Former redevelopment agencies could not receive or spend tax increment funds until they established debt. For this reason, redevelopment agencies established debt by issuing Tax Allocation Bonds.
A bond is a formal contract to repay borrowed money with interest at fixed intervals. To repay bonds agencies typically pledged future tax increment revenue.
Many bonds issued by former RDAs are structured with two payments during each calendar year. One semi-annual payment is usually much larger than the other because only one payment
contains the full amount of the principal each year.
Health & Safety Code
Health and Safety Code (H&SC) Section 34171 (d)(1)(A) defines the obligations of bond documents as enforceable obligations of Successor Agencies and all payments due are to be included in the Recognized Obligation Payment Schedule (ROPS).
H&SC section 347177 (i) states that bond proceeds are to be used for the purposes for which the bonds were sold. The Successor Agency of the City of Inglewood has committed its remaining bond proceeds to the development of the Senior Center and the reconstruction of Century Boulevard.
Tables have been prepared showing the debt schedules for the City of Inglewood as Successor Agency. These tables show the payment amounts that must be made semi - annually and the remaining debt in any one ROPS period. Each Bond Series is listed separately. One table combines all the payments owed to show the total debt in any one ROPS period.