33682
. (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 1992-93
fiscal year:
(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 which, 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, which 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, funded, or
restructured after that date, and shall remain existing indebtedness
for the purposes of this section, if the annual debt service during
the 1992-93 fiscal year does not increase and the refinancing does
not reduce the ability of the agency to make the payment required by
subdivision (a) of Section 33681.
(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) (1) During the 1992-93 fiscal year, an agency that has adopted
a resolution pursuant to subdivision (c) may allocate to the school
and community college districts less than the amount required by
subdivision (a) of Section 33681, if the agency finds that either of
the following has occurred:
(A) That the difference between the amount allocated and the
amount required by subdivision (a) of Section 33681 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 1992-93
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.
(B) The agency has no other funds to make the allocation required
by subdivision (a) of Section 33681.
(2) If the agency allocates to the school and community college
districts less than the total amount required by subdivision (a) of
Section 33681, it shall reduce the payments to each district on a pro
rata basis.
(c) (1) Any agency which, pursuant to subdivision (b), allocates
to the school or community college districts less than the amount
required by subdivision (a) of Section 33681 shall adopt, prior to
November 1, 1992, for the 1992-93 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 1992-93 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
1992-93 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 certified by the chief fiscal officer of the
agency.
(d) Any agency that pays to the school or community college
districts less than the amount required by subdivision (a) of Section
33681 during the 1992-93 fiscal year shall pay the difference
between the full amount required to be paid by this section and the
amount already paid to the school or community college districts
prior to June 30, 1997.