County of Santa Clara Finance Agency Controller-Treasurer

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1 County of Santa Clara Finance Agency ControllerTreasurer County Government Center 70 West Hedding Street, East Wing 2nd floor San Jose, California (408) FAX NOTICE OF NO OBJECTION TO ROPS August 28, 2015 Town of Los Gatos Successor Agency 110 E. Main Street P.O. Box 949 Los Gatos, CA Town of Los Gatos Oversight Board 110 E. Main Street P.O. Box 949 Los Gatos, CA Depai1ment of Finance 915 L Street Sacramento, CA ROPS Period: ROPS 1516B (January 1, 2016 June 30, 2016) Successor Agency: Town of Los Gatos To the Successor Agency, Oversight Board, and Department of Finance: Pursuant to Health and Safety Code section , our office has reviewed the Recognized Obligation Payment Schedule (ROPS) submitted by the abovenoted successor agency for the abovenoted period. After reviewing all items and funding sources, the Santa Clara County AuditorController does not object to any items or funding sources on the submitted ROPS. Please note that items and/or funding sources not questioned during this review are subject to subsequent review if they are included on a future ROPS. We also reserve the right to object to an item and/or funding source (including, but not limited to, the use of fund balance) on a future ROPS, even if no objection was made on a preceding ROPS. Board of Supervisors: Mike Wasserman, Cindy Chavez, Dave Cortese, Ken Yeager, S. Joseph Simitian County Executive: Jeffrey V. Smith Page 1 of2

2 Successor Agency: Town of Los Gatos Notice of No Objection to ROPS August 28, 2015 Additionally, pursuant to Health and Safety Code section 34186(a), the County Auditor Controller may review the prior period payments and the prior period estimated versus actual payments repo11ed on the ROPS. This review is ongoing, and this letter does not apply to the trueup of prior period payments. In addition, my office is continuing its review of the cash balances rep011ed by the successor agency on the ROPS. The results of this review will be transmitted to the Department of Finance as soon as possible. Sincerely yours, Alan Minato ControllerTreasurer County of Santa Clara Attachment: ROPS 1516B as submitted to the County AuditorController by Successor Agency Page 2 of2

3 Recognized Obligation Payment Schedule (ROPS 1516B) Summary Filed for the January 1, 2016 through June 30, 2016 Period Name of Successor Agency: Name of County: Los Gatos Santa Clara Current Period Requested Funding for Outstanding Debt or Obligation SixMonth Total Enforceable Obligations Funded with NonRedevelopment Property Tax Trust Fund () Funding A Sources (B+C+D): $ B Bond Proceeds Funding (ROPS Detail) C Reserve Balance Funding (ROPS Detail) D Other Funding (ROPS Detail) E Enforceable Obligations Funded with Funding (F+G): $ 505,264 F NonAdministrative Costs (ROPS Detail) 440,082 G Administrative Costs (ROPS Detail) 65,182 H Total Current Period Enforceable Obligations (A+E): $ 505,264 Successor Agency SelfReported Prior Period Adjustment to Current Period Requested Funding I Enforceable Obligations funded with (E): 505,264 J Less Prior Period Adjustment (Report of Prior Period Adjustments Column S) (29,776) K Adjusted Current Period Requested Funding (IJ) $ 475,488 County Auditor Controller Reported Prior Period Adjustment to Current Period Requested Funding L Enforceable Obligations funded with (E): 505,264 M Less Prior Period Adjustment (Report of Prior Period Adjustments Column AA) N Adjusted Current Period Requested Funding (LM) 505,264 Certification of Oversight Board Chairman: Pursuant to Section (m) of the Health and Safety code, I hereby certify that the above is a true and accurate Recognized Obligation Payment Schedule for the above named agency. Name /s/ Signature Title Date

4 Los Gatos Recognized Obligation Payment Schedule (ROPS 1516B) ROPS Detail January 1, 2016 through June 30, 2016 (Report Amounts in Whole Dollars) A B C D E F G H I J K L M N O P Funding Source NonRedevelopment Property Tax Trust Fund (Non) Contract/Agreement Contract/Agreement Total Outstanding Item # Project Name / Debt Obligation Obligation Type Execution Date Termination Date Payee Description/Project Scope Project Area Debt or Obligation Retired Bond Proceeds Reserve Balance Other Funds NonAdmin Admin SixMonth Total $ 27,357,606 $ $ $ $ 440,082 $ 65,182 $ 505, COP Reimbursement Bonds Issued On or 7/1/2002 1/1/2031 The BNY Mellon Trust Co. N.A. Reimbursement Agreement Central Los Gatos 10,935,662 N 181,169 $ 181, COP Reimbursement Bonds Issued On or 6/1/2010 1/1/2028 The BNY Mellon Trust Co. N.A. Reimbursement Agreement Central Los Gatos 16,307,162 N 258,913 $ 258,913 Before 12/31/ /2010 COP Bank Services Fees 7/1/2002 1/1/2031 The BNY Mellon Trust Co. N.A. Bank Services Charges Central Los Gatos 49,600 N $ Fees 4 S.A. & O.B. Administration Expenses Admin Costs 1/1/2016 6/30/2016 Successor Agency Administrative Allowance per Admin Budget Central Los Gatos 65,182 N 65,182 $ 65,182 7 RDA Reserve for COP Payments Bonds Issued On or 6/1/2010 1/1/2028 The BNY Mellon Trust Co. N.A. Reserve Required for COP Payments Central Los Gatos N $ Before 12/31/10 8 RDA Reserve for COP Payments Bonds Issued On or 7/1/2002 1/1/2031 The BNY Mellon Trust Co. N.A. Required Reserve Per bond indenture Central Los Gatos N $ Note 1 Before 12/31/ /2010 COP Arbitrage Payments Fees 7/1/2002 1/1/2031 The BNY Mellon Trust Co. N.A. Arbitrage Payment Central Los Gatos N $

5 Los Gatos Recognized Obligation Payment Schedule (ROPS 1516B) Report of Cash Balances (Report Amounts in Whole Dollars) Pursuant to Health and Safety Code section (l), Redevelopment Property Tax Trust Fund () may be listed as a source of payment on the ROPS, but only to the extent no other funding source is available or when payment from property tax revenues is required by an enforceable obligation. For tips on how to complete the Report of Cash Balances Form, see [ INSERT URL LINK TO CASH BALANCE TIPS SHEET ] A B C D E F G H I Fund Sources Cash Balance Information by ROPS Period Bonds Issued on or before 12/31/10 Bond Proceeds Reserve Balance Bonds Issued on or after 01/01/11 Prior ROPS period balances and DDR balances retained Prior ROPS distributed as reserve for future period(s) Other Rent, Grants, Interest, Etc. NonAdmin and Admin Comments ROPS 1415B Actuals (01/01/15 06/30/15) 1 Beginning Available Cash Balance (Actual 01/01/15) 2 Revenue/Income (Actual 06/30/15) amounts should tie to the ROPS 1415B distribution from the County AuditorController during January Expenditures for ROPS 1415B Enforceable Obligations (Actual 06/30/15) amounts, H3 plus H4 should equal total reported actual expenditures in the Report of PPA, Columns L and Q 4 Retention of Available Cash Balance (Actual 06/30/15) amount retained should only include the amounts distributed as reserve for future period(s) 1,963, ,025 1,963, ,254 5 ROPS 1415B Prior Period Adjustment amount should tie to the selfreported ROPS 1415B PPA in the No entry required Report of PPA, Column S 29,776 6 Ending Actual Available Cash Balance C to G = ( ), H = ( ) $ (0) $ $ $ $ $ 95,993 ROPS 1516A Estimate (07/01/15 12/31/15) 7 Beginning Available Cash Balance (Actual 07/01/15) (C, D, E, G = 4 + 6, F = H4 + F4 + F6, and H = 5 + 6) 534,510 $ 1,963,357 $ $ $ $ $ 95,993 8 Revenue/Income (Estimate 12/31/15) amounts should tie to the ROPS 1516 A distribution from the County AuditorController during June ,538,229 9 Expenditures for ROPS 1516AEnforceable Obligations (Estimate 12/31/15) 1,566, Retention of Available Cash Balance (Estimate 12/31/15) amount retained should only include the amounts distributed as reserve for future period(s) 1,963, Ending Estimated Available Cash Balance ( ) $ (0) $ $ $ $ $ 67,876

6 Los Gatos Recognized Obligation Payment Schedule (ROPS 1516B) Report of Prior Period Adjustments Reported for the ROPS 1415B (January 1, 2015 through June 30, 2015) Period Pursuant to Health and Safety Code (HSC) section (a) (Report Amounts in Whole Dollars) ROPS 1415B Successor Agency (SA) Selfreported Prior Period Adjustments (PPA): Pursuant to HSC Section (a), SAs are required to report the differences between their actual available funding and their actual expenditures for the ROPS 1415B (January through June 2015) period. The amount of Redevelopment Property Tax Trust Fund () approved for the ROPS 1516B (January through June 2016) period will be offset by the SA s selfreported ROPS 1415B prior period adjustment. HSC Section (a) also specifies that the prior period adjustments selfreported by SAs are subject to audit by the county auditorcontroller (CAC) and the State Controller. A B C D E F G H I J K L M N O P Q R S T Non Expenditures Expenditures Bond Proceeds Reserve Balance Other Funds NonAdmin Admin Net SA NonAdmin and Admin PPA (Amount Used to Offset ROPS 1516B Requested ) Item # Project Name / Debt Obligation Authorized Actual Authorized Actual Authorized Actual Authorized Available (ROPS 1415B distributed + all other available as of 01/1/15) Net Lesser of Authorized / Available Actual Difference (If K is less than L, the difference is zero) Authorized Available (ROPS 1415B distributed + all other available as of 01/1/15) Net Lesser of Authorized / Available Actual $ 85,250 55,474 Difference (If total actual exceeds total authorized, the total difference is zero) $ $ $ $ $ $ $ 478,637 $ 478,637 $ 478,637 $ 478,637 $ $ 85,250 $ 85,250 $ $ 29,776 $ 29, COP 187, ,679 $ 187, ,679 $ $ COP 269, ,638 $ 269, ,638 $ $ /2010 COP $ $ $ Bank Services Fees 4 S.A. & O.B. $ $ $ Administration Expenses 7 RDA Reserve for $ $ $ COP Payments 8 RDA Reserve for $ $ $ COP Payments Note /2010 COP $ $ $ Arbitrage Payments COP Const $ $ $ Account 11 Bank Fees $ $ $ COP correction 21,000 21,000 $ 21,000 21,000 $ $ Net Difference (M+R) SA Comments

7 Los Gatos Recognized Obligation Payment Schedule (ROPS 1516B) Notes January 1, 2016 through June 30, 2016 Item # Notes/Comments

County of Santa Clara Finance Agency Controller-Treasurer

County of Santa Clara Finance Agency ControllerTreasurer County Government Center 70 West Hedding Street, East Wing 2nd floor San Jose, California 951101705 (408) 2995206 FAX 2877629 City of Campbell Successor