Chapter 9. Postcompliance Provisions of California Health And Safety Code >> Division 24. >> Part 1.85. >> Chapter 9.
The provisions of this chapter shall apply to a successor
agency upon that agency's receipt of a finding of completion by the
Department of Finance pursuant to Section 34179.7.
(a) Notwithstanding Section 34191.1, the requirements
specified in subdivision (e) of Section 34177 and subdivision (a) of
Section 34181 shall be suspended, except as those provisions apply to
the transfers for governmental use, until the Department of Finance
has approved a long-range property management plan pursuant to
subdivision (b) of Section 34191.5, at which point the plan shall
govern, and supersede all other provisions relating to, the
disposition and use of the real property assets of the former
redevelopment agency. If the department has not approved a plan by
January 1, 2016, subdivision (e) of Section 34177 and subdivision (a)
of Section 34181 shall be operative with respect to that successor
agency.
(b) If the department has approved a successor agency's long-range
property management plan prior to January 1, 2016, the successor
agency may amend its long-range property management plan once, solely
to allow for retention of real properties that constitute "parking
facilities and lots dedicated solely to public parking" for
governmental use pursuant to Section 34181. An amendment to a
successor agency's long-range property management plan under this
subdivision shall be submitted to its oversight board for review and
approval pursuant to Section 34179, and any such amendment shall be
submitted to the department prior to July 1, 2016.
(c) (i) Notwithstanding paragraph (2) of subdivision (a) of
Section 34181, for purposes of amending a successor agency's
long-range property management plan under subdivision (b), "parking
facilities and lots dedicated solely to public parking" do not
include properties that, as of the date of transfer pursuant to the
amended long-range property management plan, generate revenues in
excess of reasonable maintenance costs of the properties.
(ii) Notwithstanding any other law, a city, county, city and
county, or parking district shall not be required to reimburse or pay
a successor agency for any funds spent on or before December 31,
2010, by a former redevelopment agency to design and construct a
parking facility.
The following provisions shall apply to any successor
agency that has been issued a finding of completion by the
department:
(a) All real property and interests in real property identified in
subparagraph (C) of paragraph (5) of subdivision (c) of Section
34179.5 shall be transferred to the Community Redevelopment Property
Trust Fund of the successor agency upon approval by the Department of
Finance of the long-range property management plan submitted by the
successor agency pursuant to subdivision (b) of Section 34191.5
unless that property is subject to the requirements of any existing
enforceable obligation.
(b) (1) Notwithstanding subdivision (d) of Section 34171, upon
application by the successor agency and approval by the oversight
board, loan agreements entered into between the redevelopment agency
and the city, county, or city and county that created the
redevelopment agency shall be deemed to be enforceable obligations
provided that the oversight board makes a finding that the loan was
for legitimate redevelopment purposes.
(2) For purposes of this section, "loan agreement" means any of
the following:
(A) Loans for money entered into between the former redevelopment
agency and the city, county, or city and county that created the
former redevelopment agency under which the city, county, or city and
county that created the former redevelopment agency transferred
money to the former redevelopment agency for use by the former
redevelopment agency for a lawful purpose, and where the former
redevelopment agency was obligated to repay the money it received
pursuant to a required repayment schedule.
(B) An agreement between the former redevelopment agency and the
city, county, or city and county that created the former
redevelopment agency under which the city, county, or city and county
that created the former redevelopment agency transferred a real
property interest to the former redevelopment agency for use by the
former redevelopment agency for a lawful purpose and the former
redevelopment agency was obligated to pay the city, county, or city
and county that created the former redevelopment agency for the real
property interest.
(C) (i) An agreement between the former redevelopment agency and
the city, county, or city and county that created the former
redevelopment agency under which the city, county, or city and county
that created the former redevelopment agency contracted with a third
party on behalf of the former redevelopment agency for the
development of infrastructure in connection with a redevelopment
project as identified in a redevelopment project plan and the former
redevelopment agency was obligated to reimburse the city, county, or
city and county that created the former redevelopment agency for the
payments made by the city, county, or city and county to the third
party.
(ii) The total amount of loan repayments to a city, county, or
city and county that created the former redevelopment agency for all
loan agreements described in clause (i) shall not exceed five million
dollars ($5,000,000).
(3) If the oversight board finds that the loan is an enforceable
obligation, any interest on the remaining principal amount of the
loan that was previously unpaid after the original effective date of
the loan shall be recalculated from the date of origination of the
loan as approved by the redevelopment agency on a quarterly basis, at
a simple interest rate of 3 percent. The recalculated loan shall be
repaid to the city, county, or city and county in accordance with a
defined schedule over a reasonable term of years. Moneys repaid shall
be applied first to the principal, and second to the interest. The
annual loan repayments provided for in the recognized obligation
payment schedules shall be subject to all of the following
limitations:
(A) Loan repayments shall not be made prior to the 2013-14 fiscal
year. Beginning in the 2013-14 fiscal year, the maximum repayment
amount authorized each fiscal year for repayments made pursuant to
this subdivision and paragraph (7) of subdivision (e) of Section
34176 combined shall be equal to one-half of the increase between the
amount distributed to the taxing entities pursuant to paragraph (4)
of subdivision (a) of Section 34183 in that fiscal year and the
amount distributed to taxing entities pursuant to that paragraph in
the 2012-13 base year, provided, however, that calculation of the
amount distributed to taxing entities during the 2012-13 base year
shall not include any amounts distributed to taxing entities pursuant
to the due diligence review process established in Sections 34179.5
to 34179.8, inclusive. Loan or deferral repayments made pursuant to
this subdivision shall be second in priority to amounts to be repaid
pursuant to paragraph (7) of subdivision (e) of Section 34176.
(B) Repayments received by the city, county, or city and county
that formed the redevelopment agency shall first be used to retire
any outstanding amounts borrowed and owed to the Low and Moderate
Income Housing Fund of the former redevelopment agency for purposes
of the Supplemental Educational Revenue Augmentation Fund and shall
be distributed to the Low and Moderate Income Housing Asset Fund
established by subdivision (d) of Section 34176. Distributions to the
Low and Moderate Income Housing Asset Fund are subject to the
reporting requirements of subdivision (f) of Section 34176.1.
(C) Twenty percent of any loan repayment shall be deducted from
the loan repayment amount and shall be transferred to the Low and
Moderate Income Housing Asset Fund, after all outstanding loans from
the Low and Moderate Income Housing Fund for purposes of the
Supplemental Educational Revenue Augmentation Fund have been paid.
Transfers to the Low and Moderate Income Housing Asset Fund are
subject to the reporting requirements of subdivision (f) of Section
34176.1.
(c) (1) (A) Notwithstanding Section 34177.3 or any other
conflicting provision of law, bond proceeds derived from bonds issued
on or before December 31, 2010, in excess of the amounts needed to
satisfy approved enforceable obligations shall thereafter be expended
in a manner consistent with the original bond covenants. Enforceable
obligations may be satisfied by the creation of reserves for
projects that are the subject of the enforceable obligation and that
are consistent with the contractual obligations for those projects,
or by expending funds to complete the projects. An expenditure made
pursuant to this paragraph shall constitute the creation of excess
bond proceeds obligations to be paid from the excess proceeds. Excess
bond proceeds obligations shall be listed separately on the
Recognized Obligation Payment Schedule submitted by the successor
agency. The expenditure of bond proceeds described in this
subparagraph pursuant to an excess bond proceeds obligation shall
only require the approval by the oversight board of the successor
agency.
(B) If remaining bond proceeds derived from bonds issued on or
before December 31, 2010, cannot be spent in a manner consistent with
the bond covenants pursuant to subparagraph (A), the proceeds shall
be used at the earliest date permissible under the applicable bond
covenants to defease the bonds or to purchase those same outstanding
bonds on the open market for cancellation.
(2) Bond proceeds derived from bonds issued on or after January 1,
2011, in excess of the amounts needed to satisfy approved
enforceable obligations, shall be used in a manner consistent with
the original bond covenants, subject to the following provisions:
(A) No more than 5 percent of the proceeds derived from the bonds
may be expended, unless the successor agency meets the criteria
specified in subparagraph (B).
(B) If the successor agency has an approved Last and Final
Recognized Obligation Payment Schedule pursuant to Section 34191.6,
the agency may expend no more than 20 percent of the proceeds derived
from the bonds, subject to the following adjustments:
(i) If the bonds were issued during the period of January 1, 2011,
to January 31, 2011, inclusive, the successor agency may expend an
additional 25 percent of the proceeds derived from the bonds, for a
total authorized expenditure of no more than 45 percent.
(ii) If the bonds were issued during the period of February 1,
2011, to February 28, 2011, inclusive, the successor agency may
expend an additional 20 percent of the proceeds derived from the
bonds, for a total authorized expenditure of no more than 40 percent.
(iii) If the bonds were issued during the period of March 1, 2011,
to March 31, 2011, inclusive, the successor agency may expend an
additional 15 percent of the proceeds derived from the bonds, for a
total authorized expenditure of no more than 35 percent.
(iv) If the bonds were issued during the period of April 1, 2011,
to April 30, 2011, inclusive, the successor agency may expend an
additional 10 percent of the proceeds derived from the bonds, for a
total authorized expenditure of no more than 30 percent.
(v) If the bonds were issued during the period of May 1, 2011, to
May 31, 2011, inclusive, the successor agency may expend an
additional 5 percent of the proceeds derived from the bonds, for a
total authorized expenditure of no more than 25 percent.
(C) Remaining bond proceeds that cannot be spent pursuant to
subparagraphs (A) and (B) shall be used at the at the earliest date
permissible under the applicable bond covenants to defease the bonds
or to purchase those same outstanding bonds on the open market for
cancellation.
(D) The expenditure of bond proceeds described in this paragraph
shall only require the approval by the oversight board of the
successor agency.
(3) If a successor agency provides the oversight board and the
department with documentation that proves, to the satisfaction of
both entities, that bonds were approved by the former redevelopment
agency prior to January 31, 2011, but the issuance of the bonds was
delayed by the actions of a third-party metropolitan regional
transportation authority beyond January 31, 2011, the successor
agency may expend the associated bond proceeds in accordance with
clause (i) of subparagraph (B) of paragraph (2) of this section.
(4) Any proceeds derived from bonds issued by a former
redevelopment agency after December 31, 2010, that were issued, in
part, to refund or refinance tax-exempt bonds issued by the former
redevelopment agency on or before December 31, 2010, and which are in
excess of the amount needed to refund or refinance the bonds issued
on or before December 31, 2010, may be expended by the successor
agency in accordance with clause (i) of subparagraph (B) of paragraph
(2) of this section. The authority provided in this paragraph is
conditioned on the successor agency providing to its oversight board
and the department the resolution by the former redevelopment agency
approving the issuance of the bonds issued after December 31, 2010.
(d) This section shall apply retroactively to actions occurring on
or after June 28, 2011. The amendment of this section by the act
adding this subdivision shall not result in the denial of a loan
under subdivision (b) that has been previously approved by the
department prior to the effective date of the act adding this
subdivision. Additionally, the amendment of this section by the act
adding this subdivision shall not impact the judgments, writs of
mandate, and orders entered by the Sacramento Superior Court in the
following lawsuits: (1) City of Watsonville v. California Department
of Finance, et al. (Sac. Superior Ct. Case No. 34-2014-80001910); (2)
City of Glendale v. California Department of Finance, et al. (Sac.
Superior Ct. Case No. 34-2014-80001924).
(a) There is hereby established a Community Redevelopment
Property Trust Fund, administered by the successor agency, to serve
as the repository of the former redevelopment agency's real
properties identified in subparagraph (C) of paragraph (5) of
subdivision (c) of Section 34179.5.
(b) The successor agency shall prepare a long-range property
management plan that addresses the disposition and use of the real
properties of the former redevelopment agency. If the former
redevelopment agency did not have real properties, the successor
agency shall prepare a long-range property management plan certifying
that the successor agency does not have real properties of the
former redevelopment agency for disposition or use. The plan shall be
submitted to the oversight board and the Department of Finance for
approval no later than six months following the issuance to the
successor agency of the finding of completion.
(c) The long-range property management plan shall do all of the
following:
(1) Include an inventory of all properties in the trust. The
inventory shall consist of all of the following information:
(A) The date of the acquisition of the property and the value of
the property at that time, and an estimate of the current value of
the property.
(B) The purpose for which the property was acquired.
(C) Parcel data, including address, lot size, and current zoning
in the former agency redevelopment plan or specific, community, or
general plan.
(D) An estimate of the current value of the parcel including, if
available, any appraisal information.
(E) An estimate of any lease, rental, or any other revenues
generated by the property, and a description of the contractual
requirements for the disposition of those funds.
(F) The history of environmental contamination, including
designation as a brownfield site, any related environmental studies,
and history of any remediation efforts.
(G) A description of the property's potential for transit-oriented
development and the advancement of the planning objectives of the
successor agency.
(H) A brief history of previous development proposals and
activity, including the rental or lease of property.
(2) Address the use or disposition of all of the properties in the
trust. Permissible uses include the retention of the property for
governmental use pursuant to subdivision (a) of Section 34181, the
retention of the property for future development, the sale of the
property, or the use of the property to fulfill an enforceable
obligation. The plan shall separately identify and list properties in
the trust dedicated to governmental use purposes and properties
retained for purposes of fulfilling an enforceable obligation. With
respect to the use or disposition of all other properties, all of the
following shall apply:
(A) (i) If the plan directs the use or liquidation of the property
for a project identified in an approved redevelopment plan, the
property shall transfer to the city, county, or city and county.
(ii) For purposes of this subparagraph, the term "identified in an
approved redevelopment plan" includes properties listed in a
community plan or a five-year implementation plan.
(iii) The department or an oversight board may require approval of
a compensation agreement or agreements, as described in subdivision
(f) of Section 34180, prior to any transfer of property pursuant to
this subparagraph, provided, however, that a compensation agreement
or agreements may be developed and executed subsequent to the
approval process of a long-range property management plan.
(B) If the plan directs the liquidation of the property or the use
of revenues generated from the property, such as lease or parking
revenues, for any purpose other than to fulfill an enforceable
obligation or other than that specified in subparagraph (A), the
proceeds shall be distributed as property tax to the taxing entities.
(C) Property shall not be transferred to a successor agency, city,
county, or city and county, unless the long-range property
management plan has been approved by the oversight board and the
Department of Finance.
(d) The department shall only consider whether the long-range
property management plan makes a good faith effort to address the
requirements set forth in subdivision (c).
(e) The department shall approve long-range property management
plans as expeditiously as possible.
(f) Actions to implement the disposition of property pursuant to
an approved long-range property management plan shall not require
review by the department.
(a) Beginning January 1, 2016, successor agencies may
submit a Last and Final Recognized Obligation Payment Schedule for
approval by the oversight board and the department if all of the
following conditions are met:
(1) The remaining debt of a successor agency is limited to
administrative costs and payments pursuant to enforceable obligations
with defined payment schedules including, but not limited to, debt
service, loan agreements, and contracts.
(2) All remaining obligations have been previously listed on a
Recognized Obligation Payment Schedule and approved for payment by
the department pursuant to subdivision (m) or (o) of Section 34177.
(3) The successor agency is not a party to outstanding or
unresolved litigation. Notwithstanding this provision, successor
agencies that are party to Los Angeles Unified School Dist. v. County
of Los Angeles (2010) 181 Cal.App.4th 414 or Los Angeles Unified
School District v. County of Los Angeles (2013) 217 Cal.App.4th 597,
may submit a Last and Final Recognized Obligation Payment Schedule.
(b) A successor agency that meets the conditions in subdivision
(a) may submit a Last and Final Recognized Obligation Payment
Schedule to its oversight board for approval at any time. The
successor agency may then submit the oversight board-approved Last
and Final Recognized Obligation Payment Schedule to the department
and only in a manner provided by the department. The Last and Final
Recognized Obligation Payment Schedule shall not be effective until
reviewed and approved by the department as provided for in
subdivision (c). The successor agency shall also submit a copy of the
oversight board-approved Last and Final Recognized Obligation
Payment Schedule to the county administrative officer, the county
auditor-controller, and post it to the successor agency's Internet
Web site at the same time that the successor agency submits the Last
and Final Recognized Obligation Payment Schedule to the department.
(1) The Last and Final Recognized Obligation Payment Schedule
shall list the remaining enforceable obligations of the successor
agency in the following order:
(A) Enforceable obligations to be funded from the Redevelopment
Property Tax Trust Fund.
(B) Enforceable obligations to be funded from bond proceeds or
enforceable obligations required to be funded from other legally or
contractually dedicated or restricted funding sources.
(C) Loans or deferrals authorized for repayment pursuant to
subparagraph (G) of paragraph (1) of subdivision (d) of Section 34171
or Section 34191.4.
(2) The Last and Final Recognized Obligation Payment Schedule
shall include the total outstanding obligation and a schedule of
remaining payments for each enforceable obligation listed pursuant to
subparagraphs (A) and (B) of paragraph (1), and the total
outstanding obligation and interest rate of 4 percent, for loans or
deferrals listed pursuant to subparagraph (C) of paragraph (1).
(c) The department shall have 100 days to review the Last and
Final Recognized Obligation Payment Schedule submitted pursuant to
subdivision (b). The department may make any amendments or changes to
the Last and Final Recognized Obligation Payment Schedule, provided
the amendments or changes are agreed to by the successor agency in
writing. If the successor agency and the department cannot come to an
agreement on the proposed amendments or changes, the department
shall issue a letter denying the Last and Final Recognized Obligation
Payment Schedule. All Last and Final Recognized Obligation Payment
Schedules approved by the department shall become effective on the
first day of the subsequent Redevelopment Property Tax Trust Fund
distribution period. If the Last and Final Recognized Obligation
Payment Schedule is approved less than 15 days before the date of the
property tax distribution, the Last and Final Recognized Obligation
Payment Schedule shall not be effective until the subsequent
Redevelopment Property Tax Trust Fund distribution period.
(1) Upon approval by the department, the Last and Final Recognized
Obligation Payment Schedule shall establish the maximum amount of
Redevelopment Property Tax Trust Funds to be distributed to the
successor agency for each remaining fiscal year until all obligations
have been fully paid.
(2) (A) Successor agencies may submit no more than two requests to
the department to amend the approved Last and Final Recognized
Obligation Payment Schedule. Requests shall first be approved by the
oversight board and then submitted to the department for review. A
request shall not be effective until reviewed and approved by the
department. The request shall be provided to the department by
electronic means and in a manner of the department's choosing. The
department shall have 100 days from the date received to approve or
deny the successor agency's request. All amended Last and Final
Recognized Obligation Payment Schedules approved by the department
shall become effective in the subsequent Redevelopment Property Tax
Trust Fund distribution period. If an amended Last and Final
Recognized Obligation Payment Schedule is approved less than 15 days
before the date of the property tax distribution, the Last and Final
Recognized Obligation Payment Schedule shall not be effective until
the subsequent Redevelopment Property Tax Trust Fund distribution
period.
(B) Notwithstanding paragraph (2), there shall be no limitation on
the number of Last and Final Recognized Obligation Payment Schedule
amendment requests that may be submitted to the department by
successor agencies that are party to either of the cases specified in
paragraph (3) of subdivision (a), provided those additional
amendments are submitted for the sole purpose of complying with final
judicial determinations in those cases.
(3) Any revenues, interest, and earnings of the successor agency
not authorized for use pursuant to the approved Last and Final
Recognized Obligation Payment Schedule shall be remitted to the
county auditor-controller for distribution to the affected taxing
entities. Notwithstanding Sections 34191.3 and 34191.5, proceeds from
the disposition of real property subsequent to the approval of the
Last and Final Recognized Obligation Payment Schedule that are not
necessary for the payment of an enforceable obligation shall be
remitted to the county auditor-controller for distribution to the
affected taxing entities.
(4) A successor agency shall not expend more than the amount
approved for each enforceable obligation listed and approved on the
Last and Final Recognized Obligation Payment Schedule.
(5) If a successor agency receives insufficient funds to pay for
the enforceable obligations approved in the Last and Final Recognized
Obligation Payment Schedule in any given period, the city, county,
or city and county that created the redevelopment agency may loan or
grant funds to a successor agency for that period at the successor
agency's request for the sole purpose of paying for approved items on
the Last and Final Recognized Obligation Payment Schedule that would
otherwise go unpaid. Any loans provided pursuant to this paragraph
by the city, county, or city and county that created the
redevelopment agency shall not include an interest component.
Additionally, at the request of the department, the county treasurer
may loan any funds from the county treasury to the Redevelopment
Property Tax Trust Fund of the successor agency for the purpose of
paying an item approved on the Last and Final Recognized Obligation
Payment Schedule in order to ensure prompt payments of successor
agency debts. Any loans provided pursuant to this paragraph by the
county treasurer shall not include an interest component. A loan made
under this section shall be repaid from the source of funds approved
for payment of the underlying enforceable obligation in the Last and
Final Recognized Obligation Payment Schedule once sufficient funds
become available from that source. Payment of the loan shall not
increase the total amount of Redevelopment Property Tax Trust Fund
received by the successor agency as approved on the Last and Final
Recognized Obligation Payment Schedule.
(6) Notwithstanding subparagraph (B) of paragraph (6) of
subdivision (e) of Section 34176 and subparagraph (A) of paragraph
(3) of subdivision (b) of Section 34191.4, commencing on the date the
Last and Final Recognized Obligation Payment Schedule becomes
effective:
(A) The maximum repayment amount of the total principal and
interest on loans and deferrals authorized for repayment pursuant to
subparagraph (B) of paragraph (6) of subdivision (e) of Section 34176
or Section 34191.4 and listed and approved in the Last and Final
Recognized Obligation Payment Schedule shall be 15 percent of the
moneys remaining in the Redevelopment Property Tax Trust Fund after
the allocation of moneys in each six-month period pursuant to Section
34183 prior to the distributions under paragraph (4) of subdivision
(a) of Section 34183.
(B) If the calculation performed pursuant to subparagraph (A)
results in a lower repayment amount than would result from
application of the calculation specified in subparagraph (B) of
paragraph (6) of subdivision (e) of Section 34176 or subparagraph (A)
of paragraph (3) of subdivision (b) of Section 34191.4, the
successor agency may calculate its Last and Final Recognized
Obligation Payment Schedule loan repayments using the latter
calculation.
(7) Commencing on the effective date of the approved Last and
Final Recognized Obligation Payment Schedule, the successor agency
shall not prepare or transmit Recognized Obligation Payment Schedules
pursuant to Section 34177.
(8) Commencing on the effective date of the approved Last and
Final Recognized Obligation Payment Schedule, oversight board
resolutions shall not be submitted to the department pursuant to
subdivision (h) of Section 34179. This paragraph shall not apply to
oversight board resolutions necessary for refunding bonds pursuant to
Section 34177.5, long-range property management plans pursuant to
Section 34191.5, amendments to the Last and Final Recognized
Obligation Payment Schedule under paragraph (2) of subdivision (c),
and the final oversight board resolutions pursuant to Section 34187.
(d) The county auditor-controller shall do the following:
(1) Review the Last and Final Recognized Obligation Payment
Schedule and provide any objection to the inclusion of any items or
amounts to the department.
(2) After the Last and Final Recognized Obligation Payment
Schedule is approved by the department, the county auditor-controller
shall continue to allocate moneys in the Redevelopment Property Tax
Trust Fund pursuant to Section 34183; however, the allocation from
the Redevelopment Property Tax Trust Funds in each fiscal period,
after deducting auditor-controller administrative costs, shall be
according to the following order of priority:
(A) Allocations pursuant to paragraph (1) of subdivision (a) of
Section 34183.
(B) Debt service payments scheduled to be made for tax allocation
bonds that are listed and approved in the Last and Final Recognized
Obligation Payment Schedule.
(C) Payments scheduled to be made on revenue bonds that are listed
and approved in the Last and Final Recognized Obligation Payment
Schedule, but only to the extent the revenues pledged for them are
insufficient to make the payments and only if the agency's tax
increment revenues were also pledged for the repayment of bonds.
(D) Payments scheduled for debts and obligations listed and
approved in the Last and Final Recognized Obligation Payment Schedule
to be paid from the Redevelopment Property Tax Trust Fund pursuant
to subparagraph (A) of paragraph (1) of subdivision (b) and
subdivision (c).
(E) Payments listed and approved pursuant to subparagraph (A) of
paragraph (1) of subdivision (b) and subdivision (c) that were
authorized but unfunded in prior periods.
(F) Repayment in the amount specified in paragraph (6) of
subdivision (c) of loans and deferrals listed and approved on the
Last and Final Recognized Obligation Payment Schedule pursuant to
subparagraph (C) of paragraph (1) of subdivision (b) and subdivision
(c).
(G) Any moneys remaining in the Redevelopment Property Tax Trust
Fund after the payments and transfers authorized by subparagraphs (A)
to (F), inclusive, shall be distributed to taxing entities in
accordance with paragraph (4) of subdivision (a) of Section 34183.
(3) If the successor agency reports to the county
auditor-controller that the total available amounts in the
Redevelopment Property Tax Trust Fund will be insufficient to fund
their current or future fiscal year obligations, and if the county
auditor-controller concurs that there are insufficient funds to pay
the required obligations, the county auditor-controller may
distribute funds pursuant to subdivision (b) of Section 34183.
(4) The county auditor-controller shall no longer distribute
property tax to the Redevelopment Property Tax Trust Fund once the
aggregate amount of property tax allocated to the successor agency
equals the total outstanding obligation approved in the Last and
Final Recognized Obligation Payment Schedule.
(e) Successor agencies with a Last and Final Recognized Payment
Schedule approved by the department may amend or modify existing
contracts, agreements, or other arrangements identified on the Last
and Final Recognized Obligation Payment Schedule which the department
has already determined to be enforceable obligations, provided:
(1) The outstanding payments owing from the successor agency are
not accelerated or increased in any way.
(2) Any amendment to extend terms shall not include an extension
beyond the last scheduled payment for the enforceable obligations
listed and approved on the Last and Final Recognized Obligation
Payment Schedule.
(3) This subdivision shall not be construed as authorizing
successor agencies to create new or additional enforceable
obligations or otherwise increase, directly or indirectly, the amount
of Redevelopment Property Tax Trust Funds allocated to the successor
agency by the county auditor-controller.