ROPS Sample Clauses

ROPS. Under the Dissolution Law, the Successor Agency’s ability to pay invoices is subject to the DOF’s authorization of such payment on the Successor Agency’s Recognized Obligation Payment Schedule (“ROPS”). The ROPS is a schedule of obligations that is approved by the Oversight Board to the OCII. ROPS are currently submitted annually to DOF for approval in February. Thus, any invoices that fall outside of a pre-approved ROPS are subject to DOF’s authorization and may be subject to a delay of up ten months before consideration and payment or rejection in accordance with the Dissolution Law. DOF has approved the expenditures under this MOU on the ROPS for July 2016 through June 2017 (ROPS 2016-17, line 411). OCII will continue to include the expenditures for this MOU on all future ROPS necessary to provide expenditure authority for the term of the MOU.