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<br />24 <br /> <br /> <br />Funding <br />Period <br />ROPS Approved <br />by Oversight Board <br />Approved <br />ROPS <br />Submitted to <br />DOF <br />Deadline to <br />Submit <br />ROPS to <br />DOF <br />ROPS <br />Submitted <br />On Time <br />ROPS I Jan 1 – Jun 30, 2012 4/6/2012 4/6/12 NA Y <br />ROPS II Jul 1 – Dec 31, 2012 5/10/12 5/10/12 5/11/12 Y <br />ROPS III Jan 1 – Jun 30, 2013 7/18/12 7/18/12 9/4/12 Y <br />ROPS 2013-14A Jun 1 – Dec 31, 2013 2/27/13 2/27/13 3/1/13 Y <br />ROPS 2013-14B Jan 1 – Jun 30, 2014 9/18/13 9/18/13 10/1/13 Y <br />ROPS 2014-15A Jul 1 – Dec 31, 2014 2/26/14 2/26/14 3/1/14 Y <br /> <br />In addition, there are strong incentives for the Successor Agency to submit Recognized <br />Obligation Payment Schedules on time. If the Successor Agency does not submit a <br />Recognized Obligation Payment Schedule to the Oversight Board and the DOF at least 90 days <br />prior to each January 2 and June 1, then the City of San Leandro will be subject to a $10,000 <br />per day civil penalty for every day the schedule is late. Additionally, if the Successor Agency <br />does not submit a Recognized Obligation Payment Schedule to the Oversight Board and the <br />DOF at least 80 days prior to each January 2 and June 1, then the Successor Agency’s <br />administrative cost allowance may be reduced by up to 25%. For additional information <br />regarding procedures under the Dissolution Act relating to late Recognized Obligation Payment <br />Schedules and implications for the 2014 Bonds, see “RISK FACTORS – Recognized Obligation <br />Payment Schedule.” <br /> <br />Pass-Through Agreements <br /> <br />The Redevelopment Law authorized the Former Agency to enter into negotiated pass- <br />through agreements with taxing agencies whose territory was located within a project area to <br />alleviate the financial burden or detriment caused by the applicable redevelopment project. The <br />Former Agency entered into three negotiated pass-through agreements regarding the Plaza 2 <br />Project Area (collectively, the “Pass-Through Agreements”): <br /> <br />(i) Fiscal Agreement, dated as of August 1, 1988, by and between the Former <br />Agency and the County; <br /> <br /> (ii) Fiscal Agreement, dated as of August 1, 1988, by and between the Former <br />Agency and the Alameda County Superintendent of Schools; and <br /> <br /> (iii) Fiscal Agreement, dated as of August 1, 1988, by and between the Former <br />Agency and the East Bay Regional Parks District. <br /> <br />The terms of the Pass-Through Agreements are essentially the same. Amounts payable <br />pursuant thereto from tax increment are effectively senior to the payment of debt service on the <br />2014 Bonds, but only to the extent such amounts are payable from tax increment derived from <br />the Plaza 2 Project Area. Under these agreements, an assessed valuation is established <br />representing the valuation in the Plaza 2 Project Area at the time of the adoption of Ordinance <br />88-013 (June 20, 1988) establishing the Plaza 2 Project Area. Without regard to actual growth <br />rates, the taxing entities receive their share of tax increment equal to a two percent annual <br />growth above the valuation at the time of adoption of Ordinance 88-013 and commencing in <br />2003-04 the annual growth is set at three percent.