33681.12
. (a) (1) During the 2004-05 fiscal year, a redevelopment
agency shall, prior to May 10, remit an amount equal to the amount
determined for that agency pursuant to subparagraph (I) of paragraph
(2) to the county auditor for deposit in the county's Educational
Revenue Augmentation Fund created pursuant to Article 3 (commencing
with Section 97) of Chapter 6 of Part 0.5 of Division 1 of the
Revenue and Taxation Code. During the 2005-06 fiscal year, a
redevelopment agency shall, prior to May 10, remit an amount equal to
the amount determined for that agency pursuant to subparagraph (I)
of paragraph (2) to the county auditor for deposit in the county's
Educational Revenue Augmentation Fund created pursuant to Article 3
(commencing with Section 97) of Chapter 6 of Part 0.5 of Division 1
of the Revenue and Taxation Code.
(2) For the 2004-05 and 2005-06 fiscal years, on or before
November 15, the Director of Finance shall do all of the following:
(A) Determine the net tax increment apportioned to each agency
pursuant to Section 33670, excluding any amounts apportioned to
affected taxing agencies pursuant to Section 33401, 33607.5, or
33676.
(B) Determine the net tax increment apportioned to all agencies
pursuant to Section 33670, excluding any amounts apportioned to
affected taxing agencies pursuant to Section 33401, 33607.5, or
33676.
(C) Determine a percentage factor by dividing one hundred
twenty-five million dollars ($125,000,000) by the amount determined
pursuant to subparagraph (B).
(D) Determine an amount for each agency by multiplying the amount
determined pursuant to subparagraph (A) by the percentage factor
determined pursuant to subparagraph (C).
(E) Determine the total amount of property tax revenue apportioned
to each agency pursuant to Section 33670, including any amounts
apportioned to affected taxing agencies pursuant to Section 33401,
33607.5, or 33676.
(F) Determine the total amount of property tax revenue apportioned
to all agencies pursuant to Section 33670, including any amounts
apportioned to affected taxing agencies pursuant to Section 33401,
33607.5, or 33676.
(G) Determine a percentage factor by dividing one hundred
twenty-five million dollars ($125,000,000) by the amount determined
pursuant to subparagraph (F).
(H) Determine an amount for each agency by multiplying the amount
determined pursuant to subparagraph (E) by the percentage factor
determined pursuant to subparagraph (G).
(I) Add the amount determined pursuant to subparagraph (D) to the
amount determined pursuant to subparagraph (H).
(J) Notify each agency and each legislative body of the amount
determined pursuant to subparagraph (I).
(K) Notify each county auditor of the amounts determined pursuant
to subparagraph (I) for each agency in his or her county.
(3) The obligation of any agency to make the payments required
pursuant to this subdivision shall be subordinate to the lien of any
pledge of collateral securing, directly or indirectly, the payment of
the principal, or interest on any bonds of the agency including,
without limitation, bonds secured by a pledge of taxes allocated to
the agency pursuant to Section 33670.
(b) (1) Notwithstanding Sections 33334.2, 33334.3, and 33334.6,
and any other provision of law, in order to make the full allocation
required by this section, an agency may borrow up to 50 percent of
the amount required to be allocated to the Low and Moderate Income
Housing Fund pursuant to Sections 33334.2, 33334.3, and 33334.6
during the 2004-05 fiscal year and, if applicable, the 2005-06 fiscal
year, unless executed contracts exist that would be impaired if the
agency reduced the amount allocated to the Low and Moderate Income
Housing Fund pursuant to the authority of this subdivision.
(2) As a condition of borrowing pursuant to this subdivision, an
agency shall make a finding that there are insufficient other moneys
to meet the requirements of subdivision (a). Funds borrowed pursuant
to this subdivision shall be repaid in full within 10 years following
the date on which moneys are remitted to the county auditor for
deposit in the county's Educational Revenue Augmentation Fund
pursuant to subdivision (a).
(c) In order to make the allocation required by this section, an
agency may use any funds that are legally available and not legally
obligated for other uses, including, but not limited to, reserve
funds, proceeds of land sales, proceeds of bonds or other
indebtedness, lease revenues, interest, and other earned income. No
moneys held in a low- and moderate-income fund as of July 1 of the
applicable fiscal year may be used for this purpose.
(d) The legislative body shall by March 1 report to the county
auditor as to how the agency intends to fund the allocation required
by this section, or that the legislative body intends to remit the
amount in lieu of the agency pursuant to Section 33681.14.
(e) The allocation obligations imposed by this section, including
amounts owed, if any, created under this section, are hereby declared
to be an indebtedness of the redevelopment project to which they
relate, payable from taxes allocated to the agency pursuant to
Section 33670, and shall constitute an indebtedness of the agency
with respect to the redevelopment project until paid in full.
(f) It is the intent of the Legislature, in enacting this section,
that these allocations directly or indirectly assist in the
financing or refinancing, in whole or in part, of the community's
redevelopment project pursuant to Section 16 of Article XVI of the
California Constitution.
(g) In making the determinations required by subdivision (a), the
Director of Finance shall use those amounts reported as the "Tax
Increment Retained by Agency" for all agencies and for each agency in
the most recent published edition of the Controller's Community
Redevelopment Agencies Annual Report made pursuant to Section 12463.3
of the Government Code.
(h) If revised reports have been accepted by the Controller on or
before September 1, 2005, the Director of Finance shall use
appropriate data that has been certified by the Controller for the
purpose of making the determinations required by subdivision (a).
(i) (1) Notwithstanding any other provision of law, a city, city
and county, or county redevelopment agency may enter into a loan
agreement with the legislative body to have the agency remit to the
county's Educational Revenue Augmentation Fund for each of the
2004-05 and 2005-06 fiscal years an amount greater than that
determined pursuant to subparagraph (I) of paragraph (2) of
subdivision (a) or, for the 2009-10 fiscal year, to have the agency
remit to the county auditor on the city's, city and county's, or
county's behalf all or a portion of the reduction amount determined
for the county under Section 100.06 of the Revenue and Taxation Code,
if, in either instance, all of the following conditions are met:
(A) The agency does not exercise its authority under subdivision
(b) to borrow from its Low and Moderate Income Housing Fund to
finance its payments to the county's Educational Revenue Augmentation
Fund or to the county auditor.
(B) The agency does not have any outstanding loans from its Low
and Moderate Income Housing Fund that were made under subdivision (b)
of Section 33681.7, or subdivision (b) of Section 33681.9.
(C) The loan agreement requires the city, city and county, or
county to repay any excess remitted amounts or amounts paid to the
city, city and county, or county auditor on the county's behalf in
the 2009-10 fiscal year, including interest, to the agency within
three fiscal years subsequent to the fiscal year in which the loan is
made.
(D) The agency making the loan does not participate in pooled
borrowing under Section 33681.15.
(2) A loan agreement described in paragraph (1) shall be
transmitted to the county auditor not later than December 1 of the
fiscal year in which the loan is made. Any amount remitted by the
agency to the county Educational Revenue Augmentation Fund for the
2004-05 or 2005-06 fiscal year in excess of the amount determined
pursuant to paragraph (1) of subdivision (a) shall be credited to the
amount that would otherwise be subtracted by the county auditor
pursuant to subdivision (a) of Section 97.71 of the Revenue and
Taxation Code for, as applicable, the 2004-05 and 2005-06 fiscal
years.
(3) Notwithstanding subparagraph (C) of paragraph (1), a county
redevelopment agency and a legislative body that have entered into a
loan agreement for the 2004-05 or 2005-06 fiscal year under paragraph
(1) may, by mutual consent, adopt either or both of the following
modifications to that agreement:
(A) The repayment period may be extended, but the full repayment
shall be completed no later than June 30, 2021.
(B) The repayment obligation may be offset by the amount of any
expenditures by the county for capital improvements or deferred
maintenance that substantially benefit any or all of the
redevelopment project areas of the redevelopment agency if the agency
approves the expenditure and the agency adopts a finding that the
expenditure furthers the goals and objectives of the agency's
redevelopment plan or plans.