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4 <br />Background – <br />Dissolution of Redevelopment Agencies (Cont.) <br />On January 2 and June 1 of each year, monies from the RPTTF are <br />transferred to the Agency to the extent required to make payments on <br />items listed in the Agency’s Recognized Obligation Payment Schedule <br />(“ROPS”) <br />Before each six‐month period, the Agency must prepare, approve and <br />submit to its Oversight Board a ROPS that covers all enforceable <br />obligations due during that period <br />The Agency anticipates timely submittal of all future ROPS and covenants <br />in the Indenture to take all steps necessary in the future to ensure payment <br />of the 2014 Bonds and all other parity debt on a timely basis <br />Pursuant to AB 1X 26 and AB 1484, any bonds authorized to be issued by <br />the Agency under AB 1X 26 and AB 1484 are considered indebtedness <br />incurred by the dissolved Former Agency with the same legal effect (and <br />pledge of tax increment) as if the bonds had been issued prior to AB 1X <br />26 and will be included on the Agency’s ROPs