California Government Code

§ 62253

GOV § 62253 Effective Jan 1, 2019Div. 5 · Title 6

Statute text

(a)(1) At any time before or after adoption of the plan, any city, county, or special district, other than a school entity as defined in subdivision (n) of Section 95 of the Revenue and Taxation Code or a successor agency as defined in subdivision (j) of Section 34171, that receives ad valorem property taxes from property located within an area may adopt a resolution directing the county auditor-controller to allocate its share of property tax increment within the area covered by the plan to the authority. The resolution adopted pursuant to this subdivision may direct the county auditor-controller to allocate less than the full amount of the property tax increment, and to establish a maximum amount of time in years that the allocation takes place. These amounts shall be allocated to the authority and, when collected, shall be held in a separate fund by the authority. Before adopting a resolution pursuant to this subdivision, a city, county, or special district shall approve a memorandum of understanding with the authority governing the use of property tax increment funds by the authority for administrative and overhead expenses.

(2)The provision for the receipt of property tax increment shall become effective in the property tax year that begins after the December 1 immediately following the adoption of a resolution pursuant paragraph (1). A resolution adopted pursuant to paragraph (1) shall be provided to the county auditor-controller no later than the December 1 immediately following its adoption.

(3)A resolution adopted pursuant to this subdivision may be repealed and be of no further effect beginning in the fiscal year following the adoption of any repeal, by giving the county auditor-controller at least 90 days’ notice prior to the end of the current fiscal year, provided, however, that the county auditor-controller shall continue to allocate the taxing entity’s share of ad valorem property taxes that have been pledged to the repayment of debt issued by the authority to the authority until that debt has been fully repaid, including by means of a refinancing or refunding, unless otherwise agreed upon by the authority and the taxing entity. For purposes of determining the annual amount of a taxing entity’s share of ad valorem property taxes that shall continue to be allocated to an authority following a repeal, the annual amount allocated for all years until the debt has been fully repaid shall be the maximum amount required to service the debt for any single annual period as provided in the authority’s debt service schedule.

…

Legislative history

Amended by Stats. 2018, Ch. 862, Sec. 4. (AB 2035) Effective January 1, 2019.