Section 33681.15 Of Article 7. School Finance From California Health And Safety Code >> Division 24. >> Part 1. >> Chapter 6. >> Article 7.
33681.15
. (a) For the purposes of this section, an "authorized
issuer" is limited to a joint powers entity created pursuant to
Article 1 (commencing with Section 6500) of Chapter 5 of Division 7
of Title 1 of the Government Code that consists of no less than 100
local agencies issuing bonds pursuant to the Marks-Roos Local Bond
Pooling Act of 1984 (commencing with Section 6584) of the Government
Code.
(b) An authorized issuer may issue bonds, notes, or other evidence
of indebtedness to provide net proceeds to make one or more loans to
one or more redevelopment agencies to be used by the agency to
timely make the payment required by Section 33681.12.
(c) With the prior approval of the legislative body by adoption of
a resolution by a majority of that body that recites that a first
lien on the property tax revenues allocated to the legislative body
will be created in accordance with subdivision (h), an agency may
enter into an agreement with an authorized issuer issuing bonds
pursuant to subdivision (b) to repay a loan used to make the payment
required by Section 33681.12, notwithstanding the expiration of the
time limit on establishing loans, advances, advances and
indebtedness, and the time limit on repayment of indebtedness. For
the purpose of calculating the amount that has been divided and
allocated to the redevelopment agency to determine whether the
limitation adopted pursuant to Section 33333.2 or 33333.4 or pursuant
to an agreement or court order has been reached, any funds used to
repay a loan entered into pursuant to this section shall be deducted
from the amount of property tax revenue deemed to have been received
by the agency.
(d) A loan made pursuant to this section shall be repayable by the
agency from any available funds of the agency not otherwise
obligated for other uses and shall be repayable by the agency on a
basis subordinate to all existing and future obligations of the
agency.
(e) Upon making a loan to an agency pursuant to this section, the
trustee for the bonds issued to provide the funds to make the loan
shall timely pay, on behalf of the agency, to the county auditor of
the county in which the agency is located the net proceeds (after
payment of costs of issuance, credit enhancement costs, and reserves,
if any) of the loan in payment in full or in part, as directed by
the agency, of the amount required to be paid by the agency pursuant
to Section 33681.12 and shall provide the county auditor with the
repayment schedule for the loan, together with the name of the
trustee.
(f) In the event the agency shall, at any time and from time to
time, fail to repay timely the loan in accordance with the schedule
provided to the county auditor, the trustee for the bonds shall
promptly notify the county auditor of the amount of the payment on
the loan that is past due.
(g) The county auditor shall reallocate from the legislative body
and shall pay, on behalf of the agency, the past due amount from the
first available proceeds of the property tax allocation that would
otherwise be transferred to the legislative body pursuant to Chapter
6 (commencing with Section 95) of Part 0.5 of Division 1 of the
Revenue and Taxation Code. This transfer shall be deemed a
reallocation of the property tax revenue from the legislative body to
the agency for the purpose of payment of the loan, and not as a
payment by the legislative body on the loan.
(h) To secure repayment of a loan to an agency made pursuant to
this section, the trustee for the bonds issued to provide the funds
to make the loan shall have a lien on the property tax revenues
allocated to the legislative body pursuant to Chapter 6 (commencing
with Section 95) of Part 0.5 of Division 1 of the Revenue and
Taxation Code. This lien shall arise by operation of this section
automatically upon the making of the loan without the need for any
action on the part of any person. This lien shall be valid, binding,
perfected, and enforceable against the legislative body, its
successors, creditors, purchasers, and all others asserting rights in
those property tax revenues, irrespective of whether those persons
have notice of the lien, irrespective of the fact that the property
tax revenues subject to the lien may be commingled with other
property, and without the need for physical delivery, recordation,
public notice, or any other act. This lien shall be a first priority
lien on these property tax revenues. This lien shall not apply to any
portion of the property taxes allocated to the agency pursuant to
Section 33670.