Section 33670.9 Of Article 6. Taxation From California Health And Safety Code >> Division 24. >> Part 1. >> Chapter 6. >> Article 6.
33670.9
. (a) For a period of 20 years commencing on July 1, 1996,
the Orange County Development Agency shall transfer to the general
fund of the County of Orange an amount equal to four million dollars
($4,000,000) a year in two equal installments on June 15 and February
15 of each year. The Orange County Development Agency shall not
incur any obligation with respect to loans, advances of money, or
indebtedness, whether funded, refunded, assumed, or otherwise, that
would impair its ability to make the foregoing transfers or that
would cause the foregoing transfers to violate Section 16 of Article
XVI of the California Constitution or subdivision (b) of Section
33670. Funds allocated to low- and moderate-income housing pursuant
to Section 33334.2 shall not be used for purposes of this section.
(b) This section shall not take effect unless and until (1) a plan
of adjustment is confirmed in Case No. SA-94-22272-JR in the United
States Bankruptcy Court for the Central District of California or (2)
a trustee is appointed pursuant to Chapter 10 (commencing with
Section 30400) of Division 3 of Title 3 of the Government Code.