transfer was cash, and the
amount can be traced back to the bank reconciliation and bank statement.
Citation:
34179.5(c){2) The dollar value of assets and cash and cash equivalents transferred after January 1,
2011, through June 30, 2012, by the redevelopment agency or the successor agency to the city,
county, or city and county that formed the redevelopment agency and the purpose of each transfer.
The review shall provide documentation of any enforceable obligation that required the transfer.
Suggested Procedure(s):
2. If the State Controller's Office has completed its review of transfers required under both Sections
34167.5 and 34178.8 and issued its report regarding such review, attach a copy of that report as an
exhibit to the AUP report. If this has not yet occurred, perform the following procedures:
A. Obtain a listing prepared by the Successor Agency of transfers (excluding payments for goods
and services) from the former redevelopment agency to the city, county, or city and county
that formed the redevelopment agency for the period from January I, 20 II through January
31, 2012. For each transfer, the Successor Agency should describe the purpose of the transfer
and describe in what sense the transfer was required by one of the Agency's enforceable
obligations or other legal requirements. Provide this listing as an attachment to the AUP
report.
Conclusion: We reviewed documents provided by the successor agency and the former
RDA and determined that no transfers took place during the period from January 1,
2011 through January 31, 2012.
B. Obtain a listing prepared by the Successor Agency of transfers (excluding payments for goods
and services) from the Successor Agency to the city, county, or city and county that formed
the redevelopment agency for the period from February I, 20 12 through June 30, 20 12. For
each transfer, the Successor Agency should describe the purpose of the transfer and describe
in what sense the transfer was required by one of the Agency's enforceable obligations or
other legal requirements. Provide this listing as an attachment to the AUP report.
Conclusion: We reviewed documents provided by the successor agency and the former
RDA and determined that no transfers took place during the period from February 1,
2012 through June 30, 2012.
2
v. 8-27-12
C. For each transfer, obtain the legal document that formed the basis for the enforceable
obligation that required any transfer. Note in the AUP report the absence of any such legal
document or the absence of language in the document that required the transfer.
Conclusion: No transfers took place.
Citation:
34179.5(c){3) The dollar value of any cash or cash equivalents transferred after January 1, 2011,
through June 30, 2012, by the redevelopment agency or the successor agency to any other public
agency or private party and the purpose of each transfer. The review shall provide documentation of
any enforceable obligation that required the transfer.
Suggested Procedure(s):
3. If the State Controller's Office has completed its review of transfers required under both Sections
34167.5 and 34178.8 and issued its report regarding such review, attach a copy of that report as an
exhibit to the AUP report. If this has not yet occurred, perform the following procedures:
A. Obtain a listing prepared by the Successor Agency of transfers (excluding payments for goods
and services) [from the former redevelopment agency to any other public agency or to private
parties for the period from January I, 2011 through January 31, 2012. For each transfer, the
Successor Agency should describe the purpose of the transfer and describe in what sense the
transfer was required by one of the Agency's enforceable obligations or other legal
requirements. Provide this listing as an attachment to the AUP report.
Conclusion: We reviewed documents provided by the successor agency and the former
RDA and determined that no transfers took place during the period from January 1,
2011 through January 31, 2012.
B. Obtain a listing prepared by the Successor Agency of transfers (excluding payments for
goods and services) [from the Successor Agency to any other public agency or private parties
for the period from February I, 2012 through June 30, 2012. For each transfer, the Successor
Agency should describe the purpose of the transfer and describe in what sense the transfer
was required by one of the Agency's enforceable obligations or other legal requirements.
Provide this listing as an attachment to the AUP report.
Conclusion: We reviewed documents provided by the successor agency and the former
RDA and determined that no transfers took place during the period from February 1,
2012 through June 30, 2012.
3
v. 8-27-12
C. For each transfer, obtain the legal document that formed the basis for the enforceable
obligation that required any transfer. Note in the AUP report the absence of any such legal
document or the absence of language in the document that required the transfer.
Conclusion: No transfers took place.
Citation:
34179.5(c)(4) The review shall provide expenditure and revenue accounting information and identify
transfers and funding sources for the 2010-11 and 2011-12 fiscal years that reconciles balances.
assets, and liabilities of the successor agency on June 30, 2012 to those reported to the Controller for
the 2009-10 fiscal year.
Suggested Procedure(s):
4. Perform the following procedures:
A. Obtain from the Successor Agency a summary of the financial transactions of the
Redevelopment Agency and the Successor Agency in the format set forth in the attached
schedule for the fiscal periods indicated in the schedule. For purposes of this summary, the
financial transactions should be presented using the modified accrual basis of accounting. End
of year balances for capital assets (in total) and long-term liabilities (in total) should be
presented at the bottom ofthis summary schedule for information purposes
Conclusion: See attachment AUP 4 10-1-12. The amounts reported for June 30, 2010
and June 30, 2011 can be traced back to the audited financial statements for the RDA
for those years. The amounts reported for the seven months ended January 31, 2012,
and the five month period ended June 30, 2012 were provided by the successor agency
and can be traced back to back reconciliations and bank statements.
B. Ascertain that for each period presented, the total of revenues, expenditures, and transfers
accounts fully for the changes in equity from the previous fiscal period.
Conclusion: See attachment AUP 4 10-1-12. The amounts reported for June 30, 2010
and June 30, 2011 can be traced back to the audited financial statements for the RDA
for those years. The amounts reported for the seven months ended January 31, 2012,
and the five month period ended June 30, 2012 were provided by the successor agency,
the amounts reported as cancellation of interfund amounts due during the seven months
ended January 31, 2011 represents monies borrowed by other funds within the
redevelopment agency in order to finance continuing operations within those funds.
C. Compare amounts in the schedule relevant to the fiscal year ended June 30, 20 I 0 to the state
controller's report filed for the Redevelopment Agency for that period.
Conclusion: amounts were compared in the schedule relevant to the fiscal year ended
June 30, 2010 to the state controller's report filed for the redevelopment agency for that
period with no exceptions noted.
4
V.8-27-12
D. Compare amounts in the schedule for the other fiscal periods presented to account balances in
the accounting records or other supporting schedules. Describe in the report the type of
support provided for each fiscal period.
Conclusion: amounts were compared in the schedule relevant to the fiscal year ended
June 30, 2011 to the state controller's report filed for the redevelopment agency for that
period with no exceptions noted. Receipts during the other fiscal periods include the first
installment of the 2011-12 tax increment in the amount of $139,581 and $2,981 of
housing loan repayments. The only expenditures in the other fiscal periods were to the
City of Selma in payment of administration fees, of which $24,311 covered the period
from July 1, 2011 to December 31, 2011 in the balance from January 1, 2012 to June 30,
2012. These amounts paid were included in the EOPS filed and the first ROPS filed. The
EOPS and the ROPS were reported on in the agreed-upon procedures performed
pursuant to HSC 34182 (A) (1).
Citation:
34179.5(c)(5) A separate accountingfor the balance for the Low and Moderate Income Housing Fund
for all other funds and accounts combined shall be made as follows:
(A) A statement of the total value of each fund as of June 30, 2012.
Suggested Procedure(s):
5. Obtain from the Successor Agency a listing of all assets of the Low and Moderate Income
Housing Fund as of June 30, 2012 for the report that is due October I, 2012 and a listing of all
assets of all other funds of the Successor Agency as of June 30,2012 (excluding the previously
reported assets of the Low and Moderate Income Housing Fund) for the report that is due
December 15, 2012. When this procedure is applied to the Low and Moderate Income Housing
Fund, the schedule attached as an exhibit will include only those assets of the Low and
Moderate Income Housing Fund that were held by the Successor Agency as of June 30, 2012
and will exclude all assets held by the entity that assumed the housing function previously
performed by the former redevelopment agency. Agree the assets so listed to recorded balances
reflected in the accounting records of the Successor Agency. The listings should be attached as
an exhibit to the appropriate AUP report.
Conclusion: See attachment AUP 5 10-1-12. The only asset available to transfer to the
successor agency was cash. The cash was transferred. The only activity subsequent to the
transfer window deminimus amounts deposited from repayments of low income housing
loans.
5
v. 8-27-12
Citation:
34179.5 (c)(5)(B) An itemized statement listing any amounts that are legally restricted as to purpose
and cannot be provided to taxing entities. This could include the proceeds of any bonds, grant funds,
or funds provided by other governmental entities that place conditions on their use.
Suggested Procedure(s):
6. Obtain from the Successor Agency a listing of asset balances held on June 30, 2012 that are
restricted for the following purposes:
A. Unspent bond proceeds: Conclusion: None
1.
Obtain the Successor Agency's computation of the restricted balances (e.g., total
proceeds less eligible project expenditures, amounts set aside for debt service payments,
etc.)
11.
Trace individual components of this computation to related account balances in the
accounting records, or to other supporting documentation (specify in the AUP report a
description of such documentation).
111.
Obtain from the Successor Agency a copy of the legal document that sets forth the
restriction pertaining to these balances. Note in the AUP report the absence of language
restricting the use of the balances that were identified by the Successor Agency as
restricted.
B. Grant proceeds and program income that are restricted by third parties: Conclusion: None
1.
Obtain the Successor Agency's computation of the restricted balances (e.g., total
proceeds less eligible project expenditures).
n.
Trace individual components of this computation to related account balances in the
accounting records, or to other supporting documentation (specify in the AUP report a
description of such documentation).
111.
Obtain from the Successor Agency a copy of the grant agreement that sets forth the
restriction pertaining to these balances. Note in the AUP report the absence of language
restricting the use of the balances that were identified by the Successor Agency as
restricted.
6
v. 8-27-12
C. Other assets considered to be legally restricted: Conclusion: None
1.
Obtain the Successor Agency's computation of the restricted balances (e.g., total
proceeds less eligible project expenditures).
11.
Trace individual components of this computation to related account balances in the
accounting records, or to other supporting documentation (specify in the AUP report a
description of such documentation).
iii.
Obtain from the Successor Agency a copy of the legal document that sets forth the
restriction pertaining to these balances. Note in the AUP report the absence of language
restricting the use of the balances that were identified by Successor the Agency as
restricted.
D. Attach the above mentioned Successor Agency prepared schedule(s) as an exhibit to the AUP
report. For each restriction identified on these schedules, indicate in the report the period of
time for which the restrictions are in effect. If the restrictions are in effect until the related
assets are expended for their intended purpose, this should be indicated in the report.
Citation:
34179.5(c)(5)(C) An itemized statement of the values of any assets that are not cash or cash
equivalents. This may include physical assets, land, records, and equipment. For the purpose of this
accounting, physical assets may be valued at purchase cost or at any recently estimated market value.
The statement shall list separately housing-related assets.
Suggested Procedure(s):
7. Perform the following procedures:
A. Obtain from the Successor Agency a listing of assets as of June 30, 2012 that are not liquid or
otherwise available for distribution (such as capital assets, land held for resale, long-term
receivables, etc.) and ascertain if the values are listed at either purchase cost (based on book
value reflected in the accounting records of the Successor Agency) or market value as recently
estimated by the Successor Agency. Conclusion: None
B. If the assets listed at 7(A) are listed at purchase cost, trace the amounts to a previously audited
financial statement (or to the accounting records of the Successor Agency) and note any
differences. Conclusion: Not applicable
C. For any differences noted in 7(8), inspect evidence of disposal of the asset and ascertain that
the proceeds were deposited into the Successor Agency trust fund. If the differences are due
to additions (this generally is not expected to occur), inspect the supporting documentation
and note the circumstances. Conclusion: Not applicable
7
v. 8-27-12
D. If the assets listed at 7(A) are listed at recently estimated market value, inspect the evidence
(if any) supporting the value and note the methodology used. If no evidence is available to
support the value and\or methodology, note the lack of evidence. Conclusion: Not applicable
Citation:
34179.5(c)(5)(D) An itemized listing of any current balances that are legally or contractually dedicated
or restricted for the funding of an enforceable obligation that identifies the nature of the dedication or
restriction and the specific enforceable obligation. In addition, the successor agency shall provide a
listing of all approved enforceable obligations that includes a projection of annual spending
requirements to satisfy each obligation and a projection of annual revenues available to fund those
requirements. If a review finds that future revenues together with dedicated or restricted balances are
insufficient to fund future obligations and thus retention of current balances is required, it shall identifY
the amount of current balances necessary for retention. The review shall also detail the projected
property tax revenues and other general purpose revenues to be received by the successor agency,
together with both the amount and timing of the bond debt service payments of the successor agency,
for the period in which the oversight board anticipates the successor agency will have inslifficient
property tax revenue to pay the specified obligations.
Suggested Procedure(s):
8. Perform the following procedures:
A. If the Successor Agency believes that asset balances need to be retained to satisfy enforceable
obligations, obtain from the Successor Agency an itemized schedule of asset balances
(resources) as of June 30, 2012 that are dedicated or restricted for the funding of enforceable
obligations and perform the following procedures. The schedule should identify the amount
dedicated or restricted, the nature of the dedication or restriction, the specific enforceable
obligation to which the dedication or restriction relates, and the language in the legal
document that is associated with the enforceable obligation that specifies the dedication of
existing asset balances toward payment of that obligation. Conclusion: Not applicable
I.
Compare all information on the schedule to the legal documents that form the basis for the
dedication or restriction of the resource balance in question.
u.
Compare all current balances to the amounts reported in the accounting records of the
Successor Agency or to an alternative computation.
lll.
Compare the specified enforceable obligations to those that were included in the final
Recognized Obligation Payment Schedule approved by the California Department of
Finance.
tv.
Attach as an exhibit to the report the listing obtained from the Successor Agency. Identify
in the report any listed balances for which the Successor Agency was unable to provide
appropriate restricting language in the legal document associated with the enforceable
obligation.
nable to provide appropriate restricting language in the legal document associated
8
v. 8-27-12
B. If the Successor Agency believes that future revenues together with balances dedicated or
restricted to an enforceable obligation are insufficient to fund future obligation payments and
thus retention of current balances is required, obtain from the Successor Agency a schedule of
approved enforceable obligations that includes a projection of the annual spending
requirements to satisfy each obligation and a projection of the annual revenues available to
fund those requirements and perform the following procedures: Conclusion: Not applicable
1.
Compare the enforceable obligations to those that were approved by the California
Department of Finance. Procedures to accomplish this may include reviewing the letter
from the California Department of Finance approving the Recognized Enforceable
Obligation Payment Schedules for the six month period from January I, 2012 through
June 30,2012 and for the six month period July I, 2012 through December 31,2012.
11.
Compare the forecasted annual spending requirements to the legal document supporting
each enforceable obligation.
a. Obtain from the Successor Agency its assumptions relating to the forecasted annual
spending requirements and disclose in the report major assumptions associated with
the projections.
111.
For the forecasted annual revenues:
a. Obtain from the Successor Agency its assumptions for the forecasted annual revenues
and disclose in the report major assumptions associated with the projections.
C. If the Successor Agency believes that projected property tax revenues and other general
purpose revenues to be received by the Successor Agency are insufficient to pay bond debt
service payments (considering both the timing and amount of the related cash flows), obtain
from the Successor Agency a schedule demonstrating this insufficiency and apply the
following procedures to the information reflected in that schedule. Conclusion: Not
applicable
1.
Compare the timing and amounts of bond debt service payments to the related bond debt
service schedules in the bond agreement.
n.
Obtain the assumptions for the forecasted property tax revenues and disclose major
assumptions associated with the projections.
m.
Obtain the assumptions for the forecasted other general purpose revenues and disclose
major assumptions associated with the projections.
D. If procedures A, B, or C were performed, calculate the amount of current unrestricted balances
necessary for retention in order to meet the enforceable obligations by performing the
following procedures. Conclusion: Not applicable
i.
Combine the amount of identified current dedicated or restricted balances and the
amount of forecasted annual revenues to arrive at the amount of total resources available
to fund enforceable obligations.
9
v. 8-27-12
11.
Reduce the amount of total resources available by the amount forecasted for the annual
spending requirements. A negative result indicates the amount of current unrestricted
balances that needs to be retained.
111.
Include the calculation in the AUP report.
Citation:
34179.5(c)(5)(E) An itemized list and analysis of any amounts of current balances that are needed to
satisfy obligations that will be placed on the Recognized Obligation Payment Schedules for the
current fiscal year.
Suggested Procedure(s):
9.
If the Successor Agency believes that cash balances as of June 30, 2012 need to be retained to
satisfy obligations on the Recognized Obligation Payment Schedule (ROPS) for the period of
July I, 2012 through June 30, 2013, obtain a copy of the final ROPS for the period of July I,
2012 through December 31, 2012 and a copy of the final ROPS for the period January I, 2013
through June 30, 2013. For each obligation listed on the ROPS, the Successor Agency should
add columns identifying (I) any dollar amounts of existing cash that are needed to satisfy that
obligation and (2) the Successor Agency's explanation as to why the Successor Agency believes
that such balances are needed to satisfy the obligation. Include this schedule as an attachment to
the AUP report.
Conclusion: see AUP 9 10-1-12. The Successor Agency believes that $32,000 of cash
balances as of June 30, 2012 needs to be retained to satisfy Administrative Costs payable to
the City. These amounts were included on the ROPS for the period July 1, 2012 through
December 31, 2012 as well as the ROPS for the period January 1, 2013 through June 30,
2013, a copy of these are included behind the workpaper.
Citation:
34179.5(c)(6) The review shall total the net balances available after deducting the total amounts
described in subparagraphs (B) to (E), inclusive, ofparagraph (5). The review shall add any amounts
that were transferred as identified in paragraphs (2) and (3) of subdivision (c) if an enforceable
obligation to make that transfer did not exist. The resulting sum shall be available for allocation to
affected taxing entities pursuant to Section 34179.6. It shall be a rebuttable presumption that cash
and cash equivalent balances available to the successor agency are available and sufficient to
disburse the amount determined in this paragraph to taxing entities. If the review finds that there are
insufficient cash balances to transfer or that cash or cash equivalents are specifically obligated to the
purposes described in subparagraphs (B), (D), and (E) ofparagraph (5) in such amounts that there is
insufficient cash to provide the full amount determined pursuant to this paragraph, that amount shall
be demonstrated in an additional itemized schedule.
10
Y. 8-27-12
Suggested Procedure(s):
10. Include (or present) a schedule detailing the computation of the Balance Available for Allocation
to Affected Taxing Entities. Amounts included in the calculation should agree to the results of the
procedures performed in each section above. The schedule should also include a deduction to
recognize amounts already paid to the County Auditor-Controller on July 12, 2012 as directed by
the California Department of Finance. The amount of this deduction presented should be agreed
to evidence of payment. The attached example summary schedule may be considered for this
purpose. Separate schedules should be completed for the Low and Moderate Income Housing
Fund and for all other funds combined (excluding the Low and Moderate Income Housing Fund).
Conclusion: See attachment AUP 10 10-1-12.
Suggested Procedure(s):
11. Obtain a representation letter from Successor Agency management acknowledging their
responsibility for the data provided to the practitioner and the data presented in the report or in
any attachments to the report. Included in the representations should be an acknowledgment that
management is not aware of any transfers (as defined by Section 34179.5) from either the former
redevelopment agency or the Successor Agency to other parties for the period from January I,
20 II through June 30, 2012 that have not been properly identified in the AUP report and its
related exhibits. Management's refusal to sign the representation letter should be noted in the
AUP report as required by attestation standards.
11
Attachment B
(Additional detail to agreed-upon procedures)
l'l.
City of Selma California
As Successor Agency
Selma Redevelopment Agency
AUP Suggested Procedures 1
1. Obtain from the Successor Agency a listing of all assets that were transferred from the
former redevelopment agency to the Successor Agency on February 1, 2012. Agree the
amounts on this listing to account balances established in the accounting records of the
Successor Agency. Identify in the Agreed-Upon Procedures (AUP) report the amount of
the assets transferred to the Successor Agency as of that date.
Cash in bank
$
45,711
Bank Reconciliations
Supporting documentation was inspected for clerical accuracy and for proper inclusion
without discrepacy
AUP 110-1-12
I Statements
v. 8·27·12
Redevelopment
Agency
12 Months Ended
6/30/2010
Assets (modified accrual basis)
Cash and investments
Cash with fiscal agent
Accounts receivable
Due from other funds
Due from other agencies
Total Assets
Liabilities (modified accrual basis)
Accounts payable
Due to other funds
Due to other agencies
$
101,203
Redevelopment
Agency
12 Months Ended
6/30/2011
$
1,069,901
$
1,171,104
$
$
1,147,201
$
Total Liabilities
$
20,257
Total Liabilities+ Equity
$
1,171,104
Total Revenues:
$
306,353
Total Expenditures:
$
$
Successor
Agency
5 Months Ended
6/30/2012
45,711
$
46,811
45,711
$
46,811
880,284
20,257
Equity
266,917
Redevelopment
Agency
7 Months Ended
1/31/2012
$
$
$
$
11,502
$
11,502
1,135,699
45,711
46,811
$
1,147,201
45,711
46,811
55,688
$
299,199
1,150,847
141,451
$
$
51,155
$
284,031
1.100
Cancellation of lnterfund amounts due
$
$
(1,180,264)
Net change In equity
$
250,665
$
(15,168)
$
(1,089,968)
$
1,100
Beginning Equity:
Ending Equity:
$
$
900,182
1,150,847
$
$
1,150,847
1,135,679
$
$
1,135,679
45,711
$
$
45,711
46,811
$
Other Information (show year end balances for all three years presented):
Capital assets as of end of year
$
$
Long-term debt as of end of year
$
$
AUP410-1-12
$
$
$
$
Selma California
City of Selma California
As Successor Agency
Selma Redevelopment Agency
AUP Suggested Procedures 5
5. Obtain from the Successor Agency a listing of all assets of
the Low and Moderate Income Housing Fund as of June 30, 2012
for the report that is due October I, 2012 and a listing of all
assets of all other funds of the Successor Agency as of June 30,
2012 (excluding the previously reported assets of the Low and
Moderate Income Housing Fund) for the report that is due
December 15, 2012. When this procedure is applied to the Low
and Moderate Income Housing Fund, the schedule attached as an
exhibit will include only those assets of the Low and Moderate
Income Housing Fund that were held by the Successor Agency as
ofJune 30, 2012 and will exclude all assets held by the entity that
assumed the housing function previously performed by the
former redevelopment agency. Agree the assets so listed to
recorded balances reflected in the accounting records of the
Successor Agency. The listings should be attached as an exhibit
to the appropriate AUP report.
Cash in bank
AUP 5 10-1-12
$
45,711
Bank Reconciliations I Statements
v. 8-27-12
SUMMARY OF BALANCES AVAILABLE FOR ALLOCATION TO AFFECTED TAXING ENTITIES
Total amount of assets held by the successor agency as of June 30, 2012 (procedure 5)
$
46,811
(32,000)
Less balances needed to satisfy ROPS for the 2012-13 fiscal year (procedure 9)
Less the amount of payments made on July 12, 2012 to the County Auditor-Controller as
directed by the California Department of Finance
Amount to be remitted to county for disbursement to taxing entities
$
14,811
Note that separate computations are required for the Low and Moderate Income Housing Fund held by the
Successor Agency and for all other funds held by the Successor Agency.
NOTES: For each line shown above, an exhibit should be attached showing the composition of the summarized amount.
If the review finds that there are insufficient funds available to provide the full
amount due, the cause of the insufficiency should be demonstrated in a separate schedule.
AUP 9 10-1-12
Selma California
..
RECOGNIZED OBLIGATION PAYMENT SCHEDULE· CONSOLIDATED
FILED FOR THE JULY 2012 to DEC 2012 PERIOD
Name of Successor Agency
CITY OF SELMA SUCCESSOR AGENCY
Available Ravenuea Other than anticipated funding from RPTTF
Enforceable Obllgatlona paid with RPTTF
Admlnlatratlva Coat paid with RPTTF
~~~~!~~~:~~~Allowance (gre1tw of S% of antlcl~ Funding from RPTTF or 2150,000. Note: Ca!Gul•tlon ahould not
1/t,
mad1 wttn RPTTF. Thl APTTF Admlnlltra11vt Co.t ftguftl•bow ahould not excHd thl1
Certification of Oversight BOard Chairman:
Pursuant to Secllon 34177(1) of lhe Health and Safety coda,
I hereby certify that the above 11 a true and accurate Recognized
Enforceable Payment Schedule for the above named agency.
RESOLUTION NO. 2012 -3 SAOC
A RESOLUTION OF THE CITY OF SELMA SUCCESSOR AGENCY
OVERSIGHT COMMITTEE TO THE DISSOLVED
SELMA REDEVELOPMENT AGENCY
ADOPTING AND AUTHORIZING THE FILING OF A
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS)
WHEREAS, the Selma Redevelopment Agency was dissolved, by operation of
law, on February 1, 2012; and
WHEREAS, the City of Selma Successor Agency Oversight Committee of the
dissolved Redevelopment Agency was established, in aaDn:lance with applicable
provisions of the enactment dissolving redevelopment agencies, Health and Safety
Code §34170, et seq. (the "Dissolution Ad:"); and
WHEREAS, by virtue of the Dissolution Act, as amended pursuant to a decision
of the California Supreme Court. by Apn115, 2012, for a six-month fiscal period, the City
of Selma Suc.cessiOr /'<l:}erq Committee, is required to prepare a recognized obligation
payment schedule in a!XDn:lance with the requirements of §34177(1) of the Dissolution
Act; and
WHEREAS, the recognized obligation payment schedule (ROPS} must identify
of payment fur the enforceable obligations identified therein and as allowed by
subdivision (I)(1)(A} through (F) of §34177; and
sourt:eS
WHEREAS, staff has prepared an ROPS which identifies each and all of the
enforc5!ble obligations of the dissolved Redevelopment /V:jerl::'( in aa::nn:lance with the
Dissolution Act, and the source of payment, including, but not limited to, those property
tax revenues to be allocated to Selma as sua:essor of the Redevelopment Agency of
the City of Selma from the Redevelopment Property Tax Fund mnslsting of amounts
computed by the County Auditor/Controller, as necessary, for payment of the
enforceable obligations identified in the ROPS, and approved by the Auditor and an
oversight oommlt:tee; and
WHEREAS, by Resolution 2012-1 SAOC. this Oversight Boan:l reviewed and
approved the ROPS for the 6-month period between January 11. 2012. and June 30.
2012;and
WHEREAS, staff has prepared an ROPS. for the period from July 1, 2012, to
and including December 31, 2012, as required by §34177(1) of the Dissolution Act
which identifies the same enforceable obligations and the appropriate administrative fee
designated by statute required to be paid through the successor agency from the
Redevelopment Property Tax Fund consisting of amounts computed by the County
Auditor/Controller, as necessary fur payment of those enforceable obligations; and
WHEREAS, the City of Selma Successor Agency Oversight Boan:l to the
dissolved Selma Redevelopment Agency has reviewed the ROPS for the time period
between July 11, 2012, and December 31, 2012, and finds and determines that it
identifies, in aa::on:lance with the Dissolution Act, only those enforceable obligations of
the Redevelopment Agency of the City of Selma and the appropriate administrative fee
designated by statute required to be paid through the successor agency from sources of
payment identified therein and otherwise complies with the applicable provisions of the
Dissolution Act.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
1.
Each of the foregoing Recitals is true and correct.
2.
That the ROPS prepared by staff fur the period from July 1 to and
induding December 31, 2012, is approved and adopted as the ROPS of the oty of
selma SUccessor Agency by this Oversight Board, as defined by the Dissolution Act.
and the Executive Director is directed and authorized to submit a certified copy of this
Resolution together with the ROPS, attached hereto as Exhibit A. to the County
Auditor/Controller, the State of california Controller's Office and Department of Finance
and to cause a copy thereof to be posted on the aty's website.
* * * * * * * *
The furegoing Resolution was duly approved at a regular meeting of the Selma
Successor Agency Oversight Board held on the 23"" day of May 2012, by the following
vote to wit:
AYES:
7
BOARD MEMBERS:
NOES:
0
BOARD MEMBERS: NONE
TEIXERA, BENAVIDES, DERR, ROBERTSON, SOUZA,
GALVAN, MCFARLAND
ABSTAIN: 0 BOARD MEMBERS: NONE
ABSENT:
0 BOARD MEMBERS: NONE
!!~aUUI}JU
Secretary
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FORM C ~ Adrninistrattv8 Cost AJiowan:::e Plid With~ Property Tu: Tn&t Fund (RPTTF)
RDA.Project.Afei.AI
DRAFT RECOGNIZED OBUGATION PAYIIENT SCHEDtA.E
.,.. AB a. Sec:tian 341n
1-Namo/Debl~
1_,_
-
..,..
l"""""""'d~
n
Payroll fOr~and Pn:Jfassional S«
----
Tc1o1 Due During
.-v-
Tclol~
Debtor~
2012-201r
70000.00
3
4
F-
Payable froniltM: Administnthw AllOWance Alloc::atian• .,.......by ......
-
Source-
Jojy2012
N0112012
Od2012
s..<2<l12
Ao!t2012
Tclol
Oec2012
17 500.DD
17 500.00
S
35000.00
I
•
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s
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9l
101
11
s
s
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13)
14
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s
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•
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•
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s
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•
•
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s
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•
s
s
_
...
T--ThlsP70,000.00
11.500.00 •
11-.oo
• 11Mt PnlimiMryOnft.RK:ognlzedOIIfiglltion hymen(Schedule(ROPS) lstD be cocapW8cl by 31112012 brthe ~agency, and subsequently be approved bJ ... owrstgbtboard b.toretbe fiMI ROPS is 5Ubmlttedto1he stale ConthJRer .-1 State Oe. . . . . . . ofF'....cebJ Aprl
1S.lltt2. I. is not a requirement..., the Agreed Upon~ Audit be compleb!td before .ubmilting the final Oversight Aflproved ROPS to the Stata CcJntroller and Stale oep.,rtment of f"~~MnC&
- ... __ du.tng_,.... ____ .,.__
---.......-
Funding~ frOm the sucaaor agency: (For fiKal 2011·12 oniJ, ~to RPTlF could also mean tax intrement tlloc:*d tD 1he Agency prior to Feflnlary 1, 2012.)
RPTIF • Red~~ Property Tax Trust Fund
OCher - reserves., rents, kllerest earnings. ek.;
l..MiiF -Low and Mocleraell!l! Income Housing Fund
Admin- Successor Agency AdrninistfaCive Alowance
- ~ Cosi:AIIawarlce caps AR n. of form Ai4DOI1thtotals In 2011-12 .-:13% offonn A &-month totals in 2012-13. The alcuiMiod should not factor in
-
. for wiUt RPTTF In Fonn D.
Name Of~~
FORM D-Pooo-ThrnughPayments
_,R,DA=f'roject,.,,._,Areac=""'""--------------
ProjoctAtea(s)
OllER OBliGATION PAYMENT SCHEIXA..E
p., AS 26 -Section l41n M
ProjoctNameiDeOt~
1 CodeSedion 33890 p 2lPooollwu3 Pooollwu-
•
-
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Fresno Co TteaSUY
ERAFPF......, Co AudiiDr Controlo Pass llwu P - I D t1>0 Co..-.tv
-Colba<y
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~-
==
Talai Due During
FIIC8IY..:
2011-201r
110.264.00
80 264.00
471,445.00
25 353.00
471 <MS.OO
25,353.00
5l
6)
--
p ... Thnlugll and
DIM'....,..._
P-bv"""""
F.....-
.kly2012
-
Sept2012
loaJ!l2012
T....
Oec2012
Ncw2012
Oct 2012
$
234962.00
s
12628.00 $
2341162.00
12,628.00
s
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s
Is
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s
s
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13
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T--Oiho<-
$
ffi082.00
s
571082.00
s
$
s
$
$
ls
s
241590.00 $
247590.00
• --DAft--ObligallonP-Sc-...(ROPSiio"'bo....._bv31112012by ... s . . . . - . . w - . a n d - b e _ b y ... .....mght--1hefinoiROPS1o_to ... _Con1n>llo<and--OI
ftMnce by Apr1115, 2012. It is 1101: a...........,. that the A4lreec:l Upon Procedures Audit be ~ befofw, subRritting the final OVersight~ ROPS to the State Conlrolktt and 5tdt Dep«tment of FiMnca.
- AI total«- during ftscat
payment amounts are~
,_,and
--Housing
---...-
-Funding eocarc- from the succeDOf flgenCy. (Forfisc312011-12 only, Nfecences to RPTTF could aa.o mean tax increMent .uocac.c1 to the Agency prior to~ t, 2012...)
RP'T1F -Aerie alopcMntPropetiJTu:Trwt:Fund
tnwast....-..c
Admin- SliCCMSOr Agency Admin~ Allowanol
.._..--Low and
Fund
Other·,....,.._...._
.,..._board-
--OniJ-Januooy-Juoe2012ROPSshouldkodudo_fo< _ _. _ - - ... July--21112ROPS,pe<HSC-l4183(al(1tu.e.......-aucllaw..,.,._,. _ _ _
_ . . . . . monoy ...,.._ OUCCOSSO<--a
,,;_,. . - F u n d f o < Mm5 ,_man
ROPS
...,.....,_hpaymento-to
RESOLUTION NO. 2012 - 4 SAOC
A RESOLUTION OF THE CITY OF SELMA SUCCESSOR AGENCY
OVERSIGHT BOARD TO THE DISSOLVED SELMA REDEVELOPMENT
AGENCY ADOPTING AND AUTHORIZING THE FILING OF A
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS)
FOR THE PERIOD FROM JANUARY 1, 2013 TO JUNE 30, 2013
WHEREAS, the Selma Redevelopment Agency was dissolved, by operation oflaw,
on February 1, 2012; and
WHEREAS, the City of Selma Successor Agency Oversight Board of the dissolved
Redevelopment Agency was established, in accordance with applicable provisions of the
enactment dissolving redevelopment agencies, Health and Safety Code §34170, et seq. (the
"Dissolution Act"); and
WHEREAS, by virtue of the Dissolution Act, as amended pursuant to a decision of
the California Supreme Court, by Apri115, 2012, and by adoption of AB 1484 on January
27, 2012, for a six-month fiscal period, the City of Selma Successor Agency Board, is
required to prepare a recognized obligation payment schedule in accordance with the
requirements of§34177(1) of the Dissolution Act; and
WHEREAS, the recognized obligation payment schedule (ROPS) must identify
sources of payment for the enforceable obligations identified therein and as allowed by
subdivision (l)(l)(A) through (F) of §34177; and
WHEREAS, staff has prepared a ROPS which identifies each and all of the
enforceable obligations of the dissolved Redevelopment Agency in accordance with the
Dissolution Act, and the source of payment, including, but not limited to, those property tax
revenues to be allocated to Selma as successor of the Redevelopment Agency of the City of
Selma from the Real Property Tax Trust Fund (RPTTF) consisting of amounts computed by
the County Auditor/Controller, as necessary, for payment of the enforceable obligations
identified in the ROPS, and approved by the Auditor and an oversight committee; and
WHEREAS, by Resolution 2012-1 SAOC, this Oversight Board reviewed and
approved the ROPS for the 6-month period between January 11, 2012, and June 30, 2012;
and
WHEREAS, by Resolution 2012-3 SAOC, this Oversight Board reviewed and
approved the ROPS for the 6-month period between July 1, 2012, and December 31, 2012;
and
WHEREAS, staff has prepared a ROPS, for the period from January 1, 2013 to and
including June 30, 2013, as required by §34177(1) of the Dissolution Act which identifies the
same enforceable obligations in addition to amounts not previously funded through the
RPTTF for 2012, and the appropriate administrative fee designated by statue required to be
paid to the successor agency from the RPTTF consisting of amounts computed by the
County Auditor/Controller, as necessary for payment of those enforceable obligations; and
WHEREAS, the City of Selma Successor Agency Oversight Board to the dissolved
Selma Redevelopment Agency has reviewed the ROPS for the time period between January
1, 2013 and June 30, 2013 and finds and determines that it identifies, in accordance with the
Dissolution Act, only those enforceable obligations of the Redevelopment Agency of the
City of Selma and the appropriate administrative fee designated by statute required to be
paid to the successor agency from sources of payment identified therein and otherwise
complies with the applicable provisions of the Dissolution Act.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
1.
Each of the foregoing Recitals is true and correct.
2.
That the ROPS prepared by staff for the period from January 1, 2013 to and
including June 30, 2013, is approved and adopted as the ROPS of the City of
Selma Successor Agency by this Oversight Board, as defined by the
Dissolution Act and the Executive Director is directed and authorized to
submit a certified copy of this Resolution together with the ROPS, attached
hereto as Exhibit A, to the County AuditorI Controller, the State of California
Controller's Office and Department of Finance and to cause a copy thereofto
be posted on the City's website.
The foregoing Resolution was duly approved at a regular meeting of the Selma
Successor Agency Oversight Board held on the 21 51 day of August, 2012, by the following
vote to wit:
AYES:
6 BOARD MEMBERS:
Mulligan, Robertson, Benavides, Derr, Teixera,
and Galvan
NOES:
0 BOARD MEMBERS:
None
ABSTAIN:
0 BOARD MEMBERS:
None
ABSENT:
1 BOARD MEMBERS:
Souza
l'!!4tver~
Secretary
Successor Agency Contact Information
Name of Successor Agency:
County:
City of Selma Successor Agency
Fresno
Primary Contact Name:
Primary Contact Trtle:
Address
Contact Phone Number:
Contact E-Mail Address:
D-B Heusser -City Manager
Secondary Contact Name:
Secondary Contact Trtle:
Secondary Contact Phone Number:
Secondary Contact E-Mail Address:
559-891-2200 Ext 2250
[email protected]
Neal Contanzo
City Attorney
559-261-1494
[email protected]
SUMMARY OF RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Filed for the January 1, 2013 to June 30, 2013 Period
Name of Successor Agency:
CITY OF SELMA SUCCESSOR AGENCY
Total Outstanding
Debt or ObJiption
Outstanding Debt or Obllgati_on
Cumtnt Period Outstanding Debt or Obligation
A
B
c
0
E
F
Available Revenues Other Than Anticipated RPTTF Funding
Enforceable Obligations Funded with RPTTF
Administrative Allowance Funded with RPTTF
Total RPTTF Funded {B + C Q)
Total Cumtnt Period Outstanding Debt or Obligation (A+ B + C
=
Six-Month Total
0
505467
125000
830487
=E) Should be same amount as ROPS fotm six-month total
Enter Total Six-Month Anticipated RPTTF Funding
F) Maximum RPTTF Allowable $hould not exceed Total Antici{)Btsd RPTTF Fund/nQ
Variance CD - E
=
Prior Period (January 1, 2012 through June 30, 2012) Estimated vs. Actual
J
K
Adjustment to RPTTF
I
$
505Mr
$
(630,467}
(as required in HSC section 34186 (a))
Enter Estimated Obligations Funded by RPTTF (Should be 1M same amount as RPTTF approved by Fmsnce, including sdmin allowance)
Enter Actual Obligations Paid with RPTTF
Enter Actual Administrative Expenses Paid with RPTTF
Adjustment to Redevelopment ObligatiOn Retirement Fund (G - (H + I) J)
G
H
12,464,226
$
0
0
0
0
=
CertlfiC8tion of Oversight Board Chairman:
Pursuant to Section 34177(m) otthe Health and Safety code,
I hereby certify 1hat the above is a true and accurate Recognized
Obligation Payment Schedule for the above named agency.
s
630,487.00
Chair
Trtle
812112012
Da1e
i
I
H
Name of Successor Agency:
County:
RECOGNIZED OBUGATION PAYMENT SCHEDULE (ROPS Ill)- Notes (Optional)
June 30.2013
--· -------- -·----3throuah
------ -----~-
Item#
Notes/Comments
1 Total due during Fiscal Year is interest only.
2
The March 2013 payment is interest only.
3
The March 2013 payment is interest only.
4
ROPS I and II were not funded from the RPTTF. This is the amount owed less pass throughs not paid from final distribution of tax inaement to RDA.
No actual QaYITlents were made from RPTTF because ROPS I AND II were not funded. The actual payments were made from funds transferred from the RDA to the Successor.
-
-
~ ff~_
.. __ ._j! i"t'~_·_-~1f :--~~ ~~~.:=?' k;_;_:;l:'~
Name "'Sul::ce...- Agency:
~~Ye!i:¥~4Gd! ,~fr~cl~::- ~lf ~ a~~.;::~i:?
County.
Pu,....nt II> HuHII and 5afet¥ COde MCtlon 34118 (a)
PRIOR PERIOD EST111ATCD OBLIGATIONS w. ACTUAL PAYMENTS
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS Q
. -··-- ···-·- -··- .. -··--··-··
-
-
""'<JPS
~
""'0PS
4/EOPS
4/EOPS
4/EOPS
Line
,
!!!!_,.I
·-
311M,..... .....
•
1
c.-SeciiDa.-cl""""-l
·---n;;;;
2
us- - -coot--
Del>t"""""'""'
DT•..._..Band
tt.-11n~
............
us-
LNIHF
ISalpo
Bondl-..ma-t~
loCivHIII
BaiiCII----...~
BDndl . . . . tDt.i ~ Pmlad:
,_,.,_T_
.....,._
_,.,_......,.
Pastw ~m .. FR eo l.lnry
cnYOF-
.....,,.,_,;;;;
. . . ffaaOO:Io.
~--
~
--- - - Bond Pmcoeds
"'*'"'
RPTTF
Ra«wBal""""
~
~;
.
,-
.......
- ~·,.., • .!'
,_
.....
......
,""""'
...
'""'"
20400
234002
-
Other
"-•
-
18219
ru..
20400
34895
v. 8-27-12
CASH BALANCES NEEDED TO BE RETAINED
Total amount of assets held by the successor agency as of June 30, 2012 (procedure 5)
$
46,811
Add the amount of any assets transferred to the city or other parties for which an enforceable
obligation with a third party requiring such transfer and obligating the use
of the transferred assets did not exist (procedures 2 and 3)
Less assets legally restricted for uses specified by debt
covenants, grant restrictions, or restrictions imposed by other
governments (procedure 6)
Less assets that are not cash or cash equivalents (e.g., physical assets)· (procedure 7)
Less balances that are legally restricted for the funding of an enforceable
obligation (net of projected annual revenues available to fund those obligations)· (procedure 8)
(32,000)
Less balances needed to satisfY ROPS for the 20 12·13 fiscal year (procedure 9)
Less the amount of payments made on July 12, 2012 to the County Auditor-Controller as
directed by the California Department of Finance
Amount to be remitted to county for disbursement to taxing entities
$
14,811
Note that separate computations are required for the Low and Moderate Income Housing Fund held by the
Successor Agency and for all other funds held by the Successor Agency.
NOTES: For each line shown above, an exhibit should be attached showing the composition of the summarized amount.
If the review finds that there are insufficient funds available to provide the full
amount due, the cause of the insufficiency should be demonstrated in a separate schedule.
AUP 10 10-1-12
Selma California
Attachment C
(Copy of Agreed-Upon Procedures Engagement
Pursuant to AB 1 26, Community
Redevelopment Dissolution- City of Selma
Issued July 12, 2012)
AGREED-UPON PROCEDURES ENGAGEMENT
PURSUANT TO ABX1 26, COMMUNITY
REDEVELOPMENT DISSOLUTION
CITY OF SELMA
TABLE OF CONTENTS
Independent Accountant's Report on Applying
Agreed-Upon Procedures .......................................................................................................................... 1
Attachment A- Agreed-Upon Procedures Engagement Pursuant
to ABX1 26, Community Redevelopment Dissolution ................................................................................ 2
Attachment 8- Asset Listings at June 30, 2011 ......................................................................................... 3
Attachment C- Asset Listings at January 31, 2012 ....................................................................................4
PRICE
PAIGE~
COMPANY
Al'l'()llN'IANCY (.'0RP()HA110N
County Auditor-Controller
Fresno County
Fresno, California
Oversight Board of the Successor Agency
For the City of Selma
INDEPENDENT ACCOUNTANT'S REPORT ON
APPLYING AGREED-UPON PROCEDURES
We have performed the minimum required agreed-upon procedures enumerated in the Attachment A,
which were agreed to by the California State Controller's Office, Department of Finance, and Fresno
County Auditor-Controller, solely to assist you in ensuring that the dissolved redevelopment agency is
complying with its statutory requirements with respect to ABX1 26. Management of the successor agency
and the County are responsible for the accounting records pertaining to statutory compliance pursuant to
Health and Safety Code section 34182(a)(1 ). This agreed-upon procedures engagement was conducted
in accordance with attestation standards established by the American Institute of Certified Public
Accountants. The sufficiency of these procedures is solely the responsibility of those parties specified in
the report. Consequently, we make no representation regarding the sufficiency of the procedures
described below either for the purpose for which this report has been requested or for any other purpose.
The scope of this engagement was limited to performing the minimum required agreed-upon procedures
as set forth in Attachment A.
Attachment A also identifies the findings noted as a result of the procedures performed.
We were not engaged to and did not conduct an audit, the objective of which would be the expression of
an opinion as to the appropriateness of the results summarized in the Attachment A. Accordingly, we do
not express an opinion. Had we performed additional procedures, other matters might have come to our
attention that would have been reported to you.
This report is intended solely for the information and use of the Fresno County Auditor-Controller, the
successor agency, and applicable State agencies, and is not intended to be, and should not be used by
anyone other than these specified parties. This restriction is not intended to limit distribution of this
report, which is a matter of public record.
Clovis, California
July 12, 2012
677 Scott A venue, Clovis, California 93612
Telephone (559) 299-9540 • Fax (559) 299-2344 • E-mail [email protected] • www.ppcpas.com
1
Attachment A
Agreed-Upon Procedures Engagement Pursuant to
ABX1 26, Community Redevelopment Dissolution
2
Agreed-Upon Procedures Engagement
Pursuant to ABX1 26, Community Redevelopment Dissolution
A. RDA Dissolution and Restrictions
lJ
For each redevelopment agency dissolved, perform the following:
1.
Obtain a copy of the enforceable obligation payment schedule (EO PS) for the period of August 1,
2011 through December 31, 2011. Trace the redevelopment project name or area (whichever applies)
associated with the obligations, the payee, a description of the nature of the work/service agreed to,
and the amount of payments made by month through December 31, 2011, and compare it to the legal
document(s) that forms the basis for the obligations. Since amounts could be estimated, determine
that they are stated as such and that legal documentation supports those estimates.
Conclusion: Of the four obligations we sampled in accordance with the guidelines set forth by the
Fresno County Auditor-Controller's office (County), we determined the following:
2.
a.
One of the obligations was either removed by the successor agency or later disallowed on the
final ROPS and, accordingly, was not tested.
b.
We were able to correctly trace the remaining three obligations to the backup documentation
provided without exception.
Obtain a copy of all amended EOPS filed during the period of January 1, 2012 through June 30, 2012.
Trace the redevelopment project name or area (whichever applies) associated with the obligations, the
payee, a description of the nature of the work/service agreed to, and the amount of payments to be
made by month through June 30, 2012, and compare it to the legal documents that form the basis for
the obligations. Again, since amounts could be estimated, determine that they are stated as such and
that legal documentation supports those estimates.
Conclusion: Of the four obligations we sampled in accordance with the guidelines set forth by the
County, we determined the following:
3.
a.
One of the obligations was either removed by the successor agency or later disallowed on the
final ROPS and, accordingly, was not tested.
b.
We were able to correctly trace the remaining three obligations to the backup documentation
provided without exception.
Identify any obligations listed on the EOPS that were entered into after June 29, 2011, by inspecting
the date of incurrence specified on Form A of the Statement of Indebtedness filed with the County
Auditor-Controller, which was filed on or before October 1, 2011.
Conclusion: We verified that no obligations listed on the EOPS were entered into after June 29, 2011,
according to Form A of the Statement of Indebtedness.
4.
Inquire and specifically state in the report the manner in which the agency did or did not execute a
transfer of the Low and Moderate Income Housing Fund to the redevelopment successor agency by
February 1, 2012. Procedures to accomplish this might include changing the name of the accounting
fund and related bank accounts that are holding these assets for the successor agency.
Conclusion: The City Council and Redevelopment Agency (RDA) Board of Directors, in a joint
meeting, passed a resolution on January 30, 2012, electing for the City to serve as the successor
agency and authorized the transfer of all housing activities, assets, liabilities, etc. to the successor
agency, including the funds related to low and moderate income housing. On March 1, 2012, the City
formed the Selma Housing Authority and a federal employer identification number was established.
Once the successor agency was established, the assets were then transferred to the new funds by the
City of Selma Housing Authority.
Agreed-Upon Procedures Engagement
Pursuant to ABX1 26, Community Redevelopment Dissolution
5.
Inquire and specifically state In the report how housing activities (assets and functions, rights, powers,
duties, and obligations} were transferred and the manner in which this agency did or did not execute a
transfer. Procedures to accomplish this might include changing the name of the accounting fund and
related bank accounts that are holding these assets for the other agency.
Conclusion: The City Council and RDA Board of Directors, in a joint meeting, passed a resolution on
January 30, 2012, electing for the City to serve as the successor agency and authorized the transfer of
all housing activities, assets, liabilities, etc. to the successor agency. On March 1, 2012, the City
formed the Selma Housing Authority and a federal employer identification number was established.
Once the successor agency was established, the assets were then transferred to the new funds by the
City of Selma Housing Authority.
B. SuccessorAgency
1.
Inspect evidence that a successor agency (A) has been established by February 1, 2012; and (B) the
successor agency oversight board has been appointed, with names of the successor agency oversight
board members, which must be submitted to the Department of Finance by May 1, 2012.
Conclusion: We verified that the successor agency was established by a City Council resolution
before February 1, 2012. Additionally, the Oversight Board was established and its membership was
submitted to the Department of Finance by May 1, 2012.
2.
Inquire regarding the procedures accomplished and specifically state in the report the manner in which
this agency did or did not execute a transfer of operations to the successor agency, which was due by
February 1, 2012. Procedures to accomplish this might include changing the name of the accounting
fund and related bank accounts that are holding these assets for the successor agency. If the
successor agency is a party other than the agency that created the redevelopment agency, an
examination of the bank statements and changing of account titles and fund names evidencing such
transfers will be sufficient.
Conclusion: The City Council and RDA Board of Directors, in a joint meeting, passed a resolution on
January 30, 2012, electing for the City to serve as the successor agency and authorized the transfer of
all housing activities, assets, liabilities, etc. to the successor agency. On March 1, 2012, the City
formed the Selnia Housing Authority and a federal employer identification number was established.
Once the successor agency was established, the assets were then transferred to the new funds by the
City of Selma Housing Authority.
3.
Ascertain that the successor agency has established the Redevelopment Obligation Retirement
Fund(s} in its accounting system.
Conclusion: We found that a Redevelopment Obligation Retirement Fund was not established in the
successor agency's accounting system.
4.
Inspect the EOPS and ROPS and identify the payments that were due to be paid through the date of
the AUP report. Select a sample in accordance with the guidelines set forth by the County and
compare the payments that were due to be paid through the date of the AUP report to a copy of the
cancelled check or other documentation supporting the payment.
Conclusion: Of the four payments expected to be made that we sampled in accordance with the
guidelines set forth by the County, we determined the following:
a.
One expected payment was related to an obligation that was either removed by the successor
agency or later disallowed in the final ROPS and, accordingly, was not tested.
b.
The remaining three expected payments were correctly made in accordance with the month
and amount Included on the draft ROPS.
Agreed-Upon Procedures Engagement
Pursuant to ABX1 26, Community Redevelopment Dissolution
5.
Obtain listings that support the asset figures (cash, investments, accounts receivables, notes
receivables, fixed assets, etc.) in the audited financial statements as of June 30, 2011 and as of
January 31, 2012, as determined by the successor agency and include as an attachment to the AUP
report.
Conclusion: See Attachment B and Attachment C for listings related to June 30, 2011 and January
31, 2012, respectively, as determined by the successor agency.
C. Recognized Obligations Payment Schedule (Draft ROPS)
1:"1
Obtain a copy of the initial draft of the ROPS from the successor agency.
1.
Inspect evidence that the initial draft of the ROPS was prepared by March 1, 2012.
Conclusion: The successor agency only prepared a final ROPS, which was prepared on April 10,
2012.
2.
Note in the minutes of the Oversight Board that the draft ROPS has been approved by the Oversight
Board. If the Oversight Board has not yet approved the draft ROPS as of the date of the AUP, this
should be mentioned in the AUP report.
Conclusion: The final ROPS was the only ROPS prepared and, accordingly, there was no draft ROPS
to be approved. The final ROPS was approved by the Oversight Board on April 10, 2012.
3.
Inspect evidence that a copy of the draft ROPS was submitted to the County Auditor-Controller, State
Controller, and the Department of Finance.
Conclusion: The final ROPS was the only ROPS prepared and, according, a draft ROPS was not
submitted to any of the required agencies.
4.
Inspect evidence that the draft ROPS includes monthly scheduled payments for each enforceable
obligation for the current six-month reporting time period.
Conclusion: Since the final ROPS was the only ROPS prepared we could only verify that the final
ROPS included monthly scheduled payments for each enforceable obligation for the current six-month
reporting time period.
5.
Select a sample in accordance with the guidelines set forth by the County and trace enforceable
obligations listed on the draft ROPS to the legal document that forms the basis for the obligation.
Conclusion: Since the final ROPS was the only ROPS prepared, please refer to section D-3 to review
how the final ROPS was tested for the enforceable obligations.
6.
Trace the obligations enumerated on the draft ROPS to the obligations enumerated on the EOPS
(including amendments) and note any material differences as determined by the County.
Conclusion: We verified that there were two variances between the obligations that are included on
both the EOPS and the draft/final ROPS. They are as follows:
Project Name
a. City Loan
b. Employee Costs
Payee
City of Selma
Employees of Agency
EOPS
75,000
303,239
.!39..!:§.
69,791
Variance
75,000
233,448
Agreed-Upon Procedures Engagement
Pursuant to ABX1 26, Community Redevelopment Dissolution
D. Recognized Obligations Payment Schedule (Final ROPS)
n
Obtain a copy ofthe final ROPS (January 1, 2012 through June 30, 2012) from the successor agency.
1.
Inspect evidence that the final ROPS was submitted to the County Auditor-Controller, the State
Controller, and Department of Finance by April 15, 2012, and is posted on the website of the
City/County as successor agency (Health and Safety Code section 34177(2)(C)).
Conclusion: We verified that the final ROPS was submitted to the County and to the Department of
Finance on April 12, 2012, but was not submitted to the State Controller until April 17, 2012.
Additionally, we verified that the final ROPS is posted on the City's website.
2.
Inspect the final ROPS and identify the payments that were due to be paid through the date of the
Agreed-Upon Procedures report. For payments on the ROPS that were identified as being due
through the date of the Agreed-Upon Procedures report, inspect evidence of payment and determine
that amounts agree to the purpose of the obligation as amounts could be estimated.
Conclusion: We verified that all three sampled payments expected to be paid through the date of this
report were correctly made in accordance with the month and amount included on the final ROPS.
3.
Select a sample in accordance with the guidelines set forth by the County and trace enforceable
obligations listed on the draft ROPS to the legal document that forms the basis for the obligation.
Conclusion: We were able to correctly trace all three obligations we sampled in accordance with the
guidelines set forth by the County to the backup documentation provided.
E. Other Procedures
CJ
Obtain a list of pass-through obligations and payment schedules.
1.
Obtain a list of pass-through obligations and payments made from the successor agency from July 1,
2011 through January 31, 2012. Inspect evidence of payment and note any differences from the list of
pass-through obligations and payments made.
Conclusion: We verified that no pass-through payments were made by the successor agency
between July 1, 2011 and January 31, 2012.
Attachment B
Asset Listings at June 30, 2011
3
EXHIBIT A-1
SELMA REDEVELOPMENT AGENCY
STATEMENT OF NET ASSETS
JUNE 30, 2011
#f
If
}.
I fl")l{
Assets:
Cash and investments
Cash with fiscal agent
Noles receivable
Due from other agencies
Fixed assets (net, where applicable,
of accumulated deprecialion)
Notes receivable
Total Assets
Please send
verification of these
items. Bank
statements, excel
spreadsheet showing
detail, fixed asset
depreciation report are
all acceptable.
$
~"
805,399
360,000
851,964
200,1861
Activllles
----
$
Total
$
~
805,399
360,000
851,964
200,186
321.875
851,964
3,39~8
Liabilities:
Deferred revenue
tl-~
Business-type
Governmental
Activities
851,964
576,675
851,964'*
576,675
Due to other agencies
Noncurrent liabilities:
Due within one year
Due in more than one year
Total Liabilities
NeT ASSETS
Restricted For:
Debt Service
Capital Projects
Low-income housing
Unrestricted
Total Net Assets
$
The accompanying notes are an integral part of this statement.
5
65,000
7,260,000
8,753,639
65,000
7!260,000
8,753,639
62.423
61,631
2,082,450
(7,568,755)
{51362.251}
62,423
61,631
2,082,450
(7,56S,755)
$
$
{5,362_.~
Attachment C
Asset listings at January 31, 2012
4
STATE CONTROLLER'S OFFICE
ASSET TRANSFER ASSESSMENT
ASSEMBLY BILL X1 26
____________________________________________
CITY OF SElMA SUCCESSOR AGENCY
PHONE (559) 891-2200
SHARON DOSANJH
TITLE ACCOUNTANT
FORMERR~OPMENTAGENCYNAME~S~EUMA~~·~REDE~~VE~LO~P~M~E=NT~A~G~ENC~~Y
11-0IGITIO #
SUCCESSOR AGENCY
OATEPREPARED ~5~/1~~~~1~2_______________
E·MAILADDRESS [email protected]
CONTACT NAME
B
c
0
E
Was the asset contradually
Was the
Carrying Value as of
If the as5$SSIT!etlt was transferred to a cily, county. or
other public agency between JanuaJ)' 1, 2011, and
January 31,2012 (exclude hou$ing assets). cornplele the following.
A
January31,
December31,
2010
525000
200457
Asset Oesctption
LAND
BUll.OING
_ __
Transfec Date
2012
(]
0
.'
~
PublicMency
612112011 CITY OF SELMA
612112011 CITY OF SELMA
NO
..
-
•
------
-
-
~----
Yes/No
NO
NO
NO
;
-
transfer
reversed?
committed or encumbered to a
third party after June 29, 20111
Yes./ No
lf yes, fiSt date
·-------
--~---------
--
,_
----
-
'
_______ _j
TABLE OF CONTENTS
Independent Accountants Report on Applying
Agreed-Upon Procedures ................................................................................ Attachment A- Agreed-Upon Procedures Engagment Pursuant
To ABXI 26 ............................................................................................... 1-11
Attachment B- Additional Detail in Support of Agreed-Upon
Procedures ................................................................................................ .12-36
Attachment C - Copy of Agreed-Upon Procedures Engagement Pursuant
To ABI 26, Community Redevelopment Dissolution- City
OfSelma-IssuedJuly 12, 2012 ..................................................................... 37-54
AGREED-UPON PROCEDURES ENGAGEMENT
PURSUANT TO ABXI 26
SELMA REDEVELOPMENT AGENCY
CITY OF SELMA AS SUCCESSOR AGENCY
Steven B. Yribarren, CPA
Nancy R. Tutschulte, CPA
Haley C. Lynch, CPA
November 12, 2012
County Auditor-Controller I Oversight Board of the Successor Agency
Fresno County I City of Selma, California
INDEPENDENT ACCOUNTANT'S REPORT ON
APPLYING AGREED-UPON PROCEDURES
We have performed the minimum required agreed-upon procedures enumerated in Attachment A, which
were agreed to by the California State Controller's Office, Department of Finance, and Fresno County
Auditor-Controller, solely to assist you in ensuring that the dissolved redevelopment agency is complying
with its statutory requirements with respect to ABXl 26. Management of the successor agency and the
county are responsible for the accounting records pertaining to statutory compliance pursuant to Health and
Safety Code section 34179.5(c)(l) through 34179.5(c)(3) and 34179.5(c)(5) through 34179.5(c)(6). This
agreed-upon procedures engagement was conducted in accordance with attestation standards established by
the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the
responsibility of those parties specified in the report. Consequently, we make no representation regarding
the sufficiency of the procedures described below either for the purpose for which this report has been
requested or for any other purpose.
The scope of this engagement was limited to performing the minimum required agreed-upon procedures and
results as set forth in Attachment A.
We were not engaged to and did not conduct an audit, the objective of which would be the expression of
an opinion as to the appropriateness of the results summarized in Attachment A. Accordingly, we do not
express such an opinion. Had we performed additional procedures, oth.er matters might have come to our
attention that would have been reported to you.
This report is intended solely for the information and use of the Fresno County Auditor-Controller, the
successor agency, and applicable State agencies, and is not intended to be, and should not be used by
anyone other than these specified parties. This restriction is not intended to limit distribution of this
report, which is a matter of public record.
l M l,II.MIN\
~~
Y ibarren Group
rtified Public Accountants
3410 McCall Avenue Suite 106
Selma, California 93662
(559) 896-1542 Phone
(559)896-2368 Fax
www.ygroupcpas.com
Attachment A
v. 8-27-12
List of Procedures for Due Diligence Review
General information regarding these procedures:
1. The procedures associated with Sections 34179.5(c)(l) through 34179.5(c)(3) and Sections
34179.5(c)(5) through 34179.5(c)(6) are to be applied separately to (a) the Low and Moderate
Income Housing Fund of the Successor Agency and to (b) all other funds of the Successor
Agency combined (excluding the Low and Moderate Income Housing Fund).
2. The due date for the report associated with the Low and Moderate Income Housing Fund is
October 1, 2012.
3. The due date for the report associated with all other funds of the Successor Agency combined
(excluding the Low and Moderate Income Housing Fund) is December 15, 2012.
4. Because the procedures required by Section 34179.5(c)(4) pertain to the Successor Agency as a
whole, these procedures should be addressed in the report that is due on December 15, 2012.
Fiscal year references below refer to fiscal years ending on June 30. This language should be modified for
those agencies that have a different fiscal year-end.
For purposes of the procedures below and the related exhibits, the amount of the assets presented should be
based upon generally accepted accounting principles (GAAP), unless otherwise noted.
To the extent the procedures listed below are duplicative to the agreed upon procedures that were
performed pursuant to HSC 34182 (a)(l), it is acceptable to obtain and use information from the HSC
34182 (a)(l) procedures for purposes of this due diligence review without having to re-perform the
procedures. When this is done, the due diligence report should refer to the report that was issued for the
agreed upon procedures performed under HSC 34182 (a)(1).
Certain assets may qualify as a deduction under more than one category of deduction. In such cases, care
should be taken to ensure that such assets have been included as a deduction in the summary schedule
only once.
Citation:
34179.5(c}(l) The dollar value of assets transferred from the former redevelopment agency to the
successor agency on or about February 1, 2012.
Suggested Procedure(s):
1. Obtain from the Successor Agency a listing of all assets that were transferred from the former
redevelopment agency to the Successor Agency on February I, 2012. Agree the amounts on this
listing to account balances established in the accounting records of the Successor Agency. Identify
in the Agreed-Upon Procedures (AUP) report the amount of the assets transferred to the Successor
Agency as of that date.
1
v. 8-27-12
Conclusion: See attachment AUP 112-1-12. The items transferred can be traced back to the
books and records of the former redevelopment agency as well as the successor agency. Notes
receivable and inventorv transferred can also be traced back to the audited financial
statements of the former redevelopment agency at June 30. 2011.
Citation:
34179.5(c)(2) The dollar value of assets and cash and cash equivalents transferred after January 1,
2011, through June 30, 2012, by the redevelopment agency or the successor agency to the city,
county, or city and county that formed the redevelopment agency and the purpose of each transfer.
The review shall provide documentation of any eriforceab/e obligation that required the transfer.
Suggested Procedure(s):
2. If the State Controller's Office has completed its review of transfers required under both Sections
34167.5 and 34178.8 and issued its report regarding such review, attach a copy of that report as an
exhibit to the AUP report. If this has not yet occurred, perform the following procedures:
A. Obtain a listing prepared by the Successor Agency of transfers (excluding payments for goods
and services) from the fonner redevelopment agency to the city, county, or city and county
that fonned the redevelopment agency for the period from January 1, 2011 through January
31, 2012. For each transfer, the Successor Agency should describe the purpose of the transfer
and describe in what sense the transfer was required by one of the Agency's enforceable
obligations or other legal requirements. Provide this listing as an attachment to the AUP
report.
Conclusion: See attachment AUP 4 12-1-12. We reviewed documents provided by the
successor agency and the former RDA and determined that one transfers took place
during the period from January 1, 2011 through January 31, 2012.
B. Obtain a listing prepared by the Successor Agency of transfers (excluding payments for goods
and services) from the Successor Agency to the city, county, or city and county that fonned
the redevelopment agency for the period from February 1, 2012 through June 30, 2012. For
each transfer, the Successor Agency should describe the purpose of the transfer and describe
in what sense the transfer was required by one of the Agency's enforceable obligations or
other legal requirements. Provide this listing as an attachment to the AUP report.
Conclusion: We reviewed documents provided by the successor agency and the former
RDA and determined that no transfers took place during the period from February 1,
2012 through June 30,2012.
2
v. 8-27-12
C. For each transfer, obtain the legal document that fonned the basis for the enforceable
obligation that required any transfer. Note in the AUP report the absence of any such legal
document or the absence of language in the document that required the transfer.
Conclusion: Please see narrative explanation included in AUP 4 12-1-12 there was no
legal document that formed the basis for the transfer, however, based on tracing the
transactions from 2001 through 2012 it was an established practice between the RDA
and the City of Selma to borrow and repay short term loans.
Citation:
34179.5(c)(3) The dollar value of any cash or cash equivalents transferred after January I, 2011,
through June 30, 2012, by the redevelopment agency or the successor agency to any other public
agency or private party and the purpose of each transfer. The review shall provide documentation of
any enforceable obligation that required the transfer.
Suggested Procedure(s):
3. If the State Controller's Office has completed its review of transfers required under both Sections
34167.5 and 34178.8 and issued its report regarding such review, attach a copy of that report as an
exhibit to the AUP report. If this has not yet occurred, perform the following procedures:
A. Obtain a listing prepared by the Successor Agency oftransfers (excluding payments for goods
and services) [from the fonner redevelopment agency to any other public agency or to private
parties for the period from January 1, 2011 through January 31, 2012. For each transfer, the
Successor Agency should describe the purpose of the transfer and describe in what sense the
transfer was required by one of the Agency's enforceable obligations or other legal
requirements. Provide this listing as an attachment to the AUP report.
Conclusion: We reviewed documents provided by the successor agency and the former
RDA and determined that no transfers took place during the period from Januarv 1,
2011 through Januarv 31, 2012.
B. Obtain a listing prepared by the Successor Agency of transfers (excluding payments for
goods and services) [from the Successor Agency to any other public agency or private parties
for the period from February 1, 2012 through June 30, 2012. For each transfer, the Successor
Agency should describe the purpose of the transfer and describe in what sense the transfer
was required by one of the Agency's enforceable obligations or other legal requirements.
Provide this listing as an attachment to the AUP report.
Conclusion: We reviewed documents provided by the successor agency and the former
RDA and determined that no transfers took place during the period from Februarv 1,
2012 through June 30,2012.
3
v. 8-27-12
C. For each transfer, obtain the legal document that fo1med the basis for the enforceable
obligation that required any transfer. Note in the AUP report the absence of any such legal
document or the absence of language in the document that required the transfer.
Conclusion: No transfers took place.
Citation:
34179.5(c)(4) The review shall provide expenditure and revenue accounting information and identify
transfers and funding sources for the 2010-11 and 2011-12 fiscal years that reconciles balances,
assets, and liabilities of the successor agency on June 30, 2012 to those reported to the Controller for
the 2009-10 fiscal year.
Suggested Procedure(s):
4. Perform the following procedures:
A. Obtain from the Successor Agency a summary of the financial transactions of the
Redevelopment Agency and the Successor Agency in the format set forth in the attached
schedule for the fiscal periods indicated in the schedule. For purposes of this summary, the
financial transactions should be presented using the modified accrual basis of accounting. End
of year balances for capital assets (in total) and long-term liabilities (in total) should be
presented at the bottom of this summary schedule for information purposes
Conclusion: See attachment AUP 4 12-1-12. The amounts reported for June 30, 2010
and June 30, 2011 can be traced back to the audited financial statements for the RDA
for those years. The amounts reported for the seven months ended January 31, 2012,
and the five month period ended June 30, 2012 were provided by the successor agency
and can be traced back to back reconciliations and bank statements.
B. Ascertain that for each period presented, the total of revenues, expenditures, and transfers
accounts fully for the changes in equity from the previous fiscal period.
Conclusion: See attachment AUP 4 12-1-12. The amounts reported for June 30, 2010
and June 30. 2011 can be traced back to the audited financial statements for the RDA
for those years. The amounts reported for the seven months ended January 31. 2012,
and the five month period ended June 30, 2012 were provided by the successor agency,
the amounts reported as cancellation of interfund ammmts due during the seven months
ended January 31, 2011 represents monies borrowed by other funds within the
redevelopment agency in order to finance continuing operations within those funds.
C. Compare amounts in the schedule relevant to the fiscal year ended June 30, 2010 to the state
controller's report filed for the Redevelopment Agency for that period.
Conclusion: amounts were compared in the schedule relevant to the fiscal year ended
June 30, 2010 to the state controller's report filed for the redevelopment agency for that
period with no exceptions noted.
4
V.S-27-12
D. Compare amounts in the schedule for the other fiscal periods presented to account balances in
the accounting records or other supporting schedules. Describe in the report the type of
support provided for each fiscal period.
Conclusion: amounts were compared in the schedule relevant to the fiscal year ended
June 30, 2011 to the state controller's report fLied for the redevelopment agency for that
period with no exceptions noted. Receipts during the other fiscal periods include the first
installment of the 2011-12 tax increment in the amount of $556.776 and $123.834 of
principal and interest payments on notes receivable. The only expenditures in the other
fiscal periods were bond and notes payable obligations totaling $475,058, and payments
to the City of Selma in payment of administration fees, of which $95,991 covered the
period from July 1, 2011 to December 31, 2011 in the balance from Januarv 1. 2012 to
June 30,2012. These amounts paid were included in the EOPS filed and the first ROPS
filed. The EOPS and the ROPS were reported on in the agreed-upon procedures
performed pursuant to HSC 34182 (A) (1).
Citation:
34179.5(c)(5) A separate accounting/or the balance for the Low and Moderate Income Housing Fund
for all other funds and accounts combined shall be made as follows:
(A) A statement of the total value of each fund as ofJune 30, 2012.
Suggested Procedure(s):
5. Obtain from the Successor Agency a listing of all assets of the Low and Moderate Income
Housing Fund as of June 30, 2012 for the report that is due October 1, 2012 and a listing of all
assets of all other funds of the Successor Agency as of June 30, 2012 (excluding the previously
reported assets of the Low and Moderate Income Housing Fund) for the report that is due
December 15, 2012. When this procedure is applied to the Low and Moderate Income Housing
Fund, the schedule attached as an exhibit will include only those assets of the Low and
Moderate Income Housing Fund that were held by the Successor Agency as of June 30, 2012
and will exclude all assets held by the entity that assumed the housing function previously
performed by the former redevelopment agency. Agree the assets so listed to recorded balances
reflected in the accounting records of the Successor Agency. The listings should be attached as
an exhibit to the appropriate AUP report.
Conclusion: See attachment AUP 5 12-1-12. The assets available to transfer to the
successor agency included cash, notes receivable and inventorv. A liability due to another
agency was included. The assets and liability were transferred.
5
v. 8-27-12
Citation:
34179.5(c)(5)(B) An itemized statement listing any amounts thai are legally restricted as to purpose
and cannot be provided to taxing entities. This could include the proceeds of any bonds, grant funds,
or funds provided by other governmental entities that place conditions on their use.
Suggested Procedure(s):
6. Obtain from the Successor Agency a listing of asset balances held on June 30, 2012 that are
restricted for the following purposes:
A. Unspent bond proceeds: Conclusion: None
1.
Obtain the Successor Agency's computation of the restricted balances (e.g., total
proceeds less eligible project expenditures, amounts set aside for debt service payments,
etc.)
11.
Trace individual components of this computation to related account balances in the
accounting records, or to other supporting documentation (specify in the AUP report a
description of such documentation).
iii.
Obtain from the Successor Agency a copy of the legal document that sets forth the
restriction pertaining to these balances. Note in the AUP report the absence of language
restricting the use of the balances that were identified by the Successor Agency as
restricted.
B. Grant proceeds and program income that are restricted by third parties: Conclusion: None
1.
Obtain the Successor Agency's computation of the restricted balances (e.g., total
proceeds less eligible project expenditures).
ii.
Trace individual components of this computation to related account balances in the
accounting records, or to other supporting documentation (specify in the AUP report a
description of such documentation).
iii. Obtain from the Successor Agency a copy of the grant agreement that sets forth the
restriction pertaining to these balances. Note in the AUP report the absence of language
restricting the use of the balances that were identified by the Successor Agency as
restricted.
6
v. 8-27-12
C. Other assets considered to be legally restricted: Conclusion: See AUP 512-1-12. A cash
asset in the amount of $360,000 is restricted to be used for bond repayments and is held by
US Bank (Trustee of the bond issue). A lot in an industrial park developed by the former
RDA is also restricted. The lot is collateral against the USDA obligation ofthe former
RDA.
1.
Obtain the Successor Agency's computation of the restricted balances (e.g., total
proceeds less eligible project expenditures).
11.
Trace individual components of this computation to related account balances in the
accounting records, or to other supporting documentation (specify in the AUP report a
description of such documentation).
m.
Obtain from the Successor Agency a copy of the legal document that sets forth the
restriction pertaining to these balances. Note in the A.UP report the absence of language
restricting the use of the balances that were identified by Successor the Agency as
restricted.
D. Attach the above mentioned Successor Agency prepared schedule(s) as an exhibit to the AUP
report. For each restriction identified on these schedules, indicate in the report the period of
time for which the restrictions are in effect. If the restrictions are in effect until the related
assets are expended for their intended purpose, this should be indicated in the report.
Citation:
34179.5(c)(5)(C) An itemized statement of the values of any assets that are not cash or cash
equivalents. This may include physical assets, land, records, and equipment. For the purpose of this
accounting, physical assets may be valued at purchase cost or at any recently estimated market value.
The statement shall list separately housing-related assets.
Suggested Procedure(s):
7. Perform the following procedures:
A. Obtain from the Successor Agency a listing of assets as of June 30, 2012 that are not liquid or
otherwise available for distribution (such as capital assets, land held for resale, long-term
receivables, etc.) and ascertain if the values are listed at either purchase cost (based on book
value reflected in the accounting records of the Successor Agency) or market value as recently
estimated by the Successor Agency. Conclusion: See AUP 7 12-1-12
B. If the assets listed at 7(A) are listed at purchase cost, trace the amounts to a previously audited
financial statement (or to the accounting records of the Successor Agency) and note any
differences. Conclusion: See AUP 712-1-12
C. For any differences noted in 7(B), inspect evidence of disposal of the asset and ascertain that
the proceeds were deposited into the Successor Agency trust fund. If the differences are due
to additions (this generally is not expected to occur), inspect the supporting documentation
and note the circumstances. Conclusion: See AUP 7 12-1-12
7
v. 8-27-12
D. lfthe assets listed at 7(A) are listed at recently estimated market value, inspect the
evidence (if any) supporting the value and note the methodology used. If no evidence
is available to support the value and\or methodology, note the lack of evidence.
Conclusion: See AUP 7 12-1-12
Citation:
34179.5(c)(5)(D) An itemized listing of any current balances that are legally or contractually
dedicated or restricted for the funding ofan enforceable obligation that identifies the nature of
the dedication or restriction and the specific enforceable obligation. In addition, the successor
agency shall provide a listing of all approved enforceable obligations that includes a
projection of annual spending requirements to satisfy each obligation and a projection of
annual revenues available to fund those requirements. If a review finds that future revenues
together with dedicated or restricted balances are insufficient to fund future obligations and
thus retention of current balances is required, it shall identify the amount of current balances
necessary for retention. The review shall also detail the projected property tax revenues and
other general purpose revenues to be received by the successor agency, together with both the
amount and timing of the bond debt service payments of the successor agency, for the period in
which the oversight board anticipates the successor agency will have insufficient property tax
revenue to pay the specified obligations.
Suggested Procedure(s):
8. Perform the following procedures:
A. If the Successor Agency believes that asset balances need to be retained to satisfy
enforceable obligations, obtain from the Successor Agency an itemized schedule of
asset balances (resources) as of June 30, 2012 that are dedicated or restricted for the
funding of enforceable obligations and perform the following procedures. The
schedule should identify the amount dedicated or restricted, the nature of the
dedication or restriction, the specific enforceable obligation to which the dedication
or restriction relates, and the language in the legal document that is associated with
the enforceable obligation that specifies the dedication of existing asset balances
toward payment of that obligation. Conclusion: Cash held by the fiscal agent (US
Bank), with respect to the Successor Agency's 2010A bond issue in the amount
of $360,000 is required to be retained for payment on the bonds (see AUP 7 121-12). Copies of selected pages from the Official Statement have been included
in Appendix B.
1.
Compare all information on the schedule to the legal documents that form the
basis for the dedication or restriction of the resource balance in question.
11.
Compare all current balances to the amounts reported in the accounting records of
the Successor Agency or to an alternative computation.
111.
Compare the specified enforceable obligations to those that were included in the
final Recognized Obligation Payment Schedule approved by the California
Department of Finance.
tv.
Attach as an exhibit to the report the listing obtained from the Successor Agency.
Identify in the report any listed balances for which the Successor Agency was
unable to provide appropriate restricting language in the legal document
associated
with
the enforceable obligation.
8
v. 8-27-12
B. If the Successor Agency believes that future revenues together with balances dedicated or
restricted to an enforceable obligation are insufficient to fund future obligation payments and
thus retention of current balances is required, obtain from the Successor Agency a schedule of
approved enforceable obligations that includes a projection of the annual spending
requirements to satisfy each obligation and a projection of the annual revenues available to
fund those requirements and perform the following procedures: Conclusion: Not applicable
i.
Compare the enforceable obligations to those that were approved by the California
Department of Finance. Procedures to accomplish this may include reviewing the letter
from the California Department of Finance approving the Recognized Enforceable
Obligation Payment Schedules for the six month period from January 1, 2012 through
June 30, 2012 and for the six month period July 1, 2012 through December 31, 2012.
11.
Compare the forecasted annual spending requirements to the legal document supporting
each enforceable obligation.
a. Obtain from the Successor Agency its assumptions relating to the forecasted annual
spending requirements and disclose in the report major assumptions associated with
the projections.
For the forecasted annual revenues:
a. Obtain from the Successor Agency its assumptions for the forecasted annual revenues
and disclose in the report major assumptions associated with the projections.
C. If the Successor Agency believes that projected property tax revenues and other general
purpose revenues to be received by the Successor Agency are insufficient to pay bond debt
service payments (considering both the timing and amount of the related cash flows), obtain
from the Successor Agency a schedule demonstrating this insufficiency and apply the
following procedures to the information reflected in that schedule. Conclusion: Not
applicable
1.
Compare the timing and amounts of bond debt service payments to the related bond debt
service schedules in the bond agreement.
ii.
Obtain the assumptions for the forecasted property tax revenues and disclose major
assumptions associated with the projections.
m.
Obtain the assumptions for the forecasted other general purpose revenues and disclose
major assumptions associated with the projections.
D. If procedures A, B, or C were performed, calculate the amount of current unrestricted balances
necessary for retention in order to meet the enforceable obligations by performing the
following procedures. Conclusion: Not applicable
1.
Combine the amount of identified current dedicated or restricted balances and the
amount of forecasted annual revenues to arrive at the amount of total resources available
to fund enforceable obligations.
9
v. 8-27-12
11.
Reduce the amount of total resources available by the amount forecasted for the annual
spending requirements. A negative result indicates the amount of current unrestricted
balances that needs to be retained.
111.
Include the calculation in the AUP report.
Citation:
34179.5 (c)(5){E) An itemized list and analysis of any amounts of current balances that are needed to
satisfy obligations that will be placed on the Recognized Obligation Payment Schedules for the
current fiscal year.
Suggested Procedure(s):
9. If the Successor Agency believes that cash balances as of June 30, 2012 need to be retained to
satisfy obligations on the Recognized Obligation Payment Schedule (ROPS) for the period of
July I, 2012 through June 30, 2013, obtain a copy of the final ROPS for the period of July l,
2012 through December 31,2012 and a copy ofthe final ROPS for the period January 1, 2013
through June 30, 2013. For each obligation listed on the ROPS, the Successor Agency should
add columns identifying ( 1) any dollar amounts of existing cash that are needed to satisfy that
obligation and (2) the Successor Agency's explanation as to why the Successor Agency believes
that such balances are needed to satisfy the obligation. Include this schedule as an attachment to
the AUP report.
Conclusion: see AUP 9 12-1-12.
Citation:
34179.5 (c)(6) The review shall total the net balances available qfter deducting the total amounts
described in subparagraphs (B) to (E), inclusive, ofparagraph (5). The review shall add any amounts
that were transferred as identified in paragraphs (2) and (3) of subdivision (c) if an enforceable
obligation to make that transfer did not exist. The resulting sum shall be available for allocation to
affected taxing entities pursuant to Section 34179.6. It shall be a rebuttable presumption that cash
and cash equivalent balances available to the successor agency are available and sufficient to
disburse the amount determined in this paragraph to taxing entities. If the review finds that there are
insufficient cash balances to transfer or that cash or cash equivalents are specifically obligated to the
purposes described in subparagraphs (B), (D), and (E) ofparagraph (5) in such amounts that there is
insufficient cash to provide the full amount determined pursuant to this paragraph, that amount shall
be demonstrated in an additional itemized schedule.
10
v. 8-27-12
Suggested Procedure(s):
10. Include (or present) a schedule detailing the computation of the Balance Available for Allocation
to Affected Taxing Entities. Amounts included in the calculation should agree to the results of the
procedures performed in each section above. The schedule should also include a deduction to
recognize amounts already paid to the County Auditor-Controller on July 12, 2012 as directed by
the California Department of Finance. The amount of this deduction presented should be agreed
to evidence of payment. The attached example summary schedule may be considered for this
purpose. Separate schedules should be completed for the Low and Moderate Income Housing
Fund and for all other funds combined (excluding the Low and Moderate Income Housing Fund).
Conclusion: See attachment AUP 10 12-1-12.
Suggested Procedure(s):
11. Obtain a representation letter from Successor Agency management acknowledging their
responsibility for the data provided to the practitioner and the data presented in the report or in
any attachments to the report. Included in the representations should be an acknowledgment that
management is not aware of any transfers (as defined by Section 34179.5) from either the former
redevelopment agency or the Successor Agency to other parties for the period from January 1,
2011 through June 30, 2012 that have not been properly identified in the AUP report and its
related exhibits. Management's refusal to sign the representation letter should be noted in the
AUP report as required by attestation standards.
11
Attachment B
(Additional detail to agreed-upon procedures)
City of Selma California
As Successor Agency
Selma Redevelopment Agency
AUP Suggested Procedures 1
1. Obtain from the Successor Agency a listing of all assets that were transferred from the
former redevelopment agency to the Successor Agency on February 1, 2012. Agree the
amounts on this listing to account balances established in the accounting records of the
Successor Agency. Identify in the Agreed-Upon Procedures (AUP) report the amount of
the assets transferred to the Successor Agency as of that date .
.....
.....,
supporting documentation
Assets Transferred
Cash in bank
Cash held by fiscal agent
Amounts due from other agencies
Notes receivable
Inventory -lnd Park lot
Total Assets Transferred
Liabilities Transferred
Amounts due to other agencies
$
658,082
360,000
31,000
709,275
321,875
2,080,232
65,262
Bank Reconciliations I Statements
Bond official statements I US Bank statements
Selma Chamber of Commerce - Christmas decorations
Promissory notes
Lot in industrial park- collaterlizes USDA loan (enforceable obligation)
Amounts due City of Selma Cultural Arts Capital Projects fund
supporting documentation was inspected for clerical accuracy and for proper inclusion
without discrepacy
AUP 112-1-12
City of Selma California
As Successor Agency
Selma Redevelopment Agency
AUP Suggested Procedures 2
2. If the State Controller's Office has completed its review of
transfers required under both Sections 34167 .S and 34178.8
and issued its report regarding such review, attach a copy of
that report as an exhl.'bit to the AUP report. If this has not yet
occurred, perform the following procedures:
.....
w
A. Obtain a listing prepared by the Successor Agency of
transfers (excluding payments for goods and services) from
the former redevelopment agency to the city, county, or
city and county that formed the redevelopment agency for
the period from January 1, 20ll throughJanuary3l, 2012.
For each transfer, the Successor Agency should describe
the purpose of the transfer and descn'be in what sense the
transfer was required by one of the Agency's enforceable
obligations or other legal requirements. Provide this listing
as an attachment to the AUP report.
B. Obtain a listing prepared by the Successor Agency of
transfers (excluding payments for goods and services) from
the Successor Agency to the city, county, or city and
county that formed the redevelopment agency for the
period from February l, 2012 through June 30, 2012. For
each transfer, the Successor Agency should describe the
purpose of the transfer and descn'be in what sense the
transfer was required by one of the Agency's enforceable
obligations or other legal requirements. Provide this listing
as an attachment to the AUP report.
C. For each transfer, obtain the legal document that
formed the basis for the enforceable obligation that
required any transfer. Note in the AUP report the absence
of any such legal document or the absence of language in
the document that required the transfer.
1/30/2012
AUP 2 12-1-12
$
75,000
Loan repayment - at various times during the years 2001 through 2011, the City of Selma made
advances (treated as short term loans) to the ROA to supplement ROA cash flow requirements.
These transactions began in September of 2001 with a $900,000 in advances. By December 31,
of 2001, the ROA had repaid $400,000 of the advances and continued to borrow and make
repayments up through 2011, at which time the balance of these transactions was $75,000.
In January of 2012 the remaining balance of $75,000 was repaid. The amount has always been
reported on fund 301 object 250 (due to's) and was reported as such in the 09-10 audit, as well
as in the 10-11 audit.
V. 8·27-12
Assets (modified accrual basis)
Cash and Investments
Cash with fiscal agent
Accounts receivable
Due from other funds
Due from other agencies
Total Assets
Liabilities (modified accrual basis)
Accounts payable
Due to other funds
Due to other agencies
Total Liabilities
Redevelopment
Agency
12 Months Ended
6/30/2010
Redevelopment
Agency
12 Months Ended
6/30/2011
$
$
316,606
970,338
31,000
$
1,317,944
$
$
Equity
$
658,082
360,000
$
1,049,082
$
(346,789)
512,539
360,000
(17)
31,000
$
903,522
$
$
2,180,374
$
31,000
1,615,201
565,173
(886,266)
Total liabilities + Equity
1,833,585
$
2,204,210
$
734,917
200,186
2,040,239
163,971
$
538,482
360,000
Successor
Agency
5 Months Ended
6/30/2012
Redevelopment
Agency
7 Months Ended
1/31/2012
65,262
65,262
65,262
65,262
983,820
838,260
903,522
$
1,317,944
$
1,833,585
$
1,049,082
Total Revenues:
$
1,311,962
$
4,887,586
$
632,206
$
49,304
1,754,562
$
$
4,348,088
$
194,864
Total Expenditures:
$
Cancellation of lnterfund amounts due
$
Net change In equity
$
!442,600)
$
Beginning Equity:
Ending Equity:
$
(443,667)
(886,267)
$
$
$
481,881
$
1,180,264
539,498
$
1,330,589
$
(145,560)
(886,267)
(346,769)
$
$
(346,769)
983,820
$
$
983,820
838,260
Other Information (show year end balances for all three years presented):
Capital assets as of end of year
$ 1,173,839.00
$ 1,965,850.00
Long-term debt as of end of year
$ 6,155,000.00
$ 7,325,000.00
$
$
1,031,150.00
7,260,000.00
$
$
993,599.00
7,260,000.00
$
14
AUP 412·1·12
City of Selma California
As Successor Agency
Selma Redevelopment Agency
AUP Suggested Procedures 5
S. Obtain from the Successor Agency a listing of all assets of
the Low and Moderate Income Housing Fund as of June 30,
2012 for the report that is due October I, 2012 and a listing of
all assets of all other funds of the Successor Agency as of June
30, 2012 (excluding the previously reported assets of the Low
and Moderate Income Housing Fund) for the report that is due
December IS, 2012. When this procedure is applied to the Low
and Moderate Income Housing Fund, the schedule attsched as
an exhibit will include only those assets of the Low and
Moderate Income Housing Fund that were held by the
Successor Agency as of June 30, 2012 and will exclude all
assets held by the entity that assumed tho housing function
previously perfonned by the fanner redevelopment agency.
Agree the assets so listed to recorded balances reflected in the
accounting records of tho Successor Agency. The listings
should be attached as an exhibit to the appropriate AUP report.
supporting documentation
Assets Transferred
Cash In bank
Cash held by fiscal agent-restricted for bond payments
Amounts due from other agencies
Notes receivable
Inventory- lnd Park lot
Total Assets Transferred
Liabilities Transferred
Amounts due to other agencies
$
512,539
360,000
31,000
671,724
321,875
1,897,138
65,262
15
AUP 5 12-1·12
Bank Reconciliations I Statements
Bond official statements I US Bank statements
Selma Chamber of Commerce- Christmas decorations
Promissory notes
Lot in Industrial park· collaterllzes USDA loan (enforceable obligation)
Amounts due City of Selma Cultural Arts Capital Projects fund
City of Selma California
As Successor Agency
Selma Redevelopment Agency
AUP Suggested Procedures 7
A. Obtain from the Successor Agency a listing of assets as of
June 30, 2012 that are not liquid or otherwise available for
distribution (such as capital assets, land held for resale, longterm receivables, etc.) and ascertain if the values are listed at
either purchase cost (based on book value reflected in the
accounting records of the Successor Agency) or market value as
recently estimated by the Successor Agency.
1. Cash held by Fiscal Agent
2. Notes receivable
3. lot (resale inventory)
$360,000
$702,275
$321,875
®
CD
CD
i
.....
en
B. If the assets listed at 7(A) are listed at purchase cost, trace CD The amounts are listed at hisorical cost and
the amounts to a previously audited financial statement (or to
the accounting records of the Successor Agency) and note any
differences.
can be traced to the audited financial
statements from prior years, as well as the
Successor Agency's records. See AUP 4 12-112.
c.
For any differences noted in 7(B), inspect evidence of
disposal of the asset and ascertain that the proceeds were
deposited into the Successor Agency trust fund. If the
differences are due to additions (this generally is not expected
to occur), inspect the supporting documentation and note the
circumstances.
D. If the assets listed at 7(A) are listed at recently estimated
market value, inspect the evidence (if any) supporting the value
and note the methodology used. If no evidence is available to
support the value and\or methodology, note the lack of
evidence.
--
AUP 7 12-1-12
--
-
-
-------~
No differences were noted. The only change
in balances were principal and interest
payments on the notes receivable, and the
amounts were deposited into the Successor
Agency's bank accounts and properly
recorded.
Not applicable.
NEW ISSIJF;- FULL BOOK ENTRY ONLY
NO RATING
In the opinion of Nossaman, LLP, Bond Counsel, based on existing statutes, regulations, rulings and court decisions
and assuming, among other matters, compliance with certain covenants, interest on the Bonds is excludable from gross income
for federal income tax purposes and is exempt from State of California personal income tax. In the opinion ofBond Counsel,
interest on the Bonds is not a specific preference item for purposes of the federal individual or corporate alternative minimum
taxes, however, such interest is taken into ac.count in computing adjusted current earnings in calculating corporate alternative
minimum taxes. Bond Counsel expresses no opinion regarding other federal or State tax consequences relating to the ownership
or disposition of, or the accrual or receipt of interest with respect to, the Bonds. The Agency has designated the Bonds as
"qualified tax-exempt obligations"for purposes ofSection 265(b)(3) ofthe Internal Revenue Code Of 1986, as amended See
"TAX EXEMPTION" herein.
$3,600,000
SELMA REDEVELOPMENT AGENCY
TAX ALLOCATION BONDS
SERIES 2010A
(CITY OF SELMA REDEVELOPMENT PROJECT)
(Bank Qualified)
Dated: Date of Delivery
Due: September 1, as shown on the inside cover
The Tax Allocation Bonds, Series 2010A (City of Selma Redevelopment Project) (the "Bonds") of the Selma
Redevelopment Agency (the "Agency") will be issued as fully registered bonds in book-entry form only, initially registered
in the name of Cede & Co., New York, New York, as nominee ofThe Depository Trust Company ("DTC"), New York, New
York. Purchasers will not receive physical certificates representing their interest in the Bonds. Individual purchases will be in
principal amounts of$5,000 or in any integral multiples of$5,000. Interest payable on the Bonds will be payable on March 1 and
September 1 of each year, commencing March 1, 2011, and principal payable on the Bonds will be paid by U.S. Bank National
Association, San Francisco, California, as trustee for the Bonds (the "Trustee"), to DTC for subsequent disbursement to DTC
Participants who will remit such payments to the beneficial owners of the Bonds.
The Bonds are being issued by the Agency for the purpose of (i) refunding certain outstanding Agency obligations,
(ii) funding a reserve account for the Bonds, and (iii) paying the costs of issuing the Bonds. See "REFUNDING PLAN" and
"ESTIMATED SOURCES AND USES OF FUNDS."
.
The Bonds are limited obligations of the Agency payable solely from and secured by the Tax Revenues to be derived
from the City of Selma Redevelopment Project Area remaining after payment of certain obligations as described herein, and from
the amounts on deposit in certain funds as described herein. Under certain conditions the Agency may issue additional obligations
with a lien on Tax Revenues on parity with the lien of the Bonds. See "SECURITY FOR THE BONDS__:.Pai'ity Bonds."
The Bonds are subject to optional and mandatory redemption prior to maturity as described herein. See "THE BONDSRedemption" herein.
This cover page contains information for general reference only. It is not a summary of the security or terms
of this issue. Investors must read the entire Official Statement, including the section entitled "RISK FACTORS," for a
discussion of special factors which should be considered, in addition to the other matters set forth herein, in considering
.the investment quality of the Bonds. Capitalized tt!rms used on this cover page and not otherwise defined shall have the
meanings set forth herein.
THE BONDS ARE NOT A DEBT, OBLIGATION OR LIABILITY OF THE CITY OF SELMA, THE STATE
OF CALIFORNIA OR ANY OF ITS POLITICAL SU3DIVISIONS (OTHER THAN THE AGENCY), NOR DO THEY
CONSTITUTE A PLEDGE OF THE FAITH AND CREDIT OR THE TAXING POWER OF ANY OF THE FOREGOING
(INCLUDING THE AGENCY). THE AGENCY DOES NOT HAVE ANY TAXING POWER. THE BONDS DO NOT
CONSTITUTE AN INDEBTEDNESS WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY DEBT
LIMITATION OR RESTRICTION.
THE BONDS ARE NOT RATED BY ANY RATING AGENCY, INVOLVE A HIGH DEGREE OF RISK AND ARE
NOT SUITABLE FOR ALL INVESTORS. SEE "RISK FACTORS" HEREIN.
The Bonds are offered, when, as ~d if issued and received by the Underwriter, subject to the approval of legality by
Nossaman, LLP, Irvine, California, Bond Counsel. Certain legal matters will be passed upon for the Agency by its general
counsel and for the Underwriter by Stradling Yocca Carlson & Rauth, a Professional Corporation, Newport Beach, California.
It is expected that the Bonds, in book-entry form, will be available for delivery in New York, New York on or about August 12,
2010.
~·
l1lill DE LA ROSA&Co.
Dated: August 5, 2010
~.IN
VI 5 T
'11 NT
BAN K E R S
•
ESTIMATED SOURCES AND USES OF FUNDS
The sources and uses of :funds are estimated as follows:·
Sources of Funds:
Principal Amount of Bo:qds
Less Original Issue Discount
TOTAL SOURCES
Uses ofFunds:
Transfer to Escrow Fund for 2001 Authority Bonds
Transfer to Escrow Fund for 2004 Authority Bonds
Deposit to Reserve Account< I>
Deposit to Costs oflssuance Fund<2l
TOTAL USES
111
111
$
3,600,000.00
(69.395.05)
$
3.530.604.95
$ . 2,162,057.49
747,876.63
360,000.00
260.670.83
$ 3.530.604.95
Amount of initial Reserve Requirement.
Includes Underwliter's discount, fees and expenses of Bond Counsel and the financial advisor and other costs of issuir
Bonds.
THE BONDS
Description of the Bonds
The Bonds will be issued orily in the form of fully registered Bonds without coupons
denominations of $5,000 or any whole multiple thereof.. The Bonds will be dated the date of delivery,
mature on September 1 in the years and in the respective principal amounts, and will bear interest at
respective rates per annum, all as set forth on the inside front cover hereof. Interest on the Bonds will be
on March 1 and September I of each year, commencing March 1, 2011, by check mailed on the Intt
Payment Date to the registered owners of the Bonds as of the applicable Record Date (the fifteenth day oJ
month preceding each Interest Payment Date), or by wire transfer of immediately available funds to any ov
of at least $1,000,000 in aggregate principal amount of Bonds at such wire transfer address as such ov
provides to the Trustee not later than the 15th day of the month preceding the Interest Payment Date.
The principal of each Bond will be payable upon the surrender of such Bond, at maturity or u
redemption prior to maturity, at the principal corporate trust office of the Trustee in San Francisco, Californ
Redemption
Optional Redemption. The Bonds maturing on or before September 1, 2016 are not subject to
and redemption prior to maturity. The Bonds maturing on or after September 1, 2017 shall be subject to
and redemption prior to maturity, at the option of the Agency, as a whole or in part on any date, am
maturities as shall be determined by the Age1;1cy, and by lot within each maturity (each Bond being deeme'
be composed of $5,000 portions with each such portion being separately redeemable), from funds derive(
the Agency from any source, on or after September 1, 2016, at the redemption price for each redeemed B
equal to the principal amount thereof, with accrued interest to the date of redemption, without premium.
Sinking Account Redemption. The Bonds maturing September 1, 2024 shall be subject to manda1
sinking fund redemption in part, by lot, commencing on September 1, 2021, from mandatory sinking f
payments, at a redemption price equal to the principal amount thereof to be redeemed, together with accr
interest to the date ftXed for redemption, without premium, in the aggregate respective principal amounts
on the dates set forth below; provided, however, that if some but not all of such Bonds have been redeei
pursuant to optional redemption the.. total amount of all future sinking fund payments shall be reduced by
18
v. 8-27-12
SUMMARY OF BALANCES AVAILABLE FOR ALLOCATION TO AFFECTED TAXING ENTITIES
Total amount of cash assets held by the successor agency as of June 30, 2012 (procedure 5)
$
512,539
::D
Less balances needed to satisfy ROPS for the 2012-13 fiscal year (procedure 9)
(281 ,698)
Less reservations to meet prior claims
(165,579)®
(65,262)
Less balances needed to satisfy current payable obligations (procedure 5)
Less the amount of payments made on July 12, 2012 to the County Auditor-Controller as
directed by the California Department of Finance
Amount to be remitted to county for disbursement to taxing entities
$
Note that separate computations are required for the Low and Moderate Income Housing Fund held by the
Successor Agency and for all other fonds held by the Successor Agency.
NOTES: For each line shown above, an exhibit should be attached showing the composition of the summarized amount.
If the review finds that there are insufficient funds available to provide the full
amount due, the cause of the insufficiency should be demonstrated in a separate schedule.
(!)The City filed ROPS III on or about August 21, 2012 included in ROPS Ill was an amount of
$313,896 that the City felt the Department of Finance improperly withheld from ROPS I and II. The
amount was listed and identified on ROPS Ill. The initial response from the Department of Finance was
to disallow the item in question. For further documentation, see pages 33 and 34 in this report.
®The Successor Agency believes the amount needs to be reserved against prior claims from both the
County Auditor and the Department of Finance.
AUP 9 12-1-12
19
RESOLUTION NO. 2012 -1 SAOC
A RESOLUTION OF THE CITY OF SELMA SUCCESSOR AGENCY
OVERSIGHT COMMITTEE TO THE DISSOLVED
SELMA REDEVELOPMENT AGENCY
ADOPTING AND AUTHORIZING THE FILING OF A
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS)
WHEREAS, the Selma Redevelopment Agency was dissolved, by operation of
law, on February 1, 2012; and
WHEREAS, the City of Selma Successor Agency Oversight Committee of the
dissolved Redevelopment Agency was established, in accordance with applicable
provisions of the enactment dissolving redevelopment agencies, Health and Safety
Code §34170, et seq. (the "Dissolution Act"); and
WHEREAS, by virtue of the Dissolution Act, as amended pursuant to a decision
of the California Supreme Court, by April15, 2012, for a six-month fiscal period, the City
of Selma Successor Agency Committee, is required to prepare a recognized obligation
payment schedule in accordance with the requirements of §34177{1) of the Dissolution
Act; and
WHEREAS, the recognized obligation payment schedule (ROPS) must identify
sources of payment for the enforceable obligations identified therein and as allowed by
subdivision (1)(1 )(A) through (F) of §34177; and
WHEREAS, staff has prepared a ROPS which identifies each and all. of the
enforceable obligations of the dissolved Redevelopment Agency in accordance with the
Dissolution Act, and the source of payment, including, but not limited to, those property
tax revenues to be allocated to Selma as successor of the Redevelopment Agency of
the City of Selma from the Redevelopment Property Tax Fund consisting of amounts
computed by the County Auditor/Controller, as· necessary, for payment of the
enforceable obligations identified in the ROPS, and approved by the Auditor and an
oversight committee; and
WHEREAS, the City of Selma Successor Agency Committee Board members
have reviewed the ROPS and finds and determines that It identifies, in accordance with
the Dissolution Act, only those enforceable obligations of the Redevelopment Agency of
the City of Selma and the appropriate administrative fee designated by statute required
to be paid through this successor agency from the sources of payment identified therein
and otherwise complies with the applicable provisions of the Dissolution Act.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
1.
Each of the foregoing Recitals is true and correct.
2.
That the ROPS prepared by staff is approved and adopted as the ROPS
of the City of Selma Successor Agency Committee as defined by the Dissolution Act
and the Executive Director is directed and authorized to submit a certified copy of this
Resolution together with the ROPS adopted hereby, a copy of which is attached and
incorporated by reference as Exhibit A, to the County Auditor/Controller, the State of
California Controller's Office and Department of Finance and to cause a copy thereof to •
be posted on the City's website.
20
The foregoing Resolution was duly approved at a regular meeting of the Selma
Successor Agency Oversight Committee held on the 10th day of April, 2012, by the
following vote to wit:
AYES:
5 BOARD MEMBERS: Teixera, Galvan, Derr, Robertson, and McFarland
NOES:
0 BOARD MEMBERS: None
ABSTAIN:
0 BOARD MEMBERS: None
ABSENT:
'li' BOARD MEMBERS:
,,
Benavides, Souza
ATTEST:
Reyna Rivera
Secretary
21
Name ofRedevelopmentAgency,..::Selma=~Redevelopment==~~Agency~~--------------All
Page 3 of_4_ Pages
Project Area(s)
RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AB 26 -Section 34167 and 34169 M
~
_Project Name I Debt Obligation
l:lEIIIcription
Total Oulstanding
Total Due OWing
Debt or Obrllllllion
f"1SC81Ye81
January
Febnlaly
Payments by month
April
Man:h
_May4une
Total
)
1 2010 A Tax allocation Bond
2 Industrial
Bonds
3 1994 Housing_Bonds
4
Cos1s
US Bank
USDARinl
US Bank
of '-'tot
5,218,263.00
6.272.375.00
940050.00
69,791.00
Bonds Issue to fund Courthouse & City H
Bonds issue tD fund a
Bonds . _ fD fund Housing Pn:liects
IPavnlll far
& Ptofessional Sal'
178,438.00
203.243.00
73900.00
69791.00
88.219.00
78,558.96
26400.00
34,895.00
5}
6)
N
N
7l
8
9
10)
11\
12
13
14
$
$
$
$
$
$
15]
$
$
161
$
17
18
19
20
211
$
$
$
$
$
$
$
22
23)
ITotals -This Page
.... ,
i:_-.>
{ -,j
,
~-·
..
34,896.00
$
$
$
$
$
$
$
'
$
12,500,479.00 $
523,372.00 $
-
$
-
$ 193,177.96
$
88.219.00
78.558.96
28,400.0Q
69,791.00
-
-
-
34,695.00 $ 34,896.00 $262,968.98
• This Enfon:eable ObllgaCion Payment Schedule (EOPS) Is till be adoplled by the redevelopment agency no later than late August. It Is valid through 12131111.1t Is the basis for the Preliminary Draft
Recognized Obligation Payment Schedule (ROPS). whldl must be prepared by the dlssalvlng Aganc:y by !1130111. (The dnft ROPS must be prepanld by the Successor Agenc;y by 11130111.)
If an agency adopts a continuation onllnance per ASX1 %1, this EOPS wiD not be vaUd and there Is no need to prepare a ROPS.
-Include only payments tD be -de after the adoption of the EOPS.
I
'
··.~·
RECOGNIZED OBLIGATION PAYMENT SCHEDULE· CONSOLIDATED
FILED FOR THE JULY 2012 to DEC 2012 PERIOD
.
Nama of Succasaor Agency
CITY OF SELMA SUCCESSOR AOENCY
Avollable Revanuaa either than antlclpMed funding from RPTTF
Enforceable Obllgallona paid with RPT1'P
Admlnlatrallva Coat paid with RPTTP
11Aclmh11atlrlli'118 Allowance (greotorala% ot ontlclpatod Funding frortl RmF or 250,000. Nolo: Cllcullllon lhould not
midi wtth RPT'TP. Thl RPTTP' Admlnllcrattve Colt flaurw lbOYI 1hould natiXCIId thll
Certlflcatlon of Oversight BOard Chairman:
Pursuant to Section 34177~) of the Health and Safety coda,
I hereby certify that the above Ia a true and accurate Racognlzed
Enforceable Payment SQhedule for the above named agency.
23
RESOLUTION NO. 2012 -3 SAOC
A RESOLUTION OF THE CITY OF SELMA SUCCESSOR AGENCY
OVERSIGHT COMMITTEE TO THE DISSOLVED
SELMA REDEVELOPMENT AGENCY
ADOPTING AND AUTHORIZING THE FlUNG OF A
RECOGNIZED OBUGATION PAYMENT SCHEDULE (ROPS)
WHEREAS, the Selma Redevelopment Alplcy
law, on February 1, 2012; and
was
dissolved, by operation of
WHEREAS, the aty of Selma 5ua:essor Agency Oversight COmmittee of the
aiSSOived Redevelopment Agency was estabriShed, in accordance with applicable
provisions of the enactment dissolving redevelopment agencies, Health and Safety
Code §34170, etseq. (the ""Dissolution .Act"); and
WHEREAS, by virtlJe of the Dissolution Ad:, as amended pursuant to a decision
of the Callfilmla SUpreme Court, by AprillS, 2012, ftlr a six-month fiscal period, the aty
of Selma 5ua:essor Aqerq Committee, is required ID prepare a remgnlzed obligation
payment schedule In aax>rdance with the requirements of §34177(1) of the Dissolution
Act; and
N
..,..
WHEREAS, the reoognizecl obligation payment schedule (ROPS) must identify
sources of payment fur the enfurceable obligations ldenl:ified therein and as allowed by
subdivision (1)(1)(A) through (F) of §34177; and
WHEREAS, staff has prepared an ROPS which identifies each and all of the
eufon:eable abrtgations of the dissolved Redevelopment Pqency In iiCXlOidance with the
Dissolution Ad:, and the source of payment, including, but not limited to, those property
tax revenues to be allocated ID Selma as sua::essor of the Redevelopment AI;Jency of
the aty of Selma fi'om the Redevelopment Property Tax Fund consisling of amounts
computed by the County Auditor/Controller, as necessary, for payment of the
enforceable obligations Identified In the ROPS, and approved by the AudiiDr and an
oversight aJITlmiltee; and
WHEREAS. by Resolution 2012-1 SAOC, this Oversight Board reviewed and
approved the ROPS for the 6-month period between January 11, 2012, and June 30.
2012;and
WHEREAS, staff has prepared an ROPS, for the period from July 1. 2012, to
and including December 31, 2012, as required by §34177(1) of the Dissolution Ad
whidl identifies the same enforceable obligations and the appropriate adrninistrcltlve tee
designated by stat:utE required to be paid through the suaESSOr agency fi'om the
Redevelopment Property Tax Fund consisting of amounts comptJt:ed by the County
AudiiDr/Controller, as necessary fur payment of those enfun:eable obligations; and
WHEREAS, the aty of Selma Sua:essor Agency oversight Board to the
dissolved Selma Redevelopment /V;Jency has reviewed the ROPS fur the time period
between July 11, 2012, and December 31, 2012, and finds and determines that it
identifies, in accordance with the Dissolution Ad:, only those enfun:eable obligations of
the Redevelopment /V;Jency of the aty of Selma and the appropriate administrative tee
designated by statute required ID be paid through the sua:essor agency from sources of
payment identified therein and otherwise oomplles with the applicable provisions of the
Dissolution Act.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
1.
Each of the foregoing Recitals is true and correct.
2.
That the ROPS prepared by staff for the period from July 1 to and
indudlng December 31, 2012, is approved and adopted as the ROPS of the City of
selma Sua::essor Agency by this OVersight Board, as defined by the Dissolution Act
and the ExeaJtive OiredDr Is dlrecl:ed and authorized to submit a certified oopy c1 this
Resolution IIlgelher with the ROPS, atmched hereto as Exhibit A, to the COtrty
Auditor/Controller, the state cl carlfumia Controller's Oftlce and Department cl Rnante
and to cause a oopy thereof to be posted on the City's website.
********
The furegoing Resolution was duly approved at a regular meeting of the Selma
Successor Agency OVersight Board held on the 23n1 day of May 201i, by the following
vote to wit
N
V1
AYES:
7
BOARD MEMBERS:
TEIXEBA,. BENAVIDES, DERB., ROBEIITSON, SOUZA,
GALVAN, MCFARLAND
NOES:
0
BOARD MEMBERS: NONE
ABSTAIN:
o
ABSENT:
0 BOARD MEMBERS: NONE
BOARD MEMBERS: NONE
~aU1<!}~
Secretary
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FORIIC·~ CostAIIowMcePilldWIIII ~PrupertfTa:Trust.Fand(RP'n'Ft
..... ,.RedeuelopJitid:Agerq: 1-!!!!!!!!!.!!
..............
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_ _ _ _ _ _ _ _ _ _ _ __
DRAFT RECOGNIZED OBI..IlM'IION PAYIENT SCHEDlA..E
-Ma--34177("1
I_ _..... , . _ . , . . _ ,
•l-ea.
.,_
-
- -- == ---2li1MII13""
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_.,..... _.....
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s 17-.aa
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s 11e ..... . ,s_ _ _
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s lle_ROPSis..s _ _ .. _ , ... _
311121112br_..__,
_ o f _S35.01IOJII
br_
Olher-----..
tS. 20t2. Rlsaat•~a..ttheAgMed:UpGa.........._Aucltbecompllledbdant~--fiMIOWndghlAppnwed ROPStDtheSW.Conlmleratd Slilflt-of~
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Altia1181dalldllltagasc:..t,...
. . ...,..c
..........
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, _ _ _ _._
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AIID*I·Sacceaor ~ Adlnlnlslnlllve Allowance
-~Cost....._caps aMI%ofFormAI...... ._..Inmtt-t2.mdKciForm A&omonlfltatals 1n 2112-13. lbec:alc:IMon should notfllctdrin
forwtth RPTTF In Form D-
......
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~~~
FORIID·P-.--P-
~RDA~~~~~Ana~~~~---------------------­
cmtER CII!UGA110N PAYIENT SCIEIIULE
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I......._,
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••
234!162.00
12.128.00
-
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-
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• Tlw_Droft _ _ _ . . . . . . , . . _ _ _ loiDbto.._.sbr311121112br1he--,--bo-by1he _
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-....
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Rlo-o....---tho.-Upan--bo.......---1he-o-.ight ............ RDPSIDthe-~---of--
- , _ . _ _ ,... _ _ (Far-21111-1z-.-..... .. RPT1Fcauld--toxl_ _ _ .,tho_pdoriD.........,.1,21112.)
......... IPnlpeltyTaTNilFaad
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--Onlrthe""""':.."::':."..::''AOPS---..::.--=-:..-:::--!':".::a==:::..."'::!':!t...;;::21112ROPS, oetHSC-
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RESOLUTION NO. 2012- 4 SAOC
A RESOLUTION OF THE CITY OF SELMA SUCCESSOR AGENCY
OVERSIGHT BOARD TO THE DISSOLVED SELMA REDEVELOPMENT
AGENCY ADOPTING AND AUTHORIZING THE FILING OF A
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS)
FOR THE PERIOD FROM JANUARY 1, 2013 TO JUNE 30, 2013
WHEREAS, the Selma Redevelopment Agency was dissolved, by operation oflaw,
on February 1, 2012; and
WHEREAS, the City of Selma Successor Agency Oversight Board of the dissolved
Redevelopment Agency was established, in accordance with applicable provisions of the
enactment dissolving redevelopment agencies, Health and Safety Code §34170, et seq. (the
"Dissolution Act"); and
WHEREAS, by virtue of the Dissolution Act, as amended pursuant to a decision of
the California Supreme Court, by Apri115, 2012, and by adoption of AB 1484 on January
27,2012, for a six-month fiscal period, the City of Selma Successor Agency Board, is
required to prepare a recognized obligation payment schedule in accordance with the
requirements of §34177(1) of the Dissolution Act; and
WHEREAS, the recognized obligation payment schedule (ROPS) must identify
sources of payment for the enforceable obligations identified therein and as allowed by
subdivision (1)(1)(A) through (F) of§34177; and
WHEREAS, staff has prepared a ROPS which identifies each and all of the
enforceable obligations of the dissolved Redevelop~t Agency in accordance with the
Dissolution Act, and the source of payment, including, but not limited to, those property tax
revenues to be allocated to Selma as successor of the Redevelopment Agency of the City of
Selma from the Reill Property Tax Trust Fund (RPTI'F) consisting of amounts computed by
the County Auditor/Controller, as necessary, for payment of the enforceable obligations
identified in the ROPS, and approved by the Auditor and an oversight committee; and
WHEREAS, by Resolution 2012-1 SAOC, this Oversight Board reviewed and
approved the ROPS for the 6-month period between January 11, 2012, and June 30, 2012;
and
WHEREAS, by Resolution 2012-3 SAOC, this Oversight Board reviewed and
approved the ROPS for the 6-month period between July 1, 2012, and December 31, 2012;
and
WHEREAS, staff has prepared a ROPS, for the period from January 1, 2013 to and
including June 30, 2013, as required by §34177(1) of the Dissolution Act which identifies the
same enforceable obligations in addition to amounts not previously funded through the
RPTTF for 2012, and the appropriate administrative fee designated by statue required to be
paid to the successor agency from the RPTTF consisting of amounts computed by the
County Auditor/Controller, as necessary for payment of those enforceable obligations; and
29
WHEREAS, the City of Selma Successor Agency Oversight Board to the dissolved
Selma Redevelopment Agency has reviewed the ROPS for the time period between January
1, 2013 and June 30, 2013 and finds and determines that it identifies, in accordance with the
Dissolution Act, only those enforceable obligations of the Redevelopment Agency of the
City of Selma and the appropriate administrative fee designated by statute required to be
paid to the successor agency from sources of payment identified therein and otherwise
complies with the applicable provisions of the Dissolution Act.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
I.
Each of the foregomg Recitals is true and conect.
2.
That the ROPS prepared by staff for the period from January 1, 2013 to and
including June 30, 2013, is approved and adopted as the ROPS of the City of
Selma Successor Agency by this Oversight Board, as defined by the
Dissolution Act and the Executive Director is directed and authorized to
submit a certified copy of this Resolution together with the ROPS, attached
hereto as Exhibit A, to the County Auditor/Controller, the State of California
Controller's Office and Department of Finance and to cause a copy thereof to
be posted on the City's website.
The foregoing Resolution was duly approved at a regular meeting of the Selma
Successor Agency Oversight Board held on the 2JSt day of Au.gust, 2012, by the following
vote to wit:
AYES:
6 BOARD MEMBERS:
Mulligan, Robertson, Benavides, Derr, Teixera,
and Galvan
NOES:
0 BOARD MEMBERS:
None
ABSTAIN:
0 BOARD MEMBERS:
None
ABSENT:
1 BOARD MEMBERS:
Souza
~~L)
Secretary
30
Successor Agency Contact lnfonnation
....w
Name of Successor Agency:
County:
City of Selma.Successor Agency
Fresno
Primary Contact Name:
Primary Contact Title:
Address
Contact Phone Number:
Contact E-Mail Address:
D-B Heusser -City Manager
Secondary Contact Name:
Secondary Contact Title:
Secondary Contact Phone Number:
Secondary Contact E-Mail Address:
Neal Contanzo
City Attorney
559-261-1494
[email protected]
559-891-2200 Ext2250
[email protected]
SUMMARY OF RECOGNIZED OBUGATION PAYMENT SCHEDULE
Rled for the January 1, 2013 to June 30, 2013 P~riod
Name of Succesaor Agency:
CllY OF SELMA SUCCESSOR AGENCY
Total Outstanding
Debtor
$
Debtor
Current Pertocl Outstllndlng Debt or
N
Six-Month Total
A
Available Revenues Other Than Anticipated RPTTF Funding
B
Enforceable Obligations Funded with RPTTF
Admlnistratlve Allowance Funded with RPTTF
Total RPlTF Funded (8 + C 0}
Total Current Period Outstanding Debt or Obllg8tion (A+ B + C - E) Should be same amount as ROPS fOtm six-month Iota/
c
w
0
E
F
G
505487
12&000j
=
8304671
=
RPTTF Fundina
·
$
(830,487)1
; (as lliQLIIrad in HSC 88CIIan 34186 (a))
I
J
Enter Estimated Obligations Funded by RPTTF (Should be lhe same amount aa RPTTF approved by Rnance. InclUding admfn allowance)
Enter AQua! ObllgaUon& Paid With RPTTF.
Enter Aclual Administrative Expenses Paid with RPTTF
Adlustment to Redevelopment Obligation Retirement Fund {.G - {.H + 11. .Jl
K
Adjustment to RPTTF
H
6011....7
$
'
Enter Total Six-Month Anticipated RPTTF Funding
Variance_(O_- E .flMalclmum RPTTF A1k1wBb1e should not ex088C1 Total
Prior Period (January 1, 2012 throughJW18 30, 2012}_ Estimated vs. Actulll
G
12,4414,226
0
0
0
0
=
Certfflcatlon of Owm;lght Board Chalnnan:
Pursuant to Section 34177(m) of 1he Health and Safety coda,
I hereby certify lhat 1he above is a true and accurate Recognized
Obligation Payment Schedule for 1he above named agency.
$
Roseann Galvan
)
~t'W~-~p)~~}..l_Mf=/
T--T~-~--
830,467.00
Chair
idle
812112012
Date
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33
Name of Successor Agency:
County:
.
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS Ill)- Notes (Optional)
·-----~ lw 6¥1111iJ UHVU1:111 . . . . . . . . . . . . ..,..IV
Item I
NotesiComments
1 Tolal due ckling Fiscal Year is intarast onlY.
..
2 The March 2013 aavment Is lnlerest only.
3
The March 2013 oavment Is interest only.
4
ROPS I and II were not funded from the RPTTF. This is the amount owed less oass ll1rouQhs nat Daid from final dislribulion of tax increment to RDA.
Noaclual
I
were made from RPT1F becaUse ROPS I AND II were not funded. The actual
- - - - - - - · · ----
were made from tiJnds baiSfaned from the RDA to the Successor.
----------
'<:f
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U ll lllil
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35
11 n~~~~ ' -
v. 8-27-12
SUMMARY OF BALANCES AVAILABLE FOR ALLOCATION TO AFFECTED TAXING ENTITIES
Total amount of assets held by the successor agency as of June 30,2012 (procedure 5)
$
1,897,121
Add the amount of any assets transferred to the city or other parties for which an enforceable
obligation with a third party requiring such transfer and obligating the use
of the transferred assets did not exist (procedures 2 and 3)
Less assets legally restricted for uses specified by debt
covenants, grant restrictions, or restrictions imposed by other
governments (procedure 6)
(360,000)
Less assets that are not cash or cash equivalents (e.g., physical assets) - (procedure 7)
(! ,024,599)
Less balances needed to satisfy current payment obligations (procedure 5)
(65,262)
Less balances that are legally restricted for the funding of an enforceable
obligation (net of projected annual revenues available to fund those obligations)- (procedure 8)
Less balances needed to satisfy ROPS for the 2012-13 fiscal year (procedure 9)
(281,698)
::D
Less reservations to meet prior claims
(165,562)
®
Less the amount of payments made on July 12,2012 to the County Auditor-Controller as
directed by the California Department of Finance
Amount to be remitted to county for disbursement to taxing entities
$
Note that separate computations are required for the Low and Moderate Income Housing Fund held by the
Successor Agency and for all other fonds held by the Successor Agency.
NOTES: For each line shown above, an exhibit should be attached showing the composition of the summarized amount.
If the review finds that there are insufficient funds available to provide the full
amount due, the cause of the insufficiency should be demonstrated in a sepamte schedule.
(!) The City filed ROPS III on or about August 21, 2012 included in ROPS III was an amount of$313,896
that the City felt the Department of Finance improperly withheld from ROPS I and II. The amount was
listed and identified on ROPS III. The initial response from the Department of Finance was to disallow the
item in question. For further documentation, see pages 33 and 34 in this report.
®The Successor Agency believes the amount needs to be reserved against prior claims from both the
. County Auditor and the Department of Finance.
AUP 10 11-1-12
36
Attachment C
(Copy of Agreed-Upon Procedures Engagement
Pursuant to AB 1 26, Community
Redevelopment Dissolution - City of Selma
Issued July 12, 2012)
AGREED-UPON PROCEDURES ENGAGEMENT
PURSUANT TO ABX1 26, COMMUNITY
REDEVELOPMENT DISSOLUTION
CITY OF SELMA
37
TABLE OF CONTENTS
Independent Accountant's Report on Applying
Agreed-Upon Procedures ..........................................................................................................................1
Attachment A -Agreed-Upon Procedures Engagement Pursuant
to ABX1 26, Community Redevelopment Dissolution ................................................................................2
Attachment B-Asset Listings at June 30, 2011 .........................................................................................3
Attachment C- Asset Listings at January 31, 2012 ....................................................................................4
38
C~PANY
M'=IM'*'ii*'W•
County Auditor-Controller
Fresno County
Fresno, California
Oversight Board of the Successor Agency
For the City of Selma
INDEPENDENT ACCOUNTANT'S REPORT ON
APPLYING AGREED-UPON PROCEDURES
We have performed the minimum required agreed-upon procedures enumerated in the Attachment A,
which were agreed to by the California State Controller's Office, Department of Finance, and Fresno
County Auditor-Controller, solely to assist you In ensuring that the dissolved redevelopment agency is
complying with its statutory requirements with respect to ABX1 26. Management of the successor agency
and the County are responsible for the accounting records pertaining to statutory compliance pursuant to
Health and Safety Code section 34182(a)(1). This agreed-upon procedures engagement was conducted
in accordance with attestation standards established by the American Institute of Certified Public
Accountants. The sufficiency of these procedures is solely the responsibility of those parties specified in
the report. Consequently, we make no representation regarding the sufficiency of the procedures
described below either for the purpose for which this report has been requested or for any other purpose.
The scope of this engagement was limited to performing the minimum required agreed-upon procedures
as set forth in Attachment A.
Attachment A also identifies the findings noted as a result of the procedures performed.
We were not engaged to and did not conduct an audit, the objective of which would be the expression of
an opinion as to the appropriateness of the results summarized in the Attachment A. Accordingly, we do
not express an opinion. Had we performed additional procedures, other matters might have come to our
attention that would have been reported to you.
This report is intended solely for the Information and use of the Fresno County Auditor-Controller, the
successor agency, and applicable State agencies, and is not intended to be, and should not be used by
anyone other than these specified parties. This restriction is not intended to limit distribution of this
report, which is a matter of public record.
Clovis, California
July 12, 2012
67? Scott Avenue, Clovis, California !J36ll
Telephone (559-) 299--9540 • Fax (559) 299-2344 • E-mail [email protected] • www.ppepas.com
39
Attachment A
Agreed•UpQn PrO'Cedures Engagement Pursuant to
ABX1 26; Commuhity Redevelopment Dissolution
Agreed-Upon Procedures Engagement
Pursuant to ABX1 26, Community Redevelopment Dissolution
A. RDA Dissolution and Restrictions
o
For each redevelopment agency dissolved, perform the following:
1. Obtain a copy of the enforceable obligation payment schedule (EOPS) for the period of August 1,
2011 through December 31, 2011. Trace the redevelopment project name or area (whichever applies)
associated with the obligations, the payee, a description of the nature of the work/service agreed to,
and the amount of payments made by month through December 31, 2011, and compare It to the legal
document(s) that forms the basis for the obligations. Since amounts could be estimated, determine
that they are stated as such and that legal documentation supports those estimates.
Conclusion: Of the four obligations we sampled in accordance with the guidelines set forth by the
Fresno County Auditor-Controller's office (County), we determined the following:
a. One of the obligations was either removed by the successor agency or later disallowed on the
final ROPS and, accordingly, was not tested.
b. We were able to correctly trace the remaining three obligations to the backup documentation
provided without exception.
2. Obtain a copy of all amended EOPS filed during the period of January 1, 2012 through June 30, 2012.
Trace the redevelopment project name or area (whichever applies) associated with the obligations, the
payee, a description of the nature of the work/service agreed to, and the amount of payments to be
made by month through June 30, 2012, and compare it to the legal documents that form the basis for
the obligations. Age~in, since amounts could be estimated, determine that they are stated as such and
that legal documentation supports those estimates.
Conclusion: Of the four obligations we sampled in accordance with the guidelines set forth by the
County, we determined fhe following:
a. One of the obHgations was either removed by the successor agency or later disa11owed on the
final ROPS and, accordingly, was not tested.
b. We were able to correctly trace the remaining three obligations to the backup documentation
provided without exception.
3.
Identify any obligations listed on the EOPS that were entered into after June 29, 2011, by inspecting
the date of incurrence specified on Form A of the Statement of Indebtedness filed with the County
Auditor-Controller, which was filed on or before October 1, 2011.
Conclusion: We verified that no obligations listed on the EOPS were entered into after June 29, 2011,
according to Form A of the Statement of Indebtedness.
4. Inquire and specifically state in the report the manner in which the agency did or did not execute a
transfer of the Low and Moderate Income Housing Fund to the redevelopment successor agency by
February 1, 2012. Procedures to accomplish this might include changing the name of the accounting
fund and related bank accounts that are holding these assets for the successor agency.
Conclusion: The City Council and Redevelopment Agency (RDA) Board of Directors, in a joint
meeting, passed a resolution on January 30, 2012, electing for the City to serve as the successor
agency and authorized the transfer of all housing activities, assets, liabilities, etc. to the successor
agency, including the funds related to low and moderate income housing. On March 1, 2012, the City
formed the Selma Housing Authority and a. federal employer identification number was established.
Once the successor agency was established, the assets were then transferred to the new funds by the
City of Selma Housing Authority.
40
Agreed-Upon Procedures Engagement
Pursuant to ABX1 26, Community Redevelopment Dissolution
5. Inquire and specifically state In the report how housing activities (assets and functions. rights, powers,
duties, and obligations) were transferred and the manner in which this agency did or did not execute a
transfer. Procedures to accomplish this might include changing the name of the accounting fund and
related bank accounts that are holding these assets for the other agency.
Conclusion: The City Council and RDA Board of Directors, in a joint meeting, passed a resolution on
January 30, 2012, electing for the City to serve as the successor agency and authorized the transfer of
all housing activities, assets, liabilities, etc. to the successor agency. On March 1, 2012, the City
formed the Selma Housing Authority and a federal employer identification number was established.
Once the successor agency was established, the assets were then transferred to the new funds by the
City of Selma Housing Authority.
B. SuccessorAgency
1. Inspect evidence that a successor agency (A) has been established by February 1, 2012; and (B) the
successor agency oversight board has been appointed, with nam9s of the successor agency oversight
board members, which must be submitted to the Department of Finance by May 1, 2012.
Conclusion: We verified that the successor agency was established by a City Council resolution
before February 1, 2012. Additionally, the Oversight Board was established and Its membership was
submitted to the Department of Finance by May 1, 2012.
2. Inquire regarding the procedures accomplished and specifically state in the report the manner in which
this agency did or did not execute a transfer of operations to the successor agency, which was due by
February 1, 2012. Procedures to accomplish this might include changing the name of the accounting
fund and related bank accounts that are holding these assets for the successor agency. If the
successor agency Is a party other than the agency that created the redevelopment agency, an
examination of the bank statements and changing of account titles and fund names evidencing such
transfers will be sufficient.
Conclusion: The City Council and RDA Board of Directors, in a joint meeting, passed a resolution on
January 30, 2012, electing for the City to serve as the successor agency and authorized the transfer of
all housing activities, assets, liabilities, etc. to the successor agency. On March 1, 2012, the City
formed the $elma Housing Authority and a federal employer identification number was established.
Once the successor agency was established, the assets were then transferred to the new funds by the
City of Selma Housing Authority.
3. Ascertain that the successor agency has established the Redevelopment Obligation Retirement
Fund(s) in its accounting system.
Conclusion: We found that a Redevelopment Obligation Retirement Fund was not established in the
successor agency's accounting system.
4. Inspect the EOPS and ROPS and identify the payments that were due to be paid through the date of
the AUP report. Select a sample in accordance with the guidelines set forth by the County and
compare the payments that were due to be paid through the date of the AUP report to a copy of the
cancelled check or other documentation supporting the payment.
Conclusion: Of the four payments expected to be made that we sampled in accordance with the
guidelines set forth by the County, we determined the following:
a. One expected payment was related to an obligation that was either removed by the successor
agency or later disallowed in the final ROPS and, accordingly, was not tested.
b. The remaining three expected payments were correctly made in accordance with the month
and amount Included on the draft ROPS.
41
Agreed-Upon Procedures Engagement
Pursuant to ABX1 26, Community Redevelopment Dissolution
5. Obtain listings that support the asset figures (cash, investments, accounts receivables, notes
receivables, fixed assets, etc.} in the audited financial statements as of June 30, 2011 and as of
January 31, 2012, as determined by the successor agency and include as an attachment to the AUP
report.
Conclusion: See Attachment B and Attachment C for listings related to June 30, 2011 and January
31, 2012, respectively, as determined by the successor agency.
C. Recognized Obligations Payment Schedule (Draft ROPS)
D Obtain a copy of the initial draft of the ROPS from the successor agency.
1. Inspect evidence that the Initial draft of the ROPS was prepared by March 1, 2012.
Conclusion: The successor agency only prepared a final ROPS, which was prepared on April 1o,
2012.
2.
Note in the minutes of the Oversight Board that the draft ROPS has been approved by the Oversight
Board. If the Oversight Board has not yet approved the draft ROPS as of the date of the AUP. this
should be mentioned in the AUP report.
Conclusion: The final ROPS was the only ROPS prepared and, accordingly, there was no draft ROPS
to be approved. The final ROPS was approved by the Oversight Board on Apri110, 2012.
3. Inspect evidence that a copy of the draft ROPS was submitted to the County Auditor-Controller, State
Controller, and the Department of Finance.
Conclusion: The final ROPS was the only ROPS prepared and, according, a draft ROPS was not
submitted to any of the required agencies.
4.
Inspect evidence that the draft ROPS Includes monthly scheduled payments for each enfOrceable
obligation for the current six-month reporting time period.
Conclusion: Since the final ROPS was the only ROPS prepared we could only verify that the final
ROPS Included monthly scheduled payments for each enforceable obligation for the current six-month
reporting time period.
5. Select a sample in accordance with the guidelines set forth by the County and trace enforceable
obligations li~ted on the draft ROPS to the legal dOCument that forms the basis for the obligation.
Conclusion: $ilice the final RC>PS was the only ROPS prepared, please refer to section D-3 to review
how the. final ROPS was tested for the enforceable obligations.
6. Trace the obligations enumerated on the draft ROPS to the obligations enumerated on the EOPS
(including amendments} and note any material differences as determined by the County.
Conclusion: We verified that there were two variances between the obligations that are included on
both the EOPS and the drafllfinal ROPS. They are as follows:
Project Name
a. City Loan
b. Employee Costs
Payee
City of Selma
Employees of Agency
42
EOPS
75,000
303,239
BQE.§.
~
75,000
69,791
233,448
Agreed-Upon Procedures Engagement
Pursuant to ABX1 26, Community Redevelopment Dissolution
D. Recognized Obligations Payment Schedule (Final ROPS)
Ll
Obtain a copy of the final ROPS (January 1, 2012 through June 30, 2012) from the successor agency.
1. Inspect evidence that the final ROPS was submitted to the County Auditor-Controller, the State
Controller, and Department of Finance by April 15, 2012, and is posted on the website of the
City/County as successor agency (Health and Safety Code section 34177{2){C)).
Conclusion: We verified that the final ROPS was submitted to the County and to the Department of
Finance on April 12, 2012, but was not submitted to the State Controller until April 17, 2012.
Additionally, we verified that the final ROPS is posted on the City's website.
2. Inspect the final ROPS and identify the payments that were due to be paid through the date of the
Agreed-Upon Procedures report. For payments on the ROPS that were identified as being due
through the date of the Agreed-Upon Procedures report, inspect evidence of payment and determine
that amounts agree to the purpose of the obligation as amounts could be estimated.
Conclusion: We verified that all three sampled payments expected to be paid through the date of this
report were correctly made in accordance with the month and amount included on the final ROPS.
3. Select a sample in accordance with the guidelines set forth by the County and trace enforceable
obligations listed on the draft ROPS to the legal document that forms the basis for the obligation.
Conclusion: We were able to correctly trace all three obligations we sampled in accordance with the
guidelines set forth by the County to the backup documentation provided.
E. Other Procedures
CJ
Obtain a list of pass-through obligations and payment schedules.
1. Obtain a list of pass-through obligations and payments made from the successor agency from July 1,
2011 through January 31, 2012. Inspect evidence of payment and note any differences from the list of
pass-through obligations and payments made.
Conclusion: We verified that no pass-through payments were made by the successor agency
betWeen July 1, 2011 and January 31, 2012.
43
Attachment B
As'set Listing$ at June 30, 2011
EXHIBIT A•1
#I
ll ~
.;~ #~
"*~~;
oasb· and Investments
c:;-..hWtn il•~• •tJeilt
·NQts.s rec;81vable ·
DUe' lr&ifi other ~genCf8S
.
FIXed'
(nei; where applicable,
••••ti
Plea$e· send
verf~i<Jation. of these
ite~. BEtnk
stateme~ts. eJ<cel
spre~dshe$tshoVring
detal!. fflced a&$et
depr$c:Jation report are
aJJ:acc~irt~ble.
Governmental
Acflvltfea
$
c)(acc!imulat~d ·depreciation)
·NQtts:recehiable
Total
ActMtles
$
8Qs,399
360;000
$
200;1881
~~1.98~ ~
851,984
200,188
$21,875
321~87'5
861,964
3.391,388
=
·===
L~l:iliitJ.,;.
P~f41#,"";teve.nu•
~1,964..,..
Qi:ie·f9 otl'l!tr. agenCies
i'i~ricur(ent ilalilllttu:
oue .,.Yifl\fn one Y~~&r
in mote th•n one year
~· oue
Tot~ L.iablUiles
805.3~9
380,000
851,964
· 'Tdtilr Alis'ets
~1
Business-type
576,675
851,964
676,675
65,000
7,280,000
85,000
7128P,OOO
8,?83,639
a, 753.!si:i
62,423
82,423
Nt=T'A$~~
Rettrr~reli Fo1:
o•titie8N~c•
·cap,lflil1·i!t.to)acts
61,~31
61,631
2,082,450
{7.568,755)
z,oaz;4!o
~oW.•!fi,gqrri~ f)ouslng
unrsat~ICteif
·T~iai'Net'Assets
$
44
(r,688,1'55)
cs~H2~2&1l
$
$
(5,382,281}
#l
DO NOT DESTROY TffiS NOTE: When paid, this note a:nd the Deed of Trust must be surrendered to the trustee
with request for reconveyance.
INSTALLMENT NOTE
(INTEREST TNCLtJDED)
$167.000.00
Selma
California, August 28, 2003
ln installments and at the limes hereinafter stated, for value received,
Cgrnel'stOne Vegtures. L.L.C.• an Oregon Limited Liabutty Company. as to an undivided 75% Interest and
Richard .fl • .Brassfield and Susan L. Brassfield. Husband and Wif@ as Joint Tenants as to an undivided 25%
interest
promises to pay to:
£R~e~d.2.ev:ue=.lo!!lo~n~tilii.en~t!..:Ai!·~gen!:.Uc'-tv~o~(..!:Jthwei.:Q!d.!it:l.v..I!O~f~Se~l!!m!!la~--------------------• or order,
at 1710 Tucker Street Selma. Ca 936§2
the principal sum of One Hundred Slxtv Seven Thousand
Dollars, with
interest from Sept. 5, 2003 on the amounts of principal remaining from time to time unpaid, tmtil said principal
sum is paid, at the rate of5.50% per cent, per annum.
Principal and interest due in quarterly installments of: Three Thousand four Hundred Fifty F'our Dollars and
Ninety Six Cents, ($3,454.96), or more, on the 4th day of each and every quarter, beginning on the .!!;:h_ da.y of
D:c. r 2003
.and continuing until said principal sum and the interest thereon has been fully paid. AT ANY
TIME, THE PlUVILEGE IS RESERVED TO PAY MORE THAN THE SUM DUE. Each payment shall be credited
first, on the interest then due; and the remainder on the principal sum; and interest shall thereupon cease upon the
amount so credited on the said principal sum. Should detault be made in the payment of any of said installments when.
due, then the whole sum of principal and interest shall become Immediately due and pay~tble at the optio.n of the holder
of this note.
S4o~l4 suit be comm~ced to collect thi11 note or any portion thereof, such sum as the Court may deem reasonable shall
be added hereto as atto(ney's fees. Principaland interest payable in lawful money of the United States of America. This
note is sectiredby a certsin DE!BD OP TRUST lo the F'inancial Title Company, a California corporation, as TRUSTEE.
Cornerstone Venturs, L.L.C.
An 0 egon Limited Llab!Uty Co pa11y
~~~~~~\
ldUillo!~~.lo!.r ·~r;.·tf/ hlML
8y:
lth, Operatlna Manager
..
"
:\-~.\.-. ·~ \ ,.---~-·-Richard H. n#as.~tield
iinotc (rev. 07117/!UI)
45
DO NOT DESTROY THIS NOTE: When paid, this note and the Deed of'rrust must be surrendered to the trustee
with request for reconveyance,
INSTALLMENT NOTE
(lNTEREST INCLUDED)
$128.2$0.00
~se:::~olmwa.a
_ _ _ _ _ _ _ ___,)
California, June 14, 2005
In installments and at the times herematt:er stated, for value received,
Richard H. Brassfield and Susan L. BrassOekJ promises to pay to:
---=R-=ewd=.en~lou:p~m=ep=-twA;:.og..,en:u.ev:u...:oaf.:;th
111e""C~iwtvr..loaf..:;S~el~.~:ma-..._ _ _ _ _ _ _ _ _ _ _ _ _ _ __,.
at 1710 tusker Street
or order,
Selma. Ca 936§2
the principal sum of One Bjmdrecl Iwentv Ejght Thousand two hundred fifty
Dollars, with
in.tei'ost from J1.1t1e 22, 2005
on the amounts of principal remaining from time to time unpaid, until said
principal sum is paid, at the rate of Five and One Kai((!,!Ol per cent, per annum.
P~iJ:!cipal and Interest due fn quarterly installments of: Two Thousand Six Hundre,d fifty F!vg Dollars, ($2,655.00), or
marc, on the ..22JJd day of each and every quarter, beginning on the ~ day of Segt .
, 20D5.and continuing
untt1said principal sum and the interest thereon llas been fully paid. AT ANY TIME, THE PRlVILEGE IS RESERVED
TO 'PAY MORB THAN THE SUM OUE. Each payment shall be credited first, on the interest then due; and the
remainder on the principal sum; and interest shall thereupon cease upon the amom1t so credited on the said principal
sum. Should default be made in the payment of any of said installments when due, then the whole sum of principal and
interest shall become immediately clue and payable at the option of the holder of this note.
Should suit be commenced to collect this note or any portion thereof, such sum as the Court may deem reasonable shall
be added hereto~ attomeyts faas. Principal and interest payable in lawful money of the United States of America. This
note is secured by a certain DBBD OF TRUST to the Financial Title Company, a California corporation, as TRUSTEE.
----·
iinore (rev. 07/17l98)
46
1/3
DO NOT DESTROY THIS NOTE: When paid, this note and the Deed ofirust must be surrendered to the truStee
reconveyance.
wi~ request for
INSTALLMENT NOTE
(INTEREST INCLUDED)
$105,840,00
¥Se=l~m~a~.C~d~lufu~r~u~ia~----------~·~M~a~~~h~2=3~·~20~0~6._____________
In installments and at the times hereinafter stated, for value received,
Cornerstone Ventures, LLC promises to pay to:
""R"'e""de""v""ealo..,p. .,ma:e:M.nt.,.An._,. .,n:.:.cy""""'of,.tb===.e.,.C"'lty.. . .,.o...r~s=e!=ma=---------------------'' or order,
at I 710 TUCJser Stngt SvJm!b CA 93662
.;_ the prinejpal sum of One Bundre.d Five Ibgusand Ei&bt Hundred FotfY
Dollars, with
interest from April 4, 2006
on the amounts of principal remaining from time to time unpaid, until said
principal sum is paid, at the rate of tD. per cent, per ann11111.
Principal and interest due in quarterly installments of: Two Thousand Qne Hyndred Ninety Dollars, ($1.190.00), or
more, on the 111JD! day of each and every quarter, beginning on the AJ:b_ day of Tt
2006.and continuing until
said principal sum and the interest thereon bas been fully paid. AT ANY TIME, THE PVn.EGB IS RESERVED TO
PAY MORE THAN THE SUM DUE. Each payment shall be credited first, on the interest then due; and the remainder
on the principal sum; and interest shall thereupon cease upon the amount so credited on the said principal sum. Should
default be made in the payment of any of said installments when due, then the whole sum of principal and interest shall
become immediately due and payable at the option of the holder of this note.
itt' ,
Should suit be commenced to collect tlris note or any portion thereof, such sum as the Court may deem reasonable shall
be added hereto as attorney's fees. Principal and interest paynble in lawful money of the United States of America. This
note is secured by a cortain DEED OF TRUST to the Financial Title Company, a California corporation, as TRUSTEE.
47
iinole (rev. 07/17/98)
DO NOT DESTROY tms NOTE: When paid, this 110te and the Deed of Trust must be surrendered to the trustee
with request for reconveyance.
INSTALLMENT NOTE
(INTEREST INCLUDED)
$103,850,00
California, April 19. ZOOS
In installments and at the times hereinafter stated, for value received,
andv F. Mgntilg gruJ Yvette G. 1\'Iontllo. Co-Trustees of tbe MontiJo Ji';unj!y Trust of 1000 under Declqration of
Tryst dated .'Febrgarv 17, 1000 promises to pay to:
:::.R.,.ed...,e:.:.v.::el""Opagm...:.e::n::.t~A=-g-=eno:;:c:.:.v...,o;:.f.:.:th:::e...:Cfty""·~o~...~o:a.f.:c.Seul111
m~a--------------------'' or order,
at 1710 TucJw: Street
Selma, Ca 936§2
the principal sum of One Hundred Three Tbougad Eight Huft4red Fifty
Dollars, with
interest from May 4, 2005
on the amounts of principal retnaining trom time to time unpaid, until said
principal sum is paid, at the rate of~ per cent, per aMum.
Principal and interest due in quarterly Jnstallmonts of: Two Tbousand Four Hundred Seventy five Dollars,
($2.i75.gQ), or more, on the lit day of each and every quarter, beginning on the 11t day of August. 200~.and continuing
until said principal sum and tho interest thereon bas boen fully paid. AT A'I:N TIME, THE PlUVILBGE IS RESERVED
TO PAY MORB THAN 11m SUM DUB. Each payment shall be credited £'ll'St, on the interest then due; and the
teltlaindcr on the principal sum; and Interest shaD thereupon cease upon the amount so credited on the said principal
sum. Sho!lld ddault be made in the payment of any ot: said installments when due, the11 the whole sum of principal and
·intetest shall become immediately duo and payable at the option of the holder of this note.
Should sqit be commenced to collect this note or any portion thereof, such sum. as the Court may deem reasonable shall
be added hereto as attomey's fees. Principal and interest payable in lawful money of the United States of America. This
note is secured by a certain DEED OF TRUST to the Financial Title Comp~tny, a California corporation, as TRUSTEE.
48
.-
\
~~ W\~
/Jaiff
!:l-0 NO'F DESTROY THIS NOTE: When paid, this note and the Deed of Trost mwt be surrendered to the trustee
with reque.st for reconveyance.
INSTALL:MENT NOTE
(INTEREST INCLUDED I WITH A "Dt.JE..ON·SALE" CLAUSE)
$117.800.00
CaUfornfa, October 4, aoos
Selma
In installmct1ts and. at the times hereinafter stated, for v11lue received,
Lupe
s. Bomero and Vera Romerg. Du§band and Wife promises to pay to:
lllR~~~::ed~~::e~~o.:ve;.:r;J&¥o..,pmw.~~:enwtu;A;ug~e:~.~:nc~y;.,~o:U.r..t~tbwti.::<;ao:.~fll.ltvr..1011ifolil§t~to!wmlllla~-----------------.......• or order,
at lno Tucker Street §!lma• CA 93662
the principal sum of fio Hgndrld Seyepteen Thou11nd Elgbt BvQdrS~d
Dollars, with
interest from Novem&fr 1f, 2005
on the amounts of principal retnai:tling from time to time unpaid, until
said principal sum fs paid, at the rate of~ per ceot, per 8lmum.
Principal and mterost due in quarterly irlstaUments of: Flve Thousand »ilt~Hundred -~e Dollars, ($5.531.00),
or more, on the !!1!!! day of each and ettcry quarter, beginning on the _
day of
.and continuing
tUltil said principal sum and the interest thereon bas been fully paid. AT ANYTIMB, 'fHE PRIVJLBOE IS RESERVED
TO PAY MOM THAN THB SUM DUB. Each payment shall be credited :first, on the interest then due; and the
remainder on the principal sum; and interest shall thereupon cease upon the amount so credited on the said principal sum.
Should detiult be made in the payment of any of said installments wben due, then the whole sum of principal and
m
interest shall become immediately due and payable at the option of the holder oftbis note.
If the irastor shall sell, convey or alienate said property, or any part thereof, or any interest therein, or sbaii be divested of
his title or any interest therein in any manner or way, whether voluntarily or involuntarily. without the written consent of
the beneficiary befrlg :first had and obtained, bene&iaty rha.U have the right, at its option, to declare any indebtec!Mss or
obUgations secured hereby, in:eapeetive of the maturity date specified in any note evidencing the sttme, immediately due
and payable.
Should suit be commenced to collect this note or any portion thereof, such su.m as the Court may deem reasonable shall
be added hereto as attorney's fees. Principal and interest payable in lawful money of the United States of Amel'ica. This
note is secured by a certain DEED OF TRUST to tbe Financial Title Company, a Cali.ftlm.ia corporation, as TRUSTEE.
iinorea (rev. 0711 7198)
49
DO NOT DESTROY THIS NOTE: When paid, this note and the Deed of Trost must be surrendered to the trustee
with request for reconveyance.
INSTALLMENT NOTE
(INTEREST lNCLUDED)
$11Z,810.00
California, ApriJ 30. 2007
Selma
In installments and at the times hereinafter stated, for value received,
4,F.::;ar:um~e::r..;~l~n.J:t1Jt4le~~.oDKfu:ll~.~..,.L~P_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ promises to pay to:
=.:R..,ed""ey:""""e,.lo""p,. m.,.en==..tAg....,en=c...
v~o:.;ft::oh~e..:.Cic:.tyw...lo:.t.f.=S.=elwm=a~....._ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ , or order,
at 1710 Tucker Street, Selma. CA 93662
the principal sltm ofoneHuruired Sevegteeo Thousand Eight Hundred Ten and noll DO
Dollars, with
interest from
May 4, 2007
on the amoun'IS of ptincipal remaining from time to time
unpaid, until said principal sum is paid, at the rate of~ per cent, per annum.
Principal and interest due in quarterly installmenls of: Two Thousand Nine H11ndred and no/100--- Dollars,
($2.900.00), or more, on the 4th___ day of each quarter, beginning on the 4th
day
of. A1lgus t, 2007
and continuing qUarterly thereafter until said principal sum and the interest
thereon has been fully paid. AT ANYTWE, THB PRIVU.,EGB IS RESERVED TO PAY MORE THAN TilE SUM
DUE~ Each (:iayme.nt shall be credited first, on the interest the.n due; and the remainder on the principal sum; and interest
shall thereupon cease upon the amount so credited on the said principal sum. Should default be made in the payment of
any of said installments when due, then the whole sum of principal and interest shall become immediately due and
payable at the option of the holder of this note.
Should suit be commenced to collect this now or any portion thereof, such sum as the Court may deem reasonable shall
be added hereto as attorney's fees. Principal and interest payable in lawftll money ofthc United States of America. This
note is secured by a certain DBBD OF TRUST to the Financial Title Company, a California corporation, as TRUSTEE.
Farmer in the Dlll, LP, a California Limited Partnership
iinote (rev. 07117198)
so
INSTALL1-I!ENT PRO::VHSSORY NOTE
SECURED BY DEED OF TRUST
Borrower:
GUSTAVO OSCAR CHAVEZ, an unmarried roan
Holder:
SEL:\IA REDEVELOP:VIENT AGENCY
Principal
Amount:
TEN THOUSAND AND 00/100 DOLLARS CSlO,OOO)
Dated Date:
Decemper 20, 1995
GUSTAVO OSCAR CHAVEZ, an unmarried man (herein "Borrower'')
with its principal place or business located at 2016 Second Street, City of Selma,
Fresno County, California, (or val'ue received, promises to pay to the SEL1t!.~
REDEVELOPMENT AGENCY (the "Holder"), at 1710 Tucker Street, Selma,
California, or any other place designated in a ~vt"iting submitted by Holder to
Borrower, the installment payments on the principal sum ofTen Thousand Dollars
($10,000.00), plus interest on the unpaid principal balance according to the terms
contained in this Note. Installment payments of principal and interest shall be made
in payments at the times and in the amounts (subject to prior redemption) as set forth
in Schedule A attached hereto and by reference incorporated herein.
Interest: This Note shall bear interest on the unpaid principal balance
from the Dated Date (as stated above), and be computed upon the unpaid balance of
the principal amounts and at the annual rates ser. forth in Schedule A, until the
principal balance of this Note and all accrued interest on the Note are paid in full.
Payments: Each payment shall be credited first on interest then due and
remainder on principal. Immediately thereafter, interest shall cease on the
principal ~o credited. The unpaid balance of the loan, including principal and
interest, shall be paid in full on or before December 20, 2000.
th~
Principal .:md interest are payab Ie in lawful money of the United States.
51
Security: Should default be made in payment of principal or interest
when due, or in the performance of any of the covenants contained in the agreement
whic;h gave rise to this Note, namely OWNER PARTICIPATION AGREJI~MENT
WITH GUSTAVO OSCAR CHAVEZ (the "Agreement"), or in the Deed ofTrust on the
property therein des~ribed as the 11Site11 securing this Note, then Holder, subject to the
provisions of Section V.E. of the Agreement, may declare that the whole sum of
principal and interest has become immediately due and payable to Holder's option.
Failure by Holder to ex:ercise this option shall not constitute a waiver of the right t.o
exercise it in the event of any subsequent default.
So long as any sum is owed to the Holder of this Note; the Borrower
shall not make any total or partial sale, transfer, conveyance or assignment of the
whole or any part of the real property described in the Deed of Trust.
Attorney's fees: If the Holder brings an action or proceeding in
connection with the enforcement or collection of this Note, the Prevailing Pal'ty (as
hereafter defmed) in any such proceedingt action or appeal thereon, shall be entitled
to rea$onable attorney's fees. Such fees may be awarded in the same suite or
recovered in a separate suite, whether or not such action or proceeding is pursued to
decision or judgment. The term "Prevailing Party" shall include, without limitation,
the party who substantially obtains or defeats the relief sough, as the case may be,
whether by compromise, settlement, judgment, or the abandonment by the other party
of its claim or defense. The attorney's fees award shall not be computed in accordance
with any court fee schedule; but shall be such as to fully reimburse all attorney's fees
reasonably incurred.
52
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
No.5907
State of _C/}.._.'-----------County of
On
.£t:euw
12-IS-95
DATe
personally appeared
~personally
6u~ ta110
known to me - OR •
Qscac
C6aue
,
NAME(S) OF SIGNEA(S)
g
JllfOved to 11 1e 011 t11e basis af satlsfaotgry evidence
to be the personCSJ whose name (X)@~
subscribed to the within instrument and acknowledged to me that@~lt~ executed
the same in <li!SYtUNtth~r authorized
capacity(i~, and that byC!llS7~t~ir
signature~ on the instrument the person(~,
or the entity upon behalf of which the
person()() acted, executed the instrument.
WITNESS my hand and official seal.
~1a~.J
Q.
---7
C:u :bu.)
SIGN/>.TIJRF. OF NOTARY
---------OPTIONAL--------Though the data below is not required by law, It may prove valuable to persons relying on the document and could prevent
fraudulent reattachment of this form.
DESCRIPTION OF ATTACHED DOCUMENT
CAPACITY CLAIMED BY SIGNER
~ INDIVIDUAL
0
CORPORATE OFFICER
TITLE R TYPE OF DOCUMENT
TllU'..(S)
0
PAATNER(S)
0
0
LIMITED
GENERAL
D A1TOANEY·IN-FACT
0 TRUSTEE(S)
0 GUARDIAN/CONSERVATOR
0 OTHER: _ _ _ _ _ _ _ _ __
NUMBER OF PAGES
;l{J
/,2-
§:_:,2£_,_ _
DATE OF DOCUMENT
SIGNER IS REPRESENTING:
NAME OF PERSON(S) OR ENTITVQES)
SIGNER(S) OTHER THAN NAMED ABOVE
---.-....-- ..·--------\01993 NATIONAL NOTARY ASSOCIATION • 8236 Remmet Ave., P.O. Box 7184 • Canoga Park, CA 91309·7184
53
Attachment C
As.set Listings at January 31, 2012
STATE CONTROLLER'S OFFICE
ASSET TRANSFER. ASSESSMENT
ASSEMBLYBILLX126
RQRMERREDEVELOPMENTAGENCYNAME~S:EUMA=:~~~~~~PNENT~~~AGE=:~NCY~-----------------------------­
~C~ITY~,~OF~~~~'~SU=C=OESSOR==~~AG==E~N=CY~-----------------------------
SUCCESSORAGSNCY
SHARON DOSANJH
CONTACT NAME
r
A.
TITlE ACCOUNTANT
D
December 31;
2010
Jan<Riy3t,
2012
5250()0
(
200457
(
IJ1
~
i
E
Wasllle
was me asset c:onlti!CMtiiY
lflbe~was~toa,c;ily,
county, or
oilier public agency lleboleen Januart 1, 2011, and
.lanualy 31 2012 (e=lude f,g Ising assets). c:ooi!plets ll1e following.
PUblic AQency
TtanCfer Dale
!}2112011 CITY OF SELMA
6121}2011 CITY OF SELMA
---
E-MAIL ADDRESS SHARoNotc!TYOFSEl.W\.COM
c
B
Carrying Value as of
Asset Descnrtian
LAND
BUILDING
PHONE (559) 891-2200
11-0IGITI!)#
DATE PREPARED ..:511::..:.::5120=:,:;12::;,'-:- - - - - - -
committed or encumllenldto a
fr.nlfer
tbild ~ aftar June 29; 21111?
lfft&;-IISfdate
Yes/No
reversed?
Yes/No
NO
NO
NO
~0
•;
;
l
'I•
.
-I-1---
-
-
-