33682.5
. (a) (1) For the purposes of this section, "existing
indebtedness" means one or more of the following obligations incurred
by a redevelopment agency prior to the effective date of the statute
that adds this chapter, the payment of which is to be made in whole
or in part, directly or indirectly, out of taxes allocated to the
agency pursuant to Section 33670, and which is required by law or
provision of the existing indebtedness to be made during the fiscal
year of the relevant allocation required by Section 33681.5:
(A) Bonds, notes, interim certificates, debentures, or other
obligations issued by an agency (whether funded, refunded, assumed,
or otherwise) pursuant to Article 5 (commencing with Section 33640).
(B) Loans or moneys advanced to the agency, including, but not
limited to, loans from federal, state, or local agencies, or a
private entity.
(C) A contractual obligation that, if breached, could subject the
agency to damages or other liabilities or remedies.
(D) An obligation incurred pursuant to Section 33445.
(E) Indebtedness incurred pursuant to Section 33334.2.
(F) An amount, to be expended for the operation and administration
of the agency, that may not exceed 90 percent of the amount spent
for those purposes in the 1991-92 fiscal year.
(G) Obligations imposed by law with respect to activities which
occurred prior to the effective date of the act that adds this
chapter.
(2) Existing indebtedness incurred prior to the effective date of
the statute that adds this article may be refinanced, refunded, or
restructured after that date, and shall remain existing indebtedness
for the purposes of this section, if the annual debt service during
that fiscal year does not increase over the prior fiscal year and the
refinancing does not reduce the ability of the agency to make the
payment required by subdivision (a) of Section 33681.5.
(3) For the purposes of this section, indebtedness shall be deemed
to be incurred prior to the effective date of this chapter if the
agency has entered into a binding contract subject to normal
marketing conditions, to deliver the indebtedness, or if the
redevelopment agency has received bids for the sale of the
indebtedness prior to that date and the indebtedness is issued for
value and evidence thereof is delivered to the initial purchaser no
later than 30 days after the date of the contract or sale.
(b) During the 1993-94 or 1994-95 fiscal year, an agency that has
adopted a resolution pursuant to subdivision (c) may, pursuant to
subdivision (a) of Section 33681.5, allocate to the auditor less than
the amount required by subdivision (a) of Section 33681.5, if the
agency finds that either of the following has occurred:
(1) That the difference between the amount allocated and the
amount required by subdivision (a) of Section 33681.5 is necessary to
make payments on existing indebtedness that are due or required to
be committed, set aside, or reserved by the agency during the
applicable fiscal year and that are used by the agency for that
purpose, and the agency has no other funds that can be used to pay
this existing indebtedness, and no other feasible method to reduce or
avoid this indebtedness.
(2) The agency has no other funds to make the allocation required
by subdivision (a) of Section 33681.5.
(c) (1) Any agency that, pursuant to subdivision (b), allocates to
the auditor less than the amount required by subdivision (a) of
Section 33681.5 shall adopt, prior to December 31 of the relevant
fiscal year, after a noticed public hearing, a resolution which lists
all of the following:
(A) Each existing indebtedness incurred prior to the effective
date of the act that adds this article.
(B) Each indebtedness on which a payment is required to be made
during the relevant fiscal year.
(C) The amount of each payment, the time when it is required to be
paid, and the total of the payments required to be made during the
relevant fiscal year. For indebtedness that bears interest at a
variable rate, or for short-term indebtedness that is maturing during
the fiscal year and expected to be refinanced, the amount of
payments during the fiscal year shall be estimated by the agency.
(2) The information contained in the resolution required by this
subdivision shall be reviewed for accuracy by the chief fiscal
officer of the agency.
(3) The legislative body shall additionally adopt the resolution
required by this section.
(d) (1) Any agency that, pursuant to subdivision (b), determines
that it will be unable in either the 1993-94 or 1994-95 fiscal year
to allocate the full amount required by subdivision (a) of Section
33681.5 shall, subject to paragraph (3), enter into an agreement with
the legislative body by February 15 of the relevant fiscal year to
fund the payment of the difference between the full amount required
to be paid pursuant to subdivision (a) of Section 33681.5 and the
amount available for allocation by the agency.
(2) The obligations imposed by paragraph (1) are hereby declared
to be indebtedness incurred by the redevelopment agency to finance a
portion of a redevelopment project within the meaning of Section 16
of Article XVI the California Constitution. This indebtedness shall
be payable from tax revenues allocated to the agency pursuant to
Section 33670, and any other funds received by the agency. The
obligations imposed by paragraph (1) shall remain an indebtedness of
the agency to the legislative body until paid in full, or until the
agency and the legislative body otherwise agree.
(3) The agreement described in paragraph (1) shall be subject to
these terms and conditions specified in a written agreement between
the legislative body and the agency.
(e) If the agency fails, under either Section 33681.5 or
subdivision (d), to transmit the full amount of funds required by
Section 33681.5, is precluded by court order from transmitting that
amount, or is otherwise unable to meet its full obligation pursuant
to Section 33681.5, the county auditor, by no later than May 15 of
the fiscal year, shall transfer any amount necessary to meet the
obligation determined for that agency in subparagraph (D) of
paragraph (2) of subdivision (a) of Section 33681.5 from the
legislative body's property tax allocation pursuant to Chapter 6
(commencing with Section 95) of Part 0.5 of Division 1 of the Revenue
and Taxation Code.