Article 3. Redevelopment Revolving Fund of California Health And Safety Code >> Division 24. >> Part 1. >> Chapter 6. >> Article 3.
At any time after it has adopted a resolution declaring that
there is need for an agency to function in the community, the
legislative body may establish a redevelopment revolving fund to be
kept in the treasury of the community.
For the purpose of raising money to be deposited in the
redevelopment revolving fund, the legislative body may appropriate
money or the community may issue and sell its general obligation
By resolution of the legislative body adopted by a majority
vote, any money in the redevelopment revolving fund may be expended
from time to time for:
(a) The acquisition of real property in any project area.
(b) The clearance, aiding in relocation of site occupants, and
preparation of any project area for redevelopment.
By resolution of the legislative body adopted by a
two-thirds vote, any money in the redevelopment revolving fund may be
paid to the agency, upon such terms and conditions as the
legislative body may prescribe for any of the following purposes:
(a) Deposit in a trust fund to be expended for the acquisition of
real property in any project area.
(b) The clearance of any project area for redevelopment.
(c) Any expenses necessary or incidental to the carrying out of a
redevelopment plan which has been adopted by the legislative body.
All money received by the agency from the sale, lease, or
encumbering of property acquired with money from the redevelopment
revolving fund in excess of the money required to repay the loans and
interest thereon authorized by this part shall be redeposited in the
All other provisions of this part that relate to financing
are subject to Sections 33433, 33434, and 33624.
The legislative body of any community may abolish the
redevelopment revolving fund whenever it finds that the purposes for
which it was established have been accomplished.
The legislative body of any community may, with the consent of the
agency, withdraw money from the redevelopment revolving fund
whenever and to the extent that it finds that the amount of money
therein exceeds the amount necessary to finance existing or planned
purposes for which its expenditure is authorized by the provisions of
this article. All money withdrawn from the fund by reason of its
being reduced in size, or its abolition, and all money which, after
abolition, would have been required to be deposited or redeposited in
the fund, shall be transferred to the general obligation bond
redemption fund of the community or to the general fund of the
community, as directed by the legislative body.