The Weekly Newspaper of Inglewood Daily News on a Weekly Basis - Herald Publications - Inglewood, Hawthorne, Lawndale, El Segundo, Torrance & Manhattan Beach Community Newspapers Since 1911 - Circulation 30,000 - Readership 60,000 (310) 322-1830 - October 27, 2016 Sailor Works with Navy’s Newest Surveillance Aircraft A 2004 Serra High School graduate and Inglewood native is serving in the U.S. Navy with Carrier Airborne Early Warning Squadron 120 (VAW-120). Seaman Paul Franklin works with the E-2D Advanced Hawkeye Squadron, also known as “Greyhawks,” operating out of Norfolk, Virginia. He is responsible for the maintenance, upkeep and inspection of safety equipment on the aircraft so it is properly working to ensure the safety of the crew. Photo provided by the Navy Office of Community Outreach City to Issue Refund of Bonds for Inglewood’s Redevelopment Agency By Cristian Vasquez calculation of the total amount of property Inglewood’s Mayor and City Council tax that would have been used in the past for authorized the refunding of bonds for the applicable former redevelopment agency in its former Inglewood Redevelopment Agency, boundaries. The amount calculated would then while approving the execution and delivery be deposited into the Redevelopment Property of several related bond documents. Also Tax Trust Fund (RPTTF) for distribution to approved was the refunding of bonds and an each of the successor agencies in order to pay official request of certain determinations by for enforceable obligations. the Oversight Board to the Former Inglewood Redevelopment Agency. “As part of the dissolution of the redevelopment agencies in California, each related municipality that agreed to serve as successor agency to such dissolved redevelopment agency was required to adopt a Recognized Obligation Payment Schedule (ROPS) listing all obligations that the successor agency considered to be enforceable obligations eligible for continued financial support from property tax revenues,” states the staff report signed by Assistant City Manager David L. Esparza. “Enforceable obligations under the dissolution legislation include bonds, loans, legally required payments and contractual agreements approved by the California Department of Finance (DOF).” It is expected that the 2016 Refunding Bonds will create no less than $13 million in total debt savings, net of all costs associated with issuance, “providing an average of over $800,000 in annual savings through 2038.” The city can then use said savings toward the retirement of other outstanding and enforceable obligations that are shared among other taxing bodies. When the DOF decided that a previous development obligation was indeed an enforceable obligation, it allowed each county auditor-controller to then require a bi-annual “On May 27, 2012, the City of Inglewood as Successor Agency to the Inglewood Redevelopment Agency (Successor Agency) received confirmation from the DOF that all of the former Agency’s Tax Allocation Bonds were recognized by DOF as enforceable obligations and that the debt service payments on these bonds could be paid with RPTTF. In addition, certain other enforceable obligations of the former Agency were also approved.” Inglewood, as a successor agency, has taken on the responsibility of paying any and all outstanding enforceable debt obligations. Through Assembly Bill 1484 the successor agency is now able to refund existing bonds, so long as the have approval from the Oversight Board and the DOP, with the intention of generating debt service savings. The former Redevelopment Agency issues $16,157,175.05 in merged redevelopment project tax allocation refunding bonds for the reason of refunding the former agency’s Century Redevelopment Project 1993 Tax Allocation Bonds, as well as the Inglewood Public Financing Authority’s 1992 La Cienega Redevelopment Project Loan Revenue Bonds. As of May 1, 2015 the 2003A Bonds became eligible for early redemption without a premium. “Interest rates are currently at historic lows,” states the staff report. “By issuing refunding bonds (2016 Refunding Bonds) to refund the 2003A Bonds and the 2007A-1 Bonds in an amount not to exceed $80 million and without extending the current maturity date of either bind issue, a total debt service savings of over $13 million, which net present value savings of over 15 percent, will be generated and realized.” Staff recognizes that the final savings will depend on interests rates in effect in the time of the 2016 Refunding Bonds. Due to the redevelopment dissolution laws, it is expected that annual savings will not surpass an average of $800,000 a year, until 2038. All bond “indenture and related documents must be sent to the DOF for review and approval before the 2016 Refunding Bonds can actually be signed,” states the staff report. “The DOF is allowed up to 65 days to review any actions of the Oversight Board, including any approval of the issuance of the 2016 Refunding Bonds.” The 2016 Refunding Bonds are not a debt of the City of Inglewood; in addition, the source of repayment will be limited to tax revenues in amounts not to surpass, and only to match, for agency’s tax increment revenue. The County of Los Angeles into the successor agency’s redevelopment property tax trust fund will deposit funds. “The DOF would have until early December to review the approval action of the Oversight #PBSEu TUBUFT UIF TUBGG SFQPSU r Inside This Issue Certified & Licensed Professionals ......................2 Classifieds ...........................3 Entertainment .....................4 Hawthorne Happenings ...3 Legals ...............................6-7 Pets .......................................8 Police Reports ....................2 Sports ...................................5 Seniors .................................5 Weekend Forecast Friday Partly Cloudy 67°/59° Saturday Partly Cloudy 66°/59° Sunday AM Clouds/ PM Sun 65°/56° “Inglewood, as a successor agency, has taken on the responsibility of paying any and all outstanding enforceable debt obligations.”
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