Section 33492.43 Of Article 1.5. Norton Air Force Base And George Air Force Base Redevelopment Project Areas From California Health And Safety Code >> Division 24. >> Part 1. >> Chapter 4.5. >> Article 1.5.
33492.43
. (a) Any redevelopment plan, or any amendment to an
existing redevelopment plan adopted on or after July 1, 1993, that is
subject to Section 33492.40, may utilize as the base year either the
year it was adopted or the 1994-95 fiscal year, at the option of the
adopting agency, as referenced by a duly adopted ordinance of the
governing board. If the governing board adopts the 1994-95 fiscal
year as the base year, that designation shall remain in effect only
until the time that the county assessor certifies that assessed
values for the redevelopment project area equal or exceed the
assessed value in the initial base year. When that certification is
made by the county assessor, the base year shall revert to the
initial base year at the time of plan adoption.
(b) To the extent any adjustment in the base year pursuant to this
section creates a negative fiscal impact on the state, the governing
board shall, on or before the expiration of five years from the date
of the adjustment of the base year pursuant to this section, remit
to the Controller the total amount of increased aid to schools
received from the state as a result of the adjustment in the base
year as determined by the Department of Finance in consultation with
the governing board.