Section 33471.5 Of Article 14. Merger Of Redevelopment Project Areas In The City Of San Bernardino From California Health And Safety Code >> Division 24. >> Part 1. >> Chapter 4. >> Article 14.
33471.5
. After the refunding has occurred as provided in Section
33471, not less than 20 percent of all taxes which are allocated to
the redevelopment agency pursuant to subdivision (b) of Section 33670
for redevelopment projects merged pursuant to this article shall be
used by the agency for the purposes set forth in Section 33334.2,
provided that such taxes shall first be used for the payment of
principal, interest, and premium, if any, under the bond resolution
or resolutions providing for the issuance of the refunding bonds and
providing necessary reserves for such refunding bonds, but only to
the extent that such refunding is necessary to refinance existing
bonded obligations.