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<br />23 <br />limit or public policy, contracts necessary for the administration or operation of the successor <br />agency, and, under certain circumstances, amounts borrowed from the successor agency’s low <br />and moderate income housing fund. <br /> <br />A reserve may be included on the Recognized Obligation Payment Schedule and held <br />by the successor agency when required by a bond indenture or when the next property tax <br />allocation will be insufficient to pay all obligations due under the provisions of the bonds for the <br />next payment due in the following half of the calendar year. <br /> Sources of Payments for Enforceable Obligations. Under the Dissolution Act, the <br />categories of sources of payments for enforceable obligations listed on a Recognized Obligation <br />Payment Schedule are the following: (i) the low and moderate income housing fund, (ii) bond <br />proceeds, (iii) reserve balances, (iv) administrative cost allowance (successor agencies are <br />entitled to receive not less than $250,000, unless that amount is reduced by the oversight <br />board), (v) the Redevelopment Property Tax Trust Fund (but only to the extent no other funding <br />source is available or when payment from property tax revenues is required by an enforceable <br />obligation or otherwise required under the Dissolution Act), or (vi) other revenue sources <br />(including rents, concessions, asset sale proceeds, interest earnings, and any other revenues <br />derived from the redevelopment agency, as approved by the oversight board). <br /> <br />The Dissolution Act provides that only those payments listed in the Recognized <br />Obligation Payment Schedule may be made by a successor agency and only from the funds <br />specified in the Recognized Obligation Payment Schedule. <br /> <br />As noted above, the County Auditor-Controller has established a redevelopment <br />property tax trust fund for the Other Project Areas (separate from the Redevelopment Property <br />Tax Trust Fund established for the Project Area). The 2018 Bonds are not secured by a pledge, or lien on, property tax revenues allocated to the Successor Agency from the <br />Other Project Areas or their associated redevelopment property tax trust fund. <br /> <br />Order of Priority of Distributions from Redevelopment Property Tax Trust Fund. <br />Typically, under the Redevelopment Property Tax Trust Fund distribution provisions of the <br />Dissolution Act, a county auditor-controller is to distribute funds for each six-month period in the <br />following order specified in Section 34183 of the Dissolution Act: <br /> <br />(i) first, subject to certain adjustments for subordinations to the extent <br />permitted under the Dissolution Act (if any, as described above under “SECURITY FOR <br />THE 2018 BONDS - Statutory Pass-Through Payments” and “- Pass-Through <br />Agreements”) and no later than each January 2 and June 1, to each local successor <br />agency and school entity, to the extent applicable, amounts required for pass-through <br />payments such entity would have received under provisions of the Redevelopment Law, <br />as those provisions read on January 1, 2011, including negotiated pass-through <br />agreements and statutory pass-through obligations; <br /> <br />(ii) second, on each January 2 and June 1, to the successor agency for <br />payments listed in its Recognized Obligation Payment Schedule, with debt service <br />payments scheduled to be made for tax allocation bonds having the highest priority over <br />payments scheduled for other debts and obligations listed on the Recognized Obligation <br />Payment Schedule; <br /> <br />128