Bill Text: CA AB1234 | 2011-2012 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Redevelopment agencies: financing.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-02-01 - Died pursuant to Art. IV, Sec. 10(c) of the Constitution. From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. [AB1234 Detail]

Download: California-2011-AB1234-Introduced.html

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BILL NUMBER: AB 1234	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Norby

                        FEBRUARY 18, 2011

   An act to amend Section 33671 of the Health and Safety Code,
relating to redevelopment.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 1234, as introduced, Norby. Redevelopment: tax increment funds:
payment of indebtedness.
   Existing law authorizes redevelopment agencies to pay the
principal of, and interest on, indebtedness incurred to finance or
refinance redevelopment, from a portion of property tax revenues
diverted from other taxing agencies. The portion of taxes diverted is
the amount attributable to increases in assessed valuation of
property in the redevelopment project area subsequent to
establishment thereof. This method of financing is commonly known as
"tax increment" financing and is specifically authorized by Section
16 of Article XVI of the California Constitution.
   Existing law also authorizes a redevelopment agency, in any
redevelopment plan or in the proceedings for the advance of moneys or
the making of loans or the incurring of any indebtedness, to finance
or refinance, in whole or in part, a redevelopment project to
irrevocably pledge its tax increment revenues for the payment of the
principal of, and interest on, these loans, advances, or other
indebtedness.
   This bill would make technical, nonsubstantive changes in those
provisions that authorize a redevelopment agency to pledge its tax
increment revenues for the payment on loans, advances, or other
indebtedness.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 33671 of the Health and Safety Code is amended
to read:
   33671.   In any   A redevelopment agency may,
in a  redevelopment plan or in the proceedings for the advance
of moneys,  or   the  making of loans, or
the incurring of any indebtedness  (whether   ,
whether  funded, refunded, assumed, or  otherwise) by
the redevelopment agency   otherwise,  to finance
or refinance, in whole or in part, the redevelopment project, 
irrevocably pledge  the portion of taxes  mentioned
  specified  in subdivision (b) of Section 33670
 may be irrevocably pledged  for the payment of the
principal of and interest on  such   these 
loans, advances, or  other  indebtedness.