Section 33492.72 Of Article 4. Redevelopment Agency Of Fort Ord From California Health And Safety Code >> Division 24. >> Part 1. >> Chapter 4.5. >> Article 4.
33492.72
. (a) Prior to incurring any loans, or other indebtedness,
except loans or advances from the local agency or the authority, the
agency which established the redevelopment project area, or the
board, may subordinate to the loans or other indebtedness the amounts
required to be paid to all other local agencies pursuant to this
section, provided that the agency or the board has approved these
subordinations pursuant to this subdivision.
(b) At the time the agency or the board requests any other entity
receiving tax-increment revenues pursuant to this section to
subordinate the amount to be paid to it, the agency or the board
seeking permission for subordination, shall provide the affected
taxing entity with substantial evidence that sufficient funds will be
available to pay both the debt service and the payments required by
this section, when due.
(c) Within 45 days after receipt of the agency's or the board's
request, the entities receiving tax-increment revenues pursuant to
this section shall approve or disapprove the request for
subordination. An entity other than the redevelopment agency or the
board may disapprove a request for subordination only if it finds,
based upon substantial evidence, that after the agency or the board
pays the debt payments, the agency will not have sufficient funds to
pay the amounts required to be paid to other entities pursuant to
this section. The agency or the board may also disapprove a request
for subordination if it finds that subordination would interfere with
its ability to issue debt as needed to carry out its
responsibilities. If an entity, the agency, or the board does not act
within 45 days after receipt of the agency's request, the request to
subordinate shall be deemed approved and shall be final and
conclusive.