Amended IN Assembly March 22, 2018 CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 1778Introduced by Assembly Member HoldenJanuary 04, 2018 An act relating to housing. to add Title 6.8 (commencing with Section 64500) to the Government Code, relating to redevelopment.LEGISLATIVE COUNSEL'S DIGESTAB 1778, as amended, Holden. Affordable housing: San Gabriel Valley: San Bernardino-Riverside metropolitan area. Community Redevelopment Law of 2018.The California Constitution, with respect to any taxes levied on taxable property in a redevelopment project established under the Community Redevelopment Law, as it then read or may be amended, authorizes the Legislature to provide for the division of those taxes under a redevelopment plan between the taxing agencies and the redevelopment agency, as provided.Existing law dissolved redevelopment agencies as of February 1, 2012, and designates successor agencies to act as successor entities to the dissolved redevelopment agencies.This bill, the Community Redevelopment Law of 2018, would authorize a city or county to propose the formation of a redevelopment agency by adopting a resolution of intention that meets specified requirements, and submitting that resolution to each affected taxing entity and to each owner of land within the district. The bill would require the city or county that adopted that resolution to hold a public hearing on the proposal, as provided, and would authorize that city or county to adopt a resolution of formation at the conclusion of that hearing. The bill would authorize an agency formed pursuant to these provisions to finance affordable housing or transit-oriented development projects, as defined.The bill would require the governing board of an agency to designate an appropriate official to prepare a proposed redevelopment project plan. The bill would authorize the redevelopment project plan to provide for the division of taxes levied upon taxable property, if any, between an affected taxing entity and the agency, as provided. The bill would declare that this authorization fulfills the intent of the above-described constitutional provision. The bill would authorize the agency to issue bonds to finance developments in accordance with specified requirements and procedures. The bill would require the agency to contract for an independent financial and performance audit every 2 years after the issuance of debt.Existing law generally sets forth the duties of the Department of Housing and Community Development in promoting the development of affordable housing in the state.This bill would state the intent of the legislature to enact legislation that would provide for the redevelopment of impoverished areas in the San Gabriel Valley and the San Bernardino-Riverside metropolitan area by creating affordable housing opportunities and to establish a novel source of revenue to offset the costs of this program. The bill would also make related findings and declarations.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NOYES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Title 6.8 (commencing with Section 64500) is added to the Government Code, to read:TITLE 6.8. Community Redevelopment Law of 201864500. This title shall be known, and may be cited, as the Community Redevelopment Law of 2018.64501. For purposes of this title, all of the following definitions shall apply:(a) Affected taxing entity means any governmental taxing agency which levied or had levied on its behalf a property tax on all or a portion of the property located in the proposed agency in the fiscal year before the designation of the agency or community college district. For the purposes of this section, special district means an agency of the state formed for the performance of governmental or proprietary functions within limited geographic boundaries.(b) Agency means a redevelopment agency created by this title.(c) County means a county or a city and county.(d) Landowner or owner of land means any person shown as the owner of land on the last equalized assessment roll or otherwise known to be the owner of the land by the governing board. The governing board has no obligation to obtain other information as to the ownership of land, and its determination of ownership shall be final and conclusive for the purposes of this title. A public agency is not a landowner or owner of land for purposes of this title, unless the public agency owns all of the land to be included within the proposed agency.(e) Legislative body means the city council of the city or board of supervisors of the county.(f) Transit-oriented development projects means commercial, residential, or mixed-use development that is undertaken in connection with existing, planned, or proposed intermodal transit facilities and is located one quarter mile or less from the external boundaries of the facility.64502. The Legislature declares that this title constitutes the Community Redevelopment Law within the meaning of Section 16 of Article XVI of the California Constitution, and that a redevelopment agency formed pursuant to this title shall have all powers granted to a redevelopment agency pursuant to that section.64503. (a) The legislative body of a city or county may propose to form an agency pursuant to this title by adopting a resolution of intention to establish the agency. The resolution of intention shall contain all of the following:(1) A statement that a redevelopment agency is proposed to be established in accordance with the terms of this title.(2) A preliminary project plan prepared by the legislative body. The preliminary project plan shall, at a minimum, include all of the following:(A) A description of the proposed boundaries of the project area. This may be accomplished by reference to a map on file in the office of the clerk of the city or in the office of the recorder of the county, as applicable.(B) Evidence that the proposed redevelopment is consistent with the general plan of each applicable city or county in which the projects are proposed to be located.(C) A description of the affordable housing or transit-oriented development projects that are proposed to be financed by the agency.(3) A financing section that shall contain all of the following information:(A) A projection of the amount of tax revenues expected to be received by the agency in each year during which the agency will receive tax revenues, including an estimate of the amount of tax revenues attributable to each affected taxing entity for each year.(B) A plan for financing the affordable housing or transit-oriented development projects to be assisted by the agency, including a detailed description of any intention to incur debt.(C) A limit on the total number of dollars of taxes that may be allocated to the agency pursuant to the plan.(D) The date on which the agency will cease to exist, by which time all tax allocation to the agency will end.(E) An analysis of the costs to the city or county of providing facilities and services to the area of the agency while the area is being developed and after the area is developed. The plan shall also include an analysis of the tax, fee, charge, and other revenues expected to be received by the city or county as a result of expected development in the area of the agency.(F) An analysis of the projected fiscal impact of the agency and the associated development upon each affected taxing entity.(4) A statement that a public hearing shall be held on the proposal, and a statement of the time and place of that hearing.(b) The legislative body shall direct the city clerk or county recorder, as applicable, to mail a copy of the resolution of intention to both of the following: (1) Each affected taxing entity.(2) Each owner of land within the district.64504. (a) The city or county that adopted the resolution of intention pursuant to Section 64503 shall consult with each affected taxing entity. Any affected taxing entity may suggest revisions to be included in the resolution of formation.(b) (1) The legislative body shall, no sooner than _____ days after the resolution of intention was submitted to each affected taxing entity pursuant to subdivision (a), hold a public hearing on the proposal.(2) The legislative body shall provide notice of the public hearing by publication not less than once a week for four successive weeks in a newspaper of general circulation published in each city or county in which the proposed agency is located. The notice shall state that the agency will be used to finance affordable housing or transit-oriented development projects, briefly describe the proposed affordable housing or transit-oriented development projects, briefly describe the proposed financial arrangements, including the proposed commitment of incremental tax revenue, describe the boundaries of the proposed agency and state the day, hour, and place when and where any persons having any objections to the proposed agency or the regularity of any of the prior proceedings may appear before the legislative body and object to the formation of the agency.(3) At the conclusion of the public hearing, the legislative body may adopt a resolution of formation of the agency. The resolution of formation shall contain all the information described in Section 64503, and shall consider the recommendations, if any, of affected taxing entities, and all evidence and testimony for and against the formation of the agency. 64505. An agency may finance both of the following:(a) The acquisition, construction, or rehabilitation of affordable housing.(b) Transit-oriented development projects.64506. It is the intent of the Legislature to enact legislation that would provide for the composition of the governing board of the agency.64507. After adopting the resolution pursuant to Section 64504, the governing board of the agency shall designate an appropriate official, such as an engineer of a city or county that is an affected taxing entity, to prepare a redevelopment project plan.64508. Any redevelopment project plan may contain a provision that taxes, if any, levied upon taxable property in the area included within the agency each year by or for the benefit of the State of California, or any affected taxing entity after the effective date of the ordinance approving the redevelopment project plan, shall be divided as follows:(a) That portion of the taxes that would be produced by the rate upon which the tax is levied each year by or for each of the affected taxing entities upon the total sum of the assessed value of the taxable property in the agency as shown upon the assessment roll used in connection with the taxation of the property by the affected taxing entity, last equalized prior to the effective date of the formation of the agency, shall be allocated to, and when collected shall be paid to, the respective affected taxing entities as taxes by or for the affected taxing entities on all other property are paid. For the purpose of allocating taxes levied by or for any affected taxing entity or entities that did not include the territory in a redevelopment project on the effective date of the ordinance but to which that territory has been annexed or otherwise included after that effective date, the assessment roll of the county last equalized on the effective date of the ordinance shall be used in determining the assessed valuation of the taxable property in the project on the effective date.(b) That portion of the levied taxes each year in excess of the amount specified in subdivision (a) shall be allocated to, and when collected shall be paid into, a special fund of the agency to pay the principal of and interest on loans, moneys advanced to, or indebtedness (whether funded, refunded, assumed, or otherwise) incurred by the agency to finance or refinance, in whole or in part, the redevelopment project. Unless and until the total assessed valuation of the taxable property in a redevelopment project exceeds the total assessed value of the taxable property in that project as shown by the last equalized assessment roll referred to in subdivision (a), all of the taxes levied and collected upon the taxable property in the redevelopment project shall be paid to the affected taxing entities. When the loans, advances, and indebtedness, if any, and interest thereon, have been paid, all moneys thereafter received from taxes upon the taxable property in the redevelopment project shall be paid to the affected taxing entities as taxes on all other property are paid. When the agency ceases to exist pursuant to the adopted redevelopment project plan, all moneys thereafter received from taxes upon the taxable property in the agency shall be paid to the respective affected taxing entities as taxes on all other property are paid.(c) That portion of the taxes in excess of the amount identified in subdivision (a) which are attributable to a tax rate levied by an affected taxing entity for the purpose of producing revenues in an amount sufficient to make annual repayments of the principal of, and the interest on, any bonded indebtedness for the acquisition or improvement of real property shall be allocated to, and when collected shall be paid into, the fund of that affected taxing entity. This subdivision shall only apply to taxes levied to repay bonded indebtedness approved by the voters of the affected taxing entity on or after January 1, 1989.(d) This section fulfills the intent of Section 16 of Article XVI of the California Constitution. To further carry out the intent of Section 16 of Article XVI of the California Constitution, whenever that provision requires the allocation of money between agencies, such allocation shall be consistent with the intent of the people when they approved Section 16 of Article XVI of the California Constitution. Whenever money is allocated between agencies by means of a comparison of assessed values for different years, that comparison shall be based on the same assessment ratio. When there are different assessment ratios for the years compared, the assessed value shall be changed so that it is based on the same assessment ratio for the years so compared.(e) As used in this section, the word taxes shall include, but without limitation, all levies on an ad valorem basis upon land or real property. However, taxes shall not include amounts of money deposited in a Sales and Use Tax Compensation Fund pursuant to Section 97.68 of the Revenue and Taxation Code or a Vehicle License Fee Property Tax Compensation Fund pursuant to Section 97.70 of the Revenue and Taxation Code.64509. (a) The agency may, by majority vote, initiate proceedings to issue bonds pursuant to this chapter by adopting a resolution stating its intent to issue the bonds. The resolution shall contain all of the following information:(1) A description of the developments to be financed with the proceeds of the proposed bond issue.(2) The estimated cost of the developments, the estimated cost of preparing and issuing the bonds, and the principal amount of the proposed bond issuance.(3) The maximum interest rate and discount on the proposed bond issuance.(4) A determination of the amount of tax revenue available or estimated to be available, for the payment of the principal of, and interest on, the bonds.(b) The agency shall issue bonds by adopting a resolution providing for all of the following:(1) The issuance of the bonds in one or more series.(2) The principal amount of the bonds that shall be consistent with the amount specified in paragraph (2) of subdivision (a).(3) The date the bonds will bear.(4) The date of maturity of the bonds.(5) The denomination of the bonds.(6) The form of the bonds.(7) The manner of execution of the bonds.(8) The medium of payment in which the bonds are payable.(9) The place or manner of payment and any requirements for registration of the bonds.64510. (a) Every two years after the issuance of debt pursuant to Section 64509, the agency shall contract for an independent financial and performance audit. The audit shall be conducted according to guidelines established by the Controller. A copy of the completed audit shall be provided to the Controller, the Director of Finance, and the Joint Legislative Budget Committee.(b) Upon the request of the Governor or of the Legislature, the Bureau of State Audits may conduct financial and performance audits of districts. The results of the audits shall be provided to the agency, the Controller, the Director of Finance, and the Joint Legislative Budget Committee.SECTION 1.(a)The Legislature finds and declares all of the following:(1)Many areas in southern California lack affordable housing for low-income individuals and families and state action and resources are needed to supplement local action and resources in order to adequately address this problem.(2)According to the San Gabriel Valley Economic Partnership, the price for houses and condominiums in the area have continued to rise, despite the failure of local resident purchasing power to similarly increase.(3)Studies by the Counties of San Bernardino and Riverside indicate that their homeless population has risen in the past three years.(4)A report in the San Gabriel Valley Tribune also highlights the difficulty renters face, where residents of the County of Los Angeles paid up to 30 percent of their income on rent, which is the highest percentage in the entire country.(b)It is the intent of the Legislature to enact legislation that would provide for the redevelopment of impoverished areas in the San Gabriel Valley and the San Bernardino-Riverside metropolitan area by creating affordable housing opportunities and to establish a novel source of revenue to offset the costs of this program.
Amended IN Assembly March 22, 2018 CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 1778Introduced by Assembly Member HoldenJanuary 04, 2018 An act relating to housing. to add Title 6.8 (commencing with Section 64500) to the Government Code, relating to redevelopment.LEGISLATIVE COUNSEL'S DIGESTAB 1778, as amended, Holden. Affordable housing: San Gabriel Valley: San Bernardino-Riverside metropolitan area. Community Redevelopment Law of 2018.The California Constitution, with respect to any taxes levied on taxable property in a redevelopment project established under the Community Redevelopment Law, as it then read or may be amended, authorizes the Legislature to provide for the division of those taxes under a redevelopment plan between the taxing agencies and the redevelopment agency, as provided.Existing law dissolved redevelopment agencies as of February 1, 2012, and designates successor agencies to act as successor entities to the dissolved redevelopment agencies.This bill, the Community Redevelopment Law of 2018, would authorize a city or county to propose the formation of a redevelopment agency by adopting a resolution of intention that meets specified requirements, and submitting that resolution to each affected taxing entity and to each owner of land within the district. The bill would require the city or county that adopted that resolution to hold a public hearing on the proposal, as provided, and would authorize that city or county to adopt a resolution of formation at the conclusion of that hearing. The bill would authorize an agency formed pursuant to these provisions to finance affordable housing or transit-oriented development projects, as defined.The bill would require the governing board of an agency to designate an appropriate official to prepare a proposed redevelopment project plan. The bill would authorize the redevelopment project plan to provide for the division of taxes levied upon taxable property, if any, between an affected taxing entity and the agency, as provided. The bill would declare that this authorization fulfills the intent of the above-described constitutional provision. The bill would authorize the agency to issue bonds to finance developments in accordance with specified requirements and procedures. The bill would require the agency to contract for an independent financial and performance audit every 2 years after the issuance of debt.Existing law generally sets forth the duties of the Department of Housing and Community Development in promoting the development of affordable housing in the state.This bill would state the intent of the legislature to enact legislation that would provide for the redevelopment of impoverished areas in the San Gabriel Valley and the San Bernardino-Riverside metropolitan area by creating affordable housing opportunities and to establish a novel source of revenue to offset the costs of this program. The bill would also make related findings and declarations.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NOYES Local Program: NO
Amended IN Assembly March 22, 2018
Amended IN Assembly March 22, 2018
CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION
Assembly Bill No. 1778
Introduced by Assembly Member HoldenJanuary 04, 2018
Introduced by Assembly Member Holden
January 04, 2018
An act relating to housing. to add Title 6.8 (commencing with Section 64500) to the Government Code, relating to redevelopment.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
AB 1778, as amended, Holden. Affordable housing: San Gabriel Valley: San Bernardino-Riverside metropolitan area. Community Redevelopment Law of 2018.
The California Constitution, with respect to any taxes levied on taxable property in a redevelopment project established under the Community Redevelopment Law, as it then read or may be amended, authorizes the Legislature to provide for the division of those taxes under a redevelopment plan between the taxing agencies and the redevelopment agency, as provided.Existing law dissolved redevelopment agencies as of February 1, 2012, and designates successor agencies to act as successor entities to the dissolved redevelopment agencies.This bill, the Community Redevelopment Law of 2018, would authorize a city or county to propose the formation of a redevelopment agency by adopting a resolution of intention that meets specified requirements, and submitting that resolution to each affected taxing entity and to each owner of land within the district. The bill would require the city or county that adopted that resolution to hold a public hearing on the proposal, as provided, and would authorize that city or county to adopt a resolution of formation at the conclusion of that hearing. The bill would authorize an agency formed pursuant to these provisions to finance affordable housing or transit-oriented development projects, as defined.The bill would require the governing board of an agency to designate an appropriate official to prepare a proposed redevelopment project plan. The bill would authorize the redevelopment project plan to provide for the division of taxes levied upon taxable property, if any, between an affected taxing entity and the agency, as provided. The bill would declare that this authorization fulfills the intent of the above-described constitutional provision. The bill would authorize the agency to issue bonds to finance developments in accordance with specified requirements and procedures. The bill would require the agency to contract for an independent financial and performance audit every 2 years after the issuance of debt.Existing law generally sets forth the duties of the Department of Housing and Community Development in promoting the development of affordable housing in the state.This bill would state the intent of the legislature to enact legislation that would provide for the redevelopment of impoverished areas in the San Gabriel Valley and the San Bernardino-Riverside metropolitan area by creating affordable housing opportunities and to establish a novel source of revenue to offset the costs of this program. The bill would also make related findings and declarations.
The California Constitution, with respect to any taxes levied on taxable property in a redevelopment project established under the Community Redevelopment Law, as it then read or may be amended, authorizes the Legislature to provide for the division of those taxes under a redevelopment plan between the taxing agencies and the redevelopment agency, as provided.
Existing law dissolved redevelopment agencies as of February 1, 2012, and designates successor agencies to act as successor entities to the dissolved redevelopment agencies.
This bill, the Community Redevelopment Law of 2018, would authorize a city or county to propose the formation of a redevelopment agency by adopting a resolution of intention that meets specified requirements, and submitting that resolution to each affected taxing entity and to each owner of land within the district. The bill would require the city or county that adopted that resolution to hold a public hearing on the proposal, as provided, and would authorize that city or county to adopt a resolution of formation at the conclusion of that hearing. The bill would authorize an agency formed pursuant to these provisions to finance affordable housing or transit-oriented development projects, as defined.
The bill would require the governing board of an agency to designate an appropriate official to prepare a proposed redevelopment project plan. The bill would authorize the redevelopment project plan to provide for the division of taxes levied upon taxable property, if any, between an affected taxing entity and the agency, as provided. The bill would declare that this authorization fulfills the intent of the above-described constitutional provision. The bill would authorize the agency to issue bonds to finance developments in accordance with specified requirements and procedures. The bill would require the agency to contract for an independent financial and performance audit every 2 years after the issuance of debt.
Existing law generally sets forth the duties of the Department of Housing and Community Development in promoting the development of affordable housing in the state.
This bill would state the intent of the legislature to enact legislation that would provide for the redevelopment of impoverished areas in the San Gabriel Valley and the San Bernardino-Riverside metropolitan area by creating affordable housing opportunities and to establish a novel source of revenue to offset the costs of this program. The bill would also make related findings and declarations.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Title 6.8 (commencing with Section 64500) is added to the Government Code, to read:TITLE 6.8. Community Redevelopment Law of 201864500. This title shall be known, and may be cited, as the Community Redevelopment Law of 2018.64501. For purposes of this title, all of the following definitions shall apply:(a) Affected taxing entity means any governmental taxing agency which levied or had levied on its behalf a property tax on all or a portion of the property located in the proposed agency in the fiscal year before the designation of the agency or community college district. For the purposes of this section, special district means an agency of the state formed for the performance of governmental or proprietary functions within limited geographic boundaries.(b) Agency means a redevelopment agency created by this title.(c) County means a county or a city and county.(d) Landowner or owner of land means any person shown as the owner of land on the last equalized assessment roll or otherwise known to be the owner of the land by the governing board. The governing board has no obligation to obtain other information as to the ownership of land, and its determination of ownership shall be final and conclusive for the purposes of this title. A public agency is not a landowner or owner of land for purposes of this title, unless the public agency owns all of the land to be included within the proposed agency.(e) Legislative body means the city council of the city or board of supervisors of the county.(f) Transit-oriented development projects means commercial, residential, or mixed-use development that is undertaken in connection with existing, planned, or proposed intermodal transit facilities and is located one quarter mile or less from the external boundaries of the facility.64502. The Legislature declares that this title constitutes the Community Redevelopment Law within the meaning of Section 16 of Article XVI of the California Constitution, and that a redevelopment agency formed pursuant to this title shall have all powers granted to a redevelopment agency pursuant to that section.64503. (a) The legislative body of a city or county may propose to form an agency pursuant to this title by adopting a resolution of intention to establish the agency. The resolution of intention shall contain all of the following:(1) A statement that a redevelopment agency is proposed to be established in accordance with the terms of this title.(2) A preliminary project plan prepared by the legislative body. The preliminary project plan shall, at a minimum, include all of the following:(A) A description of the proposed boundaries of the project area. This may be accomplished by reference to a map on file in the office of the clerk of the city or in the office of the recorder of the county, as applicable.(B) Evidence that the proposed redevelopment is consistent with the general plan of each applicable city or county in which the projects are proposed to be located.(C) A description of the affordable housing or transit-oriented development projects that are proposed to be financed by the agency.(3) A financing section that shall contain all of the following information:(A) A projection of the amount of tax revenues expected to be received by the agency in each year during which the agency will receive tax revenues, including an estimate of the amount of tax revenues attributable to each affected taxing entity for each year.(B) A plan for financing the affordable housing or transit-oriented development projects to be assisted by the agency, including a detailed description of any intention to incur debt.(C) A limit on the total number of dollars of taxes that may be allocated to the agency pursuant to the plan.(D) The date on which the agency will cease to exist, by which time all tax allocation to the agency will end.(E) An analysis of the costs to the city or county of providing facilities and services to the area of the agency while the area is being developed and after the area is developed. The plan shall also include an analysis of the tax, fee, charge, and other revenues expected to be received by the city or county as a result of expected development in the area of the agency.(F) An analysis of the projected fiscal impact of the agency and the associated development upon each affected taxing entity.(4) A statement that a public hearing shall be held on the proposal, and a statement of the time and place of that hearing.(b) The legislative body shall direct the city clerk or county recorder, as applicable, to mail a copy of the resolution of intention to both of the following: (1) Each affected taxing entity.(2) Each owner of land within the district.64504. (a) The city or county that adopted the resolution of intention pursuant to Section 64503 shall consult with each affected taxing entity. Any affected taxing entity may suggest revisions to be included in the resolution of formation.(b) (1) The legislative body shall, no sooner than _____ days after the resolution of intention was submitted to each affected taxing entity pursuant to subdivision (a), hold a public hearing on the proposal.(2) The legislative body shall provide notice of the public hearing by publication not less than once a week for four successive weeks in a newspaper of general circulation published in each city or county in which the proposed agency is located. The notice shall state that the agency will be used to finance affordable housing or transit-oriented development projects, briefly describe the proposed affordable housing or transit-oriented development projects, briefly describe the proposed financial arrangements, including the proposed commitment of incremental tax revenue, describe the boundaries of the proposed agency and state the day, hour, and place when and where any persons having any objections to the proposed agency or the regularity of any of the prior proceedings may appear before the legislative body and object to the formation of the agency.(3) At the conclusion of the public hearing, the legislative body may adopt a resolution of formation of the agency. The resolution of formation shall contain all the information described in Section 64503, and shall consider the recommendations, if any, of affected taxing entities, and all evidence and testimony for and against the formation of the agency. 64505. An agency may finance both of the following:(a) The acquisition, construction, or rehabilitation of affordable housing.(b) Transit-oriented development projects.64506. It is the intent of the Legislature to enact legislation that would provide for the composition of the governing board of the agency.64507. After adopting the resolution pursuant to Section 64504, the governing board of the agency shall designate an appropriate official, such as an engineer of a city or county that is an affected taxing entity, to prepare a redevelopment project plan.64508. Any redevelopment project plan may contain a provision that taxes, if any, levied upon taxable property in the area included within the agency each year by or for the benefit of the State of California, or any affected taxing entity after the effective date of the ordinance approving the redevelopment project plan, shall be divided as follows:(a) That portion of the taxes that would be produced by the rate upon which the tax is levied each year by or for each of the affected taxing entities upon the total sum of the assessed value of the taxable property in the agency as shown upon the assessment roll used in connection with the taxation of the property by the affected taxing entity, last equalized prior to the effective date of the formation of the agency, shall be allocated to, and when collected shall be paid to, the respective affected taxing entities as taxes by or for the affected taxing entities on all other property are paid. For the purpose of allocating taxes levied by or for any affected taxing entity or entities that did not include the territory in a redevelopment project on the effective date of the ordinance but to which that territory has been annexed or otherwise included after that effective date, the assessment roll of the county last equalized on the effective date of the ordinance shall be used in determining the assessed valuation of the taxable property in the project on the effective date.(b) That portion of the levied taxes each year in excess of the amount specified in subdivision (a) shall be allocated to, and when collected shall be paid into, a special fund of the agency to pay the principal of and interest on loans, moneys advanced to, or indebtedness (whether funded, refunded, assumed, or otherwise) incurred by the agency to finance or refinance, in whole or in part, the redevelopment project. Unless and until the total assessed valuation of the taxable property in a redevelopment project exceeds the total assessed value of the taxable property in that project as shown by the last equalized assessment roll referred to in subdivision (a), all of the taxes levied and collected upon the taxable property in the redevelopment project shall be paid to the affected taxing entities. When the loans, advances, and indebtedness, if any, and interest thereon, have been paid, all moneys thereafter received from taxes upon the taxable property in the redevelopment project shall be paid to the affected taxing entities as taxes on all other property are paid. When the agency ceases to exist pursuant to the adopted redevelopment project plan, all moneys thereafter received from taxes upon the taxable property in the agency shall be paid to the respective affected taxing entities as taxes on all other property are paid.(c) That portion of the taxes in excess of the amount identified in subdivision (a) which are attributable to a tax rate levied by an affected taxing entity for the purpose of producing revenues in an amount sufficient to make annual repayments of the principal of, and the interest on, any bonded indebtedness for the acquisition or improvement of real property shall be allocated to, and when collected shall be paid into, the fund of that affected taxing entity. This subdivision shall only apply to taxes levied to repay bonded indebtedness approved by the voters of the affected taxing entity on or after January 1, 1989.(d) This section fulfills the intent of Section 16 of Article XVI of the California Constitution. To further carry out the intent of Section 16 of Article XVI of the California Constitution, whenever that provision requires the allocation of money between agencies, such allocation shall be consistent with the intent of the people when they approved Section 16 of Article XVI of the California Constitution. Whenever money is allocated between agencies by means of a comparison of assessed values for different years, that comparison shall be based on the same assessment ratio. When there are different assessment ratios for the years compared, the assessed value shall be changed so that it is based on the same assessment ratio for the years so compared.(e) As used in this section, the word taxes shall include, but without limitation, all levies on an ad valorem basis upon land or real property. However, taxes shall not include amounts of money deposited in a Sales and Use Tax Compensation Fund pursuant to Section 97.68 of the Revenue and Taxation Code or a Vehicle License Fee Property Tax Compensation Fund pursuant to Section 97.70 of the Revenue and Taxation Code.64509. (a) The agency may, by majority vote, initiate proceedings to issue bonds pursuant to this chapter by adopting a resolution stating its intent to issue the bonds. The resolution shall contain all of the following information:(1) A description of the developments to be financed with the proceeds of the proposed bond issue.(2) The estimated cost of the developments, the estimated cost of preparing and issuing the bonds, and the principal amount of the proposed bond issuance.(3) The maximum interest rate and discount on the proposed bond issuance.(4) A determination of the amount of tax revenue available or estimated to be available, for the payment of the principal of, and interest on, the bonds.(b) The agency shall issue bonds by adopting a resolution providing for all of the following:(1) The issuance of the bonds in one or more series.(2) The principal amount of the bonds that shall be consistent with the amount specified in paragraph (2) of subdivision (a).(3) The date the bonds will bear.(4) The date of maturity of the bonds.(5) The denomination of the bonds.(6) The form of the bonds.(7) The manner of execution of the bonds.(8) The medium of payment in which the bonds are payable.(9) The place or manner of payment and any requirements for registration of the bonds.64510. (a) Every two years after the issuance of debt pursuant to Section 64509, the agency shall contract for an independent financial and performance audit. The audit shall be conducted according to guidelines established by the Controller. A copy of the completed audit shall be provided to the Controller, the Director of Finance, and the Joint Legislative Budget Committee.(b) Upon the request of the Governor or of the Legislature, the Bureau of State Audits may conduct financial and performance audits of districts. The results of the audits shall be provided to the agency, the Controller, the Director of Finance, and the Joint Legislative Budget Committee.SECTION 1.(a)The Legislature finds and declares all of the following:(1)Many areas in southern California lack affordable housing for low-income individuals and families and state action and resources are needed to supplement local action and resources in order to adequately address this problem.(2)According to the San Gabriel Valley Economic Partnership, the price for houses and condominiums in the area have continued to rise, despite the failure of local resident purchasing power to similarly increase.(3)Studies by the Counties of San Bernardino and Riverside indicate that their homeless population has risen in the past three years.(4)A report in the San Gabriel Valley Tribune also highlights the difficulty renters face, where residents of the County of Los Angeles paid up to 30 percent of their income on rent, which is the highest percentage in the entire country.(b)It is the intent of the Legislature to enact legislation that would provide for the redevelopment of impoverished areas in the San Gabriel Valley and the San Bernardino-Riverside metropolitan area by creating affordable housing opportunities and to establish a novel source of revenue to offset the costs of this program.
The people of the State of California do enact as follows:
## The people of the State of California do enact as follows:
SECTION 1. Title 6.8 (commencing with Section 64500) is added to the Government Code, to read:TITLE 6.8. Community Redevelopment Law of 201864500. This title shall be known, and may be cited, as the Community Redevelopment Law of 2018.64501. For purposes of this title, all of the following definitions shall apply:(a) Affected taxing entity means any governmental taxing agency which levied or had levied on its behalf a property tax on all or a portion of the property located in the proposed agency in the fiscal year before the designation of the agency or community college district. For the purposes of this section, special district means an agency of the state formed for the performance of governmental or proprietary functions within limited geographic boundaries.(b) Agency means a redevelopment agency created by this title.(c) County means a county or a city and county.(d) Landowner or owner of land means any person shown as the owner of land on the last equalized assessment roll or otherwise known to be the owner of the land by the governing board. The governing board has no obligation to obtain other information as to the ownership of land, and its determination of ownership shall be final and conclusive for the purposes of this title. A public agency is not a landowner or owner of land for purposes of this title, unless the public agency owns all of the land to be included within the proposed agency.(e) Legislative body means the city council of the city or board of supervisors of the county.(f) Transit-oriented development projects means commercial, residential, or mixed-use development that is undertaken in connection with existing, planned, or proposed intermodal transit facilities and is located one quarter mile or less from the external boundaries of the facility.64502. The Legislature declares that this title constitutes the Community Redevelopment Law within the meaning of Section 16 of Article XVI of the California Constitution, and that a redevelopment agency formed pursuant to this title shall have all powers granted to a redevelopment agency pursuant to that section.64503. (a) The legislative body of a city or county may propose to form an agency pursuant to this title by adopting a resolution of intention to establish the agency. The resolution of intention shall contain all of the following:(1) A statement that a redevelopment agency is proposed to be established in accordance with the terms of this title.(2) A preliminary project plan prepared by the legislative body. The preliminary project plan shall, at a minimum, include all of the following:(A) A description of the proposed boundaries of the project area. This may be accomplished by reference to a map on file in the office of the clerk of the city or in the office of the recorder of the county, as applicable.(B) Evidence that the proposed redevelopment is consistent with the general plan of each applicable city or county in which the projects are proposed to be located.(C) A description of the affordable housing or transit-oriented development projects that are proposed to be financed by the agency.(3) A financing section that shall contain all of the following information:(A) A projection of the amount of tax revenues expected to be received by the agency in each year during which the agency will receive tax revenues, including an estimate of the amount of tax revenues attributable to each affected taxing entity for each year.(B) A plan for financing the affordable housing or transit-oriented development projects to be assisted by the agency, including a detailed description of any intention to incur debt.(C) A limit on the total number of dollars of taxes that may be allocated to the agency pursuant to the plan.(D) The date on which the agency will cease to exist, by which time all tax allocation to the agency will end.(E) An analysis of the costs to the city or county of providing facilities and services to the area of the agency while the area is being developed and after the area is developed. The plan shall also include an analysis of the tax, fee, charge, and other revenues expected to be received by the city or county as a result of expected development in the area of the agency.(F) An analysis of the projected fiscal impact of the agency and the associated development upon each affected taxing entity.(4) A statement that a public hearing shall be held on the proposal, and a statement of the time and place of that hearing.(b) The legislative body shall direct the city clerk or county recorder, as applicable, to mail a copy of the resolution of intention to both of the following: (1) Each affected taxing entity.(2) Each owner of land within the district.64504. (a) The city or county that adopted the resolution of intention pursuant to Section 64503 shall consult with each affected taxing entity. Any affected taxing entity may suggest revisions to be included in the resolution of formation.(b) (1) The legislative body shall, no sooner than _____ days after the resolution of intention was submitted to each affected taxing entity pursuant to subdivision (a), hold a public hearing on the proposal.(2) The legislative body shall provide notice of the public hearing by publication not less than once a week for four successive weeks in a newspaper of general circulation published in each city or county in which the proposed agency is located. The notice shall state that the agency will be used to finance affordable housing or transit-oriented development projects, briefly describe the proposed affordable housing or transit-oriented development projects, briefly describe the proposed financial arrangements, including the proposed commitment of incremental tax revenue, describe the boundaries of the proposed agency and state the day, hour, and place when and where any persons having any objections to the proposed agency or the regularity of any of the prior proceedings may appear before the legislative body and object to the formation of the agency.(3) At the conclusion of the public hearing, the legislative body may adopt a resolution of formation of the agency. The resolution of formation shall contain all the information described in Section 64503, and shall consider the recommendations, if any, of affected taxing entities, and all evidence and testimony for and against the formation of the agency. 64505. An agency may finance both of the following:(a) The acquisition, construction, or rehabilitation of affordable housing.(b) Transit-oriented development projects.64506. It is the intent of the Legislature to enact legislation that would provide for the composition of the governing board of the agency.64507. After adopting the resolution pursuant to Section 64504, the governing board of the agency shall designate an appropriate official, such as an engineer of a city or county that is an affected taxing entity, to prepare a redevelopment project plan.64508. Any redevelopment project plan may contain a provision that taxes, if any, levied upon taxable property in the area included within the agency each year by or for the benefit of the State of California, or any affected taxing entity after the effective date of the ordinance approving the redevelopment project plan, shall be divided as follows:(a) That portion of the taxes that would be produced by the rate upon which the tax is levied each year by or for each of the affected taxing entities upon the total sum of the assessed value of the taxable property in the agency as shown upon the assessment roll used in connection with the taxation of the property by the affected taxing entity, last equalized prior to the effective date of the formation of the agency, shall be allocated to, and when collected shall be paid to, the respective affected taxing entities as taxes by or for the affected taxing entities on all other property are paid. For the purpose of allocating taxes levied by or for any affected taxing entity or entities that did not include the territory in a redevelopment project on the effective date of the ordinance but to which that territory has been annexed or otherwise included after that effective date, the assessment roll of the county last equalized on the effective date of the ordinance shall be used in determining the assessed valuation of the taxable property in the project on the effective date.(b) That portion of the levied taxes each year in excess of the amount specified in subdivision (a) shall be allocated to, and when collected shall be paid into, a special fund of the agency to pay the principal of and interest on loans, moneys advanced to, or indebtedness (whether funded, refunded, assumed, or otherwise) incurred by the agency to finance or refinance, in whole or in part, the redevelopment project. Unless and until the total assessed valuation of the taxable property in a redevelopment project exceeds the total assessed value of the taxable property in that project as shown by the last equalized assessment roll referred to in subdivision (a), all of the taxes levied and collected upon the taxable property in the redevelopment project shall be paid to the affected taxing entities. When the loans, advances, and indebtedness, if any, and interest thereon, have been paid, all moneys thereafter received from taxes upon the taxable property in the redevelopment project shall be paid to the affected taxing entities as taxes on all other property are paid. When the agency ceases to exist pursuant to the adopted redevelopment project plan, all moneys thereafter received from taxes upon the taxable property in the agency shall be paid to the respective affected taxing entities as taxes on all other property are paid.(c) That portion of the taxes in excess of the amount identified in subdivision (a) which are attributable to a tax rate levied by an affected taxing entity for the purpose of producing revenues in an amount sufficient to make annual repayments of the principal of, and the interest on, any bonded indebtedness for the acquisition or improvement of real property shall be allocated to, and when collected shall be paid into, the fund of that affected taxing entity. This subdivision shall only apply to taxes levied to repay bonded indebtedness approved by the voters of the affected taxing entity on or after January 1, 1989.(d) This section fulfills the intent of Section 16 of Article XVI of the California Constitution. To further carry out the intent of Section 16 of Article XVI of the California Constitution, whenever that provision requires the allocation of money between agencies, such allocation shall be consistent with the intent of the people when they approved Section 16 of Article XVI of the California Constitution. Whenever money is allocated between agencies by means of a comparison of assessed values for different years, that comparison shall be based on the same assessment ratio. When there are different assessment ratios for the years compared, the assessed value shall be changed so that it is based on the same assessment ratio for the years so compared.(e) As used in this section, the word taxes shall include, but without limitation, all levies on an ad valorem basis upon land or real property. However, taxes shall not include amounts of money deposited in a Sales and Use Tax Compensation Fund pursuant to Section 97.68 of the Revenue and Taxation Code or a Vehicle License Fee Property Tax Compensation Fund pursuant to Section 97.70 of the Revenue and Taxation Code.64509. (a) The agency may, by majority vote, initiate proceedings to issue bonds pursuant to this chapter by adopting a resolution stating its intent to issue the bonds. The resolution shall contain all of the following information:(1) A description of the developments to be financed with the proceeds of the proposed bond issue.(2) The estimated cost of the developments, the estimated cost of preparing and issuing the bonds, and the principal amount of the proposed bond issuance.(3) The maximum interest rate and discount on the proposed bond issuance.(4) A determination of the amount of tax revenue available or estimated to be available, for the payment of the principal of, and interest on, the bonds.(b) The agency shall issue bonds by adopting a resolution providing for all of the following:(1) The issuance of the bonds in one or more series.(2) The principal amount of the bonds that shall be consistent with the amount specified in paragraph (2) of subdivision (a).(3) The date the bonds will bear.(4) The date of maturity of the bonds.(5) The denomination of the bonds.(6) The form of the bonds.(7) The manner of execution of the bonds.(8) The medium of payment in which the bonds are payable.(9) The place or manner of payment and any requirements for registration of the bonds.64510. (a) Every two years after the issuance of debt pursuant to Section 64509, the agency shall contract for an independent financial and performance audit. The audit shall be conducted according to guidelines established by the Controller. A copy of the completed audit shall be provided to the Controller, the Director of Finance, and the Joint Legislative Budget Committee.(b) Upon the request of the Governor or of the Legislature, the Bureau of State Audits may conduct financial and performance audits of districts. The results of the audits shall be provided to the agency, the Controller, the Director of Finance, and the Joint Legislative Budget Committee.
SECTION 1. Title 6.8 (commencing with Section 64500) is added to the Government Code, to read:
### SECTION 1.
TITLE 6.8. Community Redevelopment Law of 201864500. This title shall be known, and may be cited, as the Community Redevelopment Law of 2018.64501. For purposes of this title, all of the following definitions shall apply:(a) Affected taxing entity means any governmental taxing agency which levied or had levied on its behalf a property tax on all or a portion of the property located in the proposed agency in the fiscal year before the designation of the agency or community college district. For the purposes of this section, special district means an agency of the state formed for the performance of governmental or proprietary functions within limited geographic boundaries.(b) Agency means a redevelopment agency created by this title.(c) County means a county or a city and county.(d) Landowner or owner of land means any person shown as the owner of land on the last equalized assessment roll or otherwise known to be the owner of the land by the governing board. The governing board has no obligation to obtain other information as to the ownership of land, and its determination of ownership shall be final and conclusive for the purposes of this title. A public agency is not a landowner or owner of land for purposes of this title, unless the public agency owns all of the land to be included within the proposed agency.(e) Legislative body means the city council of the city or board of supervisors of the county.(f) Transit-oriented development projects means commercial, residential, or mixed-use development that is undertaken in connection with existing, planned, or proposed intermodal transit facilities and is located one quarter mile or less from the external boundaries of the facility.64502. The Legislature declares that this title constitutes the Community Redevelopment Law within the meaning of Section 16 of Article XVI of the California Constitution, and that a redevelopment agency formed pursuant to this title shall have all powers granted to a redevelopment agency pursuant to that section.64503. (a) The legislative body of a city or county may propose to form an agency pursuant to this title by adopting a resolution of intention to establish the agency. The resolution of intention shall contain all of the following:(1) A statement that a redevelopment agency is proposed to be established in accordance with the terms of this title.(2) A preliminary project plan prepared by the legislative body. The preliminary project plan shall, at a minimum, include all of the following:(A) A description of the proposed boundaries of the project area. This may be accomplished by reference to a map on file in the office of the clerk of the city or in the office of the recorder of the county, as applicable.(B) Evidence that the proposed redevelopment is consistent with the general plan of each applicable city or county in which the projects are proposed to be located.(C) A description of the affordable housing or transit-oriented development projects that are proposed to be financed by the agency.(3) A financing section that shall contain all of the following information:(A) A projection of the amount of tax revenues expected to be received by the agency in each year during which the agency will receive tax revenues, including an estimate of the amount of tax revenues attributable to each affected taxing entity for each year.(B) A plan for financing the affordable housing or transit-oriented development projects to be assisted by the agency, including a detailed description of any intention to incur debt.(C) A limit on the total number of dollars of taxes that may be allocated to the agency pursuant to the plan.(D) The date on which the agency will cease to exist, by which time all tax allocation to the agency will end.(E) An analysis of the costs to the city or county of providing facilities and services to the area of the agency while the area is being developed and after the area is developed. The plan shall also include an analysis of the tax, fee, charge, and other revenues expected to be received by the city or county as a result of expected development in the area of the agency.(F) An analysis of the projected fiscal impact of the agency and the associated development upon each affected taxing entity.(4) A statement that a public hearing shall be held on the proposal, and a statement of the time and place of that hearing.(b) The legislative body shall direct the city clerk or county recorder, as applicable, to mail a copy of the resolution of intention to both of the following: (1) Each affected taxing entity.(2) Each owner of land within the district.64504. (a) The city or county that adopted the resolution of intention pursuant to Section 64503 shall consult with each affected taxing entity. Any affected taxing entity may suggest revisions to be included in the resolution of formation.(b) (1) The legislative body shall, no sooner than _____ days after the resolution of intention was submitted to each affected taxing entity pursuant to subdivision (a), hold a public hearing on the proposal.(2) The legislative body shall provide notice of the public hearing by publication not less than once a week for four successive weeks in a newspaper of general circulation published in each city or county in which the proposed agency is located. The notice shall state that the agency will be used to finance affordable housing or transit-oriented development projects, briefly describe the proposed affordable housing or transit-oriented development projects, briefly describe the proposed financial arrangements, including the proposed commitment of incremental tax revenue, describe the boundaries of the proposed agency and state the day, hour, and place when and where any persons having any objections to the proposed agency or the regularity of any of the prior proceedings may appear before the legislative body and object to the formation of the agency.(3) At the conclusion of the public hearing, the legislative body may adopt a resolution of formation of the agency. The resolution of formation shall contain all the information described in Section 64503, and shall consider the recommendations, if any, of affected taxing entities, and all evidence and testimony for and against the formation of the agency. 64505. An agency may finance both of the following:(a) The acquisition, construction, or rehabilitation of affordable housing.(b) Transit-oriented development projects.64506. It is the intent of the Legislature to enact legislation that would provide for the composition of the governing board of the agency.64507. After adopting the resolution pursuant to Section 64504, the governing board of the agency shall designate an appropriate official, such as an engineer of a city or county that is an affected taxing entity, to prepare a redevelopment project plan.64508. Any redevelopment project plan may contain a provision that taxes, if any, levied upon taxable property in the area included within the agency each year by or for the benefit of the State of California, or any affected taxing entity after the effective date of the ordinance approving the redevelopment project plan, shall be divided as follows:(a) That portion of the taxes that would be produced by the rate upon which the tax is levied each year by or for each of the affected taxing entities upon the total sum of the assessed value of the taxable property in the agency as shown upon the assessment roll used in connection with the taxation of the property by the affected taxing entity, last equalized prior to the effective date of the formation of the agency, shall be allocated to, and when collected shall be paid to, the respective affected taxing entities as taxes by or for the affected taxing entities on all other property are paid. For the purpose of allocating taxes levied by or for any affected taxing entity or entities that did not include the territory in a redevelopment project on the effective date of the ordinance but to which that territory has been annexed or otherwise included after that effective date, the assessment roll of the county last equalized on the effective date of the ordinance shall be used in determining the assessed valuation of the taxable property in the project on the effective date.(b) That portion of the levied taxes each year in excess of the amount specified in subdivision (a) shall be allocated to, and when collected shall be paid into, a special fund of the agency to pay the principal of and interest on loans, moneys advanced to, or indebtedness (whether funded, refunded, assumed, or otherwise) incurred by the agency to finance or refinance, in whole or in part, the redevelopment project. Unless and until the total assessed valuation of the taxable property in a redevelopment project exceeds the total assessed value of the taxable property in that project as shown by the last equalized assessment roll referred to in subdivision (a), all of the taxes levied and collected upon the taxable property in the redevelopment project shall be paid to the affected taxing entities. When the loans, advances, and indebtedness, if any, and interest thereon, have been paid, all moneys thereafter received from taxes upon the taxable property in the redevelopment project shall be paid to the affected taxing entities as taxes on all other property are paid. When the agency ceases to exist pursuant to the adopted redevelopment project plan, all moneys thereafter received from taxes upon the taxable property in the agency shall be paid to the respective affected taxing entities as taxes on all other property are paid.(c) That portion of the taxes in excess of the amount identified in subdivision (a) which are attributable to a tax rate levied by an affected taxing entity for the purpose of producing revenues in an amount sufficient to make annual repayments of the principal of, and the interest on, any bonded indebtedness for the acquisition or improvement of real property shall be allocated to, and when collected shall be paid into, the fund of that affected taxing entity. This subdivision shall only apply to taxes levied to repay bonded indebtedness approved by the voters of the affected taxing entity on or after January 1, 1989.(d) This section fulfills the intent of Section 16 of Article XVI of the California Constitution. To further carry out the intent of Section 16 of Article XVI of the California Constitution, whenever that provision requires the allocation of money between agencies, such allocation shall be consistent with the intent of the people when they approved Section 16 of Article XVI of the California Constitution. Whenever money is allocated between agencies by means of a comparison of assessed values for different years, that comparison shall be based on the same assessment ratio. When there are different assessment ratios for the years compared, the assessed value shall be changed so that it is based on the same assessment ratio for the years so compared.(e) As used in this section, the word taxes shall include, but without limitation, all levies on an ad valorem basis upon land or real property. However, taxes shall not include amounts of money deposited in a Sales and Use Tax Compensation Fund pursuant to Section 97.68 of the Revenue and Taxation Code or a Vehicle License Fee Property Tax Compensation Fund pursuant to Section 97.70 of the Revenue and Taxation Code.64509. (a) The agency may, by majority vote, initiate proceedings to issue bonds pursuant to this chapter by adopting a resolution stating its intent to issue the bonds. The resolution shall contain all of the following information:(1) A description of the developments to be financed with the proceeds of the proposed bond issue.(2) The estimated cost of the developments, the estimated cost of preparing and issuing the bonds, and the principal amount of the proposed bond issuance.(3) The maximum interest rate and discount on the proposed bond issuance.(4) A determination of the amount of tax revenue available or estimated to be available, for the payment of the principal of, and interest on, the bonds.(b) The agency shall issue bonds by adopting a resolution providing for all of the following:(1) The issuance of the bonds in one or more series.(2) The principal amount of the bonds that shall be consistent with the amount specified in paragraph (2) of subdivision (a).(3) The date the bonds will bear.(4) The date of maturity of the bonds.(5) The denomination of the bonds.(6) The form of the bonds.(7) The manner of execution of the bonds.(8) The medium of payment in which the bonds are payable.(9) The place or manner of payment and any requirements for registration of the bonds.64510. (a) Every two years after the issuance of debt pursuant to Section 64509, the agency shall contract for an independent financial and performance audit. The audit shall be conducted according to guidelines established by the Controller. A copy of the completed audit shall be provided to the Controller, the Director of Finance, and the Joint Legislative Budget Committee.(b) Upon the request of the Governor or of the Legislature, the Bureau of State Audits may conduct financial and performance audits of districts. The results of the audits shall be provided to the agency, the Controller, the Director of Finance, and the Joint Legislative Budget Committee.
TITLE 6.8. Community Redevelopment Law of 201864500. This title shall be known, and may be cited, as the Community Redevelopment Law of 2018.64501. For purposes of this title, all of the following definitions shall apply:(a) Affected taxing entity means any governmental taxing agency which levied or had levied on its behalf a property tax on all or a portion of the property located in the proposed agency in the fiscal year before the designation of the agency or community college district. For the purposes of this section, special district means an agency of the state formed for the performance of governmental or proprietary functions within limited geographic boundaries.(b) Agency means a redevelopment agency created by this title.(c) County means a county or a city and county.(d) Landowner or owner of land means any person shown as the owner of land on the last equalized assessment roll or otherwise known to be the owner of the land by the governing board. The governing board has no obligation to obtain other information as to the ownership of land, and its determination of ownership shall be final and conclusive for the purposes of this title. A public agency is not a landowner or owner of land for purposes of this title, unless the public agency owns all of the land to be included within the proposed agency.(e) Legislative body means the city council of the city or board of supervisors of the county.(f) Transit-oriented development projects means commercial, residential, or mixed-use development that is undertaken in connection with existing, planned, or proposed intermodal transit facilities and is located one quarter mile or less from the external boundaries of the facility.64502. The Legislature declares that this title constitutes the Community Redevelopment Law within the meaning of Section 16 of Article XVI of the California Constitution, and that a redevelopment agency formed pursuant to this title shall have all powers granted to a redevelopment agency pursuant to that section.64503. (a) The legislative body of a city or county may propose to form an agency pursuant to this title by adopting a resolution of intention to establish the agency. The resolution of intention shall contain all of the following:(1) A statement that a redevelopment agency is proposed to be established in accordance with the terms of this title.(2) A preliminary project plan prepared by the legislative body. The preliminary project plan shall, at a minimum, include all of the following:(A) A description of the proposed boundaries of the project area. This may be accomplished by reference to a map on file in the office of the clerk of the city or in the office of the recorder of the county, as applicable.(B) Evidence that the proposed redevelopment is consistent with the general plan of each applicable city or county in which the projects are proposed to be located.(C) A description of the affordable housing or transit-oriented development projects that are proposed to be financed by the agency.(3) A financing section that shall contain all of the following information:(A) A projection of the amount of tax revenues expected to be received by the agency in each year during which the agency will receive tax revenues, including an estimate of the amount of tax revenues attributable to each affected taxing entity for each year.(B) A plan for financing the affordable housing or transit-oriented development projects to be assisted by the agency, including a detailed description of any intention to incur debt.(C) A limit on the total number of dollars of taxes that may be allocated to the agency pursuant to the plan.(D) The date on which the agency will cease to exist, by which time all tax allocation to the agency will end.(E) An analysis of the costs to the city or county of providing facilities and services to the area of the agency while the area is being developed and after the area is developed. The plan shall also include an analysis of the tax, fee, charge, and other revenues expected to be received by the city or county as a result of expected development in the area of the agency.(F) An analysis of the projected fiscal impact of the agency and the associated development upon each affected taxing entity.(4) A statement that a public hearing shall be held on the proposal, and a statement of the time and place of that hearing.(b) The legislative body shall direct the city clerk or county recorder, as applicable, to mail a copy of the resolution of intention to both of the following: (1) Each affected taxing entity.(2) Each owner of land within the district.64504. (a) The city or county that adopted the resolution of intention pursuant to Section 64503 shall consult with each affected taxing entity. Any affected taxing entity may suggest revisions to be included in the resolution of formation.(b) (1) The legislative body shall, no sooner than _____ days after the resolution of intention was submitted to each affected taxing entity pursuant to subdivision (a), hold a public hearing on the proposal.(2) The legislative body shall provide notice of the public hearing by publication not less than once a week for four successive weeks in a newspaper of general circulation published in each city or county in which the proposed agency is located. The notice shall state that the agency will be used to finance affordable housing or transit-oriented development projects, briefly describe the proposed affordable housing or transit-oriented development projects, briefly describe the proposed financial arrangements, including the proposed commitment of incremental tax revenue, describe the boundaries of the proposed agency and state the day, hour, and place when and where any persons having any objections to the proposed agency or the regularity of any of the prior proceedings may appear before the legislative body and object to the formation of the agency.(3) At the conclusion of the public hearing, the legislative body may adopt a resolution of formation of the agency. The resolution of formation shall contain all the information described in Section 64503, and shall consider the recommendations, if any, of affected taxing entities, and all evidence and testimony for and against the formation of the agency. 64505. An agency may finance both of the following:(a) The acquisition, construction, or rehabilitation of affordable housing.(b) Transit-oriented development projects.64506. It is the intent of the Legislature to enact legislation that would provide for the composition of the governing board of the agency.64507. After adopting the resolution pursuant to Section 64504, the governing board of the agency shall designate an appropriate official, such as an engineer of a city or county that is an affected taxing entity, to prepare a redevelopment project plan.64508. Any redevelopment project plan may contain a provision that taxes, if any, levied upon taxable property in the area included within the agency each year by or for the benefit of the State of California, or any affected taxing entity after the effective date of the ordinance approving the redevelopment project plan, shall be divided as follows:(a) That portion of the taxes that would be produced by the rate upon which the tax is levied each year by or for each of the affected taxing entities upon the total sum of the assessed value of the taxable property in the agency as shown upon the assessment roll used in connection with the taxation of the property by the affected taxing entity, last equalized prior to the effective date of the formation of the agency, shall be allocated to, and when collected shall be paid to, the respective affected taxing entities as taxes by or for the affected taxing entities on all other property are paid. For the purpose of allocating taxes levied by or for any affected taxing entity or entities that did not include the territory in a redevelopment project on the effective date of the ordinance but to which that territory has been annexed or otherwise included after that effective date, the assessment roll of the county last equalized on the effective date of the ordinance shall be used in determining the assessed valuation of the taxable property in the project on the effective date.(b) That portion of the levied taxes each year in excess of the amount specified in subdivision (a) shall be allocated to, and when collected shall be paid into, a special fund of the agency to pay the principal of and interest on loans, moneys advanced to, or indebtedness (whether funded, refunded, assumed, or otherwise) incurred by the agency to finance or refinance, in whole or in part, the redevelopment project. Unless and until the total assessed valuation of the taxable property in a redevelopment project exceeds the total assessed value of the taxable property in that project as shown by the last equalized assessment roll referred to in subdivision (a), all of the taxes levied and collected upon the taxable property in the redevelopment project shall be paid to the affected taxing entities. When the loans, advances, and indebtedness, if any, and interest thereon, have been paid, all moneys thereafter received from taxes upon the taxable property in the redevelopment project shall be paid to the affected taxing entities as taxes on all other property are paid. When the agency ceases to exist pursuant to the adopted redevelopment project plan, all moneys thereafter received from taxes upon the taxable property in the agency shall be paid to the respective affected taxing entities as taxes on all other property are paid.(c) That portion of the taxes in excess of the amount identified in subdivision (a) which are attributable to a tax rate levied by an affected taxing entity for the purpose of producing revenues in an amount sufficient to make annual repayments of the principal of, and the interest on, any bonded indebtedness for the acquisition or improvement of real property shall be allocated to, and when collected shall be paid into, the fund of that affected taxing entity. This subdivision shall only apply to taxes levied to repay bonded indebtedness approved by the voters of the affected taxing entity on or after January 1, 1989.(d) This section fulfills the intent of Section 16 of Article XVI of the California Constitution. To further carry out the intent of Section 16 of Article XVI of the California Constitution, whenever that provision requires the allocation of money between agencies, such allocation shall be consistent with the intent of the people when they approved Section 16 of Article XVI of the California Constitution. Whenever money is allocated between agencies by means of a comparison of assessed values for different years, that comparison shall be based on the same assessment ratio. When there are different assessment ratios for the years compared, the assessed value shall be changed so that it is based on the same assessment ratio for the years so compared.(e) As used in this section, the word taxes shall include, but without limitation, all levies on an ad valorem basis upon land or real property. However, taxes shall not include amounts of money deposited in a Sales and Use Tax Compensation Fund pursuant to Section 97.68 of the Revenue and Taxation Code or a Vehicle License Fee Property Tax Compensation Fund pursuant to Section 97.70 of the Revenue and Taxation Code.64509. (a) The agency may, by majority vote, initiate proceedings to issue bonds pursuant to this chapter by adopting a resolution stating its intent to issue the bonds. The resolution shall contain all of the following information:(1) A description of the developments to be financed with the proceeds of the proposed bond issue.(2) The estimated cost of the developments, the estimated cost of preparing and issuing the bonds, and the principal amount of the proposed bond issuance.(3) The maximum interest rate and discount on the proposed bond issuance.(4) A determination of the amount of tax revenue available or estimated to be available, for the payment of the principal of, and interest on, the bonds.(b) The agency shall issue bonds by adopting a resolution providing for all of the following:(1) The issuance of the bonds in one or more series.(2) The principal amount of the bonds that shall be consistent with the amount specified in paragraph (2) of subdivision (a).(3) The date the bonds will bear.(4) The date of maturity of the bonds.(5) The denomination of the bonds.(6) The form of the bonds.(7) The manner of execution of the bonds.(8) The medium of payment in which the bonds are payable.(9) The place or manner of payment and any requirements for registration of the bonds.64510. (a) Every two years after the issuance of debt pursuant to Section 64509, the agency shall contract for an independent financial and performance audit. The audit shall be conducted according to guidelines established by the Controller. A copy of the completed audit shall be provided to the Controller, the Director of Finance, and the Joint Legislative Budget Committee.(b) Upon the request of the Governor or of the Legislature, the Bureau of State Audits may conduct financial and performance audits of districts. The results of the audits shall be provided to the agency, the Controller, the Director of Finance, and the Joint Legislative Budget Committee.
TITLE 6.8. Community Redevelopment Law of 2018
TITLE 6.8. Community Redevelopment Law of 2018
64500. This title shall be known, and may be cited, as the Community Redevelopment Law of 2018.
64500. This title shall be known, and may be cited, as the Community Redevelopment Law of 2018.
64501. For purposes of this title, all of the following definitions shall apply:(a) Affected taxing entity means any governmental taxing agency which levied or had levied on its behalf a property tax on all or a portion of the property located in the proposed agency in the fiscal year before the designation of the agency or community college district. For the purposes of this section, special district means an agency of the state formed for the performance of governmental or proprietary functions within limited geographic boundaries.(b) Agency means a redevelopment agency created by this title.(c) County means a county or a city and county.(d) Landowner or owner of land means any person shown as the owner of land on the last equalized assessment roll or otherwise known to be the owner of the land by the governing board. The governing board has no obligation to obtain other information as to the ownership of land, and its determination of ownership shall be final and conclusive for the purposes of this title. A public agency is not a landowner or owner of land for purposes of this title, unless the public agency owns all of the land to be included within the proposed agency.(e) Legislative body means the city council of the city or board of supervisors of the county.(f) Transit-oriented development projects means commercial, residential, or mixed-use development that is undertaken in connection with existing, planned, or proposed intermodal transit facilities and is located one quarter mile or less from the external boundaries of the facility.
64501. For purposes of this title, all of the following definitions shall apply:
(a) Affected taxing entity means any governmental taxing agency which levied or had levied on its behalf a property tax on all or a portion of the property located in the proposed agency in the fiscal year before the designation of the agency or community college district. For the purposes of this section, special district means an agency of the state formed for the performance of governmental or proprietary functions within limited geographic boundaries.
(b) Agency means a redevelopment agency created by this title.
(c) County means a county or a city and county.
(d) Landowner or owner of land means any person shown as the owner of land on the last equalized assessment roll or otherwise known to be the owner of the land by the governing board. The governing board has no obligation to obtain other information as to the ownership of land, and its determination of ownership shall be final and conclusive for the purposes of this title. A public agency is not a landowner or owner of land for purposes of this title, unless the public agency owns all of the land to be included within the proposed agency.
(e) Legislative body means the city council of the city or board of supervisors of the county.
(f) Transit-oriented development projects means commercial, residential, or mixed-use development that is undertaken in connection with existing, planned, or proposed intermodal transit facilities and is located one quarter mile or less from the external boundaries of the facility.
64502. The Legislature declares that this title constitutes the Community Redevelopment Law within the meaning of Section 16 of Article XVI of the California Constitution, and that a redevelopment agency formed pursuant to this title shall have all powers granted to a redevelopment agency pursuant to that section.
64502. The Legislature declares that this title constitutes the Community Redevelopment Law within the meaning of Section 16 of Article XVI of the California Constitution, and that a redevelopment agency formed pursuant to this title shall have all powers granted to a redevelopment agency pursuant to that section.
64503. (a) The legislative body of a city or county may propose to form an agency pursuant to this title by adopting a resolution of intention to establish the agency. The resolution of intention shall contain all of the following:(1) A statement that a redevelopment agency is proposed to be established in accordance with the terms of this title.(2) A preliminary project plan prepared by the legislative body. The preliminary project plan shall, at a minimum, include all of the following:(A) A description of the proposed boundaries of the project area. This may be accomplished by reference to a map on file in the office of the clerk of the city or in the office of the recorder of the county, as applicable.(B) Evidence that the proposed redevelopment is consistent with the general plan of each applicable city or county in which the projects are proposed to be located.(C) A description of the affordable housing or transit-oriented development projects that are proposed to be financed by the agency.(3) A financing section that shall contain all of the following information:(A) A projection of the amount of tax revenues expected to be received by the agency in each year during which the agency will receive tax revenues, including an estimate of the amount of tax revenues attributable to each affected taxing entity for each year.(B) A plan for financing the affordable housing or transit-oriented development projects to be assisted by the agency, including a detailed description of any intention to incur debt.(C) A limit on the total number of dollars of taxes that may be allocated to the agency pursuant to the plan.(D) The date on which the agency will cease to exist, by which time all tax allocation to the agency will end.(E) An analysis of the costs to the city or county of providing facilities and services to the area of the agency while the area is being developed and after the area is developed. The plan shall also include an analysis of the tax, fee, charge, and other revenues expected to be received by the city or county as a result of expected development in the area of the agency.(F) An analysis of the projected fiscal impact of the agency and the associated development upon each affected taxing entity.(4) A statement that a public hearing shall be held on the proposal, and a statement of the time and place of that hearing.(b) The legislative body shall direct the city clerk or county recorder, as applicable, to mail a copy of the resolution of intention to both of the following: (1) Each affected taxing entity.(2) Each owner of land within the district.
64503. (a) The legislative body of a city or county may propose to form an agency pursuant to this title by adopting a resolution of intention to establish the agency. The resolution of intention shall contain all of the following:
(1) A statement that a redevelopment agency is proposed to be established in accordance with the terms of this title.
(2) A preliminary project plan prepared by the legislative body. The preliminary project plan shall, at a minimum, include all of the following:
(A) A description of the proposed boundaries of the project area. This may be accomplished by reference to a map on file in the office of the clerk of the city or in the office of the recorder of the county, as applicable.
(B) Evidence that the proposed redevelopment is consistent with the general plan of each applicable city or county in which the projects are proposed to be located.
(C) A description of the affordable housing or transit-oriented development projects that are proposed to be financed by the agency.
(3) A financing section that shall contain all of the following information:
(A) A projection of the amount of tax revenues expected to be received by the agency in each year during which the agency will receive tax revenues, including an estimate of the amount of tax revenues attributable to each affected taxing entity for each year.
(B) A plan for financing the affordable housing or transit-oriented development projects to be assisted by the agency, including a detailed description of any intention to incur debt.
(C) A limit on the total number of dollars of taxes that may be allocated to the agency pursuant to the plan.
(D) The date on which the agency will cease to exist, by which time all tax allocation to the agency will end.
(E) An analysis of the costs to the city or county of providing facilities and services to the area of the agency while the area is being developed and after the area is developed. The plan shall also include an analysis of the tax, fee, charge, and other revenues expected to be received by the city or county as a result of expected development in the area of the agency.
(F) An analysis of the projected fiscal impact of the agency and the associated development upon each affected taxing entity.
(4) A statement that a public hearing shall be held on the proposal, and a statement of the time and place of that hearing.
(b) The legislative body shall direct the city clerk or county recorder, as applicable, to mail a copy of the resolution of intention to both of the following:
(1) Each affected taxing entity.
(2) Each owner of land within the district.
64504. (a) The city or county that adopted the resolution of intention pursuant to Section 64503 shall consult with each affected taxing entity. Any affected taxing entity may suggest revisions to be included in the resolution of formation.(b) (1) The legislative body shall, no sooner than _____ days after the resolution of intention was submitted to each affected taxing entity pursuant to subdivision (a), hold a public hearing on the proposal.(2) The legislative body shall provide notice of the public hearing by publication not less than once a week for four successive weeks in a newspaper of general circulation published in each city or county in which the proposed agency is located. The notice shall state that the agency will be used to finance affordable housing or transit-oriented development projects, briefly describe the proposed affordable housing or transit-oriented development projects, briefly describe the proposed financial arrangements, including the proposed commitment of incremental tax revenue, describe the boundaries of the proposed agency and state the day, hour, and place when and where any persons having any objections to the proposed agency or the regularity of any of the prior proceedings may appear before the legislative body and object to the formation of the agency.(3) At the conclusion of the public hearing, the legislative body may adopt a resolution of formation of the agency. The resolution of formation shall contain all the information described in Section 64503, and shall consider the recommendations, if any, of affected taxing entities, and all evidence and testimony for and against the formation of the agency.
64504. (a) The city or county that adopted the resolution of intention pursuant to Section 64503 shall consult with each affected taxing entity. Any affected taxing entity may suggest revisions to be included in the resolution of formation.
(b) (1) The legislative body shall, no sooner than _____ days after the resolution of intention was submitted to each affected taxing entity pursuant to subdivision (a), hold a public hearing on the proposal.
(2) The legislative body shall provide notice of the public hearing by publication not less than once a week for four successive weeks in a newspaper of general circulation published in each city or county in which the proposed agency is located. The notice shall state that the agency will be used to finance affordable housing or transit-oriented development projects, briefly describe the proposed affordable housing or transit-oriented development projects, briefly describe the proposed financial arrangements, including the proposed commitment of incremental tax revenue, describe the boundaries of the proposed agency and state the day, hour, and place when and where any persons having any objections to the proposed agency or the regularity of any of the prior proceedings may appear before the legislative body and object to the formation of the agency.
(3) At the conclusion of the public hearing, the legislative body may adopt a resolution of formation of the agency. The resolution of formation shall contain all the information described in Section 64503, and shall consider the recommendations, if any, of affected taxing entities, and all evidence and testimony for and against the formation of the agency.
64505. An agency may finance both of the following:(a) The acquisition, construction, or rehabilitation of affordable housing.(b) Transit-oriented development projects.
64505. An agency may finance both of the following:
(a) The acquisition, construction, or rehabilitation of affordable housing.
(b) Transit-oriented development projects.
64506. It is the intent of the Legislature to enact legislation that would provide for the composition of the governing board of the agency.
64506. It is the intent of the Legislature to enact legislation that would provide for the composition of the governing board of the agency.
64507. After adopting the resolution pursuant to Section 64504, the governing board of the agency shall designate an appropriate official, such as an engineer of a city or county that is an affected taxing entity, to prepare a redevelopment project plan.
64507. After adopting the resolution pursuant to Section 64504, the governing board of the agency shall designate an appropriate official, such as an engineer of a city or county that is an affected taxing entity, to prepare a redevelopment project plan.
64508. Any redevelopment project plan may contain a provision that taxes, if any, levied upon taxable property in the area included within the agency each year by or for the benefit of the State of California, or any affected taxing entity after the effective date of the ordinance approving the redevelopment project plan, shall be divided as follows:(a) That portion of the taxes that would be produced by the rate upon which the tax is levied each year by or for each of the affected taxing entities upon the total sum of the assessed value of the taxable property in the agency as shown upon the assessment roll used in connection with the taxation of the property by the affected taxing entity, last equalized prior to the effective date of the formation of the agency, shall be allocated to, and when collected shall be paid to, the respective affected taxing entities as taxes by or for the affected taxing entities on all other property are paid. For the purpose of allocating taxes levied by or for any affected taxing entity or entities that did not include the territory in a redevelopment project on the effective date of the ordinance but to which that territory has been annexed or otherwise included after that effective date, the assessment roll of the county last equalized on the effective date of the ordinance shall be used in determining the assessed valuation of the taxable property in the project on the effective date.(b) That portion of the levied taxes each year in excess of the amount specified in subdivision (a) shall be allocated to, and when collected shall be paid into, a special fund of the agency to pay the principal of and interest on loans, moneys advanced to, or indebtedness (whether funded, refunded, assumed, or otherwise) incurred by the agency to finance or refinance, in whole or in part, the redevelopment project. Unless and until the total assessed valuation of the taxable property in a redevelopment project exceeds the total assessed value of the taxable property in that project as shown by the last equalized assessment roll referred to in subdivision (a), all of the taxes levied and collected upon the taxable property in the redevelopment project shall be paid to the affected taxing entities. When the loans, advances, and indebtedness, if any, and interest thereon, have been paid, all moneys thereafter received from taxes upon the taxable property in the redevelopment project shall be paid to the affected taxing entities as taxes on all other property are paid. When the agency ceases to exist pursuant to the adopted redevelopment project plan, all moneys thereafter received from taxes upon the taxable property in the agency shall be paid to the respective affected taxing entities as taxes on all other property are paid.(c) That portion of the taxes in excess of the amount identified in subdivision (a) which are attributable to a tax rate levied by an affected taxing entity for the purpose of producing revenues in an amount sufficient to make annual repayments of the principal of, and the interest on, any bonded indebtedness for the acquisition or improvement of real property shall be allocated to, and when collected shall be paid into, the fund of that affected taxing entity. This subdivision shall only apply to taxes levied to repay bonded indebtedness approved by the voters of the affected taxing entity on or after January 1, 1989.(d) This section fulfills the intent of Section 16 of Article XVI of the California Constitution. To further carry out the intent of Section 16 of Article XVI of the California Constitution, whenever that provision requires the allocation of money between agencies, such allocation shall be consistent with the intent of the people when they approved Section 16 of Article XVI of the California Constitution. Whenever money is allocated between agencies by means of a comparison of assessed values for different years, that comparison shall be based on the same assessment ratio. When there are different assessment ratios for the years compared, the assessed value shall be changed so that it is based on the same assessment ratio for the years so compared.(e) As used in this section, the word taxes shall include, but without limitation, all levies on an ad valorem basis upon land or real property. However, taxes shall not include amounts of money deposited in a Sales and Use Tax Compensation Fund pursuant to Section 97.68 of the Revenue and Taxation Code or a Vehicle License Fee Property Tax Compensation Fund pursuant to Section 97.70 of the Revenue and Taxation Code.
64508. Any redevelopment project plan may contain a provision that taxes, if any, levied upon taxable property in the area included within the agency each year by or for the benefit of the State of California, or any affected taxing entity after the effective date of the ordinance approving the redevelopment project plan, shall be divided as follows:
(a) That portion of the taxes that would be produced by the rate upon which the tax is levied each year by or for each of the affected taxing entities upon the total sum of the assessed value of the taxable property in the agency as shown upon the assessment roll used in connection with the taxation of the property by the affected taxing entity, last equalized prior to the effective date of the formation of the agency, shall be allocated to, and when collected shall be paid to, the respective affected taxing entities as taxes by or for the affected taxing entities on all other property are paid. For the purpose of allocating taxes levied by or for any affected taxing entity or entities that did not include the territory in a redevelopment project on the effective date of the ordinance but to which that territory has been annexed or otherwise included after that effective date, the assessment roll of the county last equalized on the effective date of the ordinance shall be used in determining the assessed valuation of the taxable property in the project on the effective date.
(b) That portion of the levied taxes each year in excess of the amount specified in subdivision (a) shall be allocated to, and when collected shall be paid into, a special fund of the agency to pay the principal of and interest on loans, moneys advanced to, or indebtedness (whether funded, refunded, assumed, or otherwise) incurred by the agency to finance or refinance, in whole or in part, the redevelopment project. Unless and until the total assessed valuation of the taxable property in a redevelopment project exceeds the total assessed value of the taxable property in that project as shown by the last equalized assessment roll referred to in subdivision (a), all of the taxes levied and collected upon the taxable property in the redevelopment project shall be paid to the affected taxing entities. When the loans, advances, and indebtedness, if any, and interest thereon, have been paid, all moneys thereafter received from taxes upon the taxable property in the redevelopment project shall be paid to the affected taxing entities as taxes on all other property are paid. When the agency ceases to exist pursuant to the adopted redevelopment project plan, all moneys thereafter received from taxes upon the taxable property in the agency shall be paid to the respective affected taxing entities as taxes on all other property are paid.
(c) That portion of the taxes in excess of the amount identified in subdivision (a) which are attributable to a tax rate levied by an affected taxing entity for the purpose of producing revenues in an amount sufficient to make annual repayments of the principal of, and the interest on, any bonded indebtedness for the acquisition or improvement of real property shall be allocated to, and when collected shall be paid into, the fund of that affected taxing entity. This subdivision shall only apply to taxes levied to repay bonded indebtedness approved by the voters of the affected taxing entity on or after January 1, 1989.
(d) This section fulfills the intent of Section 16 of Article XVI of the California Constitution. To further carry out the intent of Section 16 of Article XVI of the California Constitution, whenever that provision requires the allocation of money between agencies, such allocation shall be consistent with the intent of the people when they approved Section 16 of Article XVI of the California Constitution. Whenever money is allocated between agencies by means of a comparison of assessed values for different years, that comparison shall be based on the same assessment ratio. When there are different assessment ratios for the years compared, the assessed value shall be changed so that it is based on the same assessment ratio for the years so compared.
(e) As used in this section, the word taxes shall include, but without limitation, all levies on an ad valorem basis upon land or real property. However, taxes shall not include amounts of money deposited in a Sales and Use Tax Compensation Fund pursuant to Section 97.68 of the Revenue and Taxation Code or a Vehicle License Fee Property Tax Compensation Fund pursuant to Section 97.70 of the Revenue and Taxation Code.
64509. (a) The agency may, by majority vote, initiate proceedings to issue bonds pursuant to this chapter by adopting a resolution stating its intent to issue the bonds. The resolution shall contain all of the following information:(1) A description of the developments to be financed with the proceeds of the proposed bond issue.(2) The estimated cost of the developments, the estimated cost of preparing and issuing the bonds, and the principal amount of the proposed bond issuance.(3) The maximum interest rate and discount on the proposed bond issuance.(4) A determination of the amount of tax revenue available or estimated to be available, for the payment of the principal of, and interest on, the bonds.(b) The agency shall issue bonds by adopting a resolution providing for all of the following:(1) The issuance of the bonds in one or more series.(2) The principal amount of the bonds that shall be consistent with the amount specified in paragraph (2) of subdivision (a).(3) The date the bonds will bear.(4) The date of maturity of the bonds.(5) The denomination of the bonds.(6) The form of the bonds.(7) The manner of execution of the bonds.(8) The medium of payment in which the bonds are payable.(9) The place or manner of payment and any requirements for registration of the bonds.
64509. (a) The agency may, by majority vote, initiate proceedings to issue bonds pursuant to this chapter by adopting a resolution stating its intent to issue the bonds. The resolution shall contain all of the following information:
(1) A description of the developments to be financed with the proceeds of the proposed bond issue.
(2) The estimated cost of the developments, the estimated cost of preparing and issuing the bonds, and the principal amount of the proposed bond issuance.
(3) The maximum interest rate and discount on the proposed bond issuance.
(4) A determination of the amount of tax revenue available or estimated to be available, for the payment of the principal of, and interest on, the bonds.
(b) The agency shall issue bonds by adopting a resolution providing for all of the following:
(1) The issuance of the bonds in one or more series.
(2) The principal amount of the bonds that shall be consistent with the amount specified in paragraph (2) of subdivision (a).
(3) The date the bonds will bear.
(4) The date of maturity of the bonds.
(5) The denomination of the bonds.
(6) The form of the bonds.
(7) The manner of execution of the bonds.
(8) The medium of payment in which the bonds are payable.
(9) The place or manner of payment and any requirements for registration of the bonds.
64510. (a) Every two years after the issuance of debt pursuant to Section 64509, the agency shall contract for an independent financial and performance audit. The audit shall be conducted according to guidelines established by the Controller. A copy of the completed audit shall be provided to the Controller, the Director of Finance, and the Joint Legislative Budget Committee.(b) Upon the request of the Governor or of the Legislature, the Bureau of State Audits may conduct financial and performance audits of districts. The results of the audits shall be provided to the agency, the Controller, the Director of Finance, and the Joint Legislative Budget Committee.
64510. (a) Every two years after the issuance of debt pursuant to Section 64509, the agency shall contract for an independent financial and performance audit. The audit shall be conducted according to guidelines established by the Controller. A copy of the completed audit shall be provided to the Controller, the Director of Finance, and the Joint Legislative Budget Committee.
(b) Upon the request of the Governor or of the Legislature, the Bureau of State Audits may conduct financial and performance audits of districts. The results of the audits shall be provided to the agency, the Controller, the Director of Finance, and the Joint Legislative Budget Committee.
(a)The Legislature finds and declares all of the following:
(1)Many areas in southern California lack affordable housing for low-income individuals and families and state action and resources are needed to supplement local action and resources in order to adequately address this problem.
(2)According to the San Gabriel Valley Economic Partnership, the price for houses and condominiums in the area have continued to rise, despite the failure of local resident purchasing power to similarly increase.
(3)Studies by the Counties of San Bernardino and Riverside indicate that their homeless population has risen in the past three years.
(4)A report in the San Gabriel Valley Tribune also highlights the difficulty renters face, where residents of the County of Los Angeles paid up to 30 percent of their income on rent, which is the highest percentage in the entire country.
(b)It is the intent of the Legislature to enact legislation that would provide for the redevelopment of impoverished areas in the San Gabriel Valley and the San Bernardino-Riverside metropolitan area by creating affordable housing opportunities and to establish a novel source of revenue to offset the costs of this program.