Section 34180 Of Chapter 4. Oversight Boards From California Health And Safety Code >> Division 24. >> Part 1.85. >> Chapter 4.
34180
. All of the following successor agency actions shall first be
approved by the oversight board:
(a) The establishment of new repayment terms for outstanding loans
where the terms have not been specified prior to the date of this
part. An oversight board shall not have the authority to reestablish
loan agreements between the successor agency and the city, county, or
city and county that formed the redevelopment agency except as
provided in Chapter 9 (commencing with Section 34191.1).
(b) The issuance of bonds or other indebtedness or the pledge or
agreement for the pledge of property tax revenues (formerly tax
increment prior to the effective date of this part) pursuant to
subdivision (a) of Section 34177.5.
(c) Setting aside of amounts in reserves as required by
indentures, trust indentures, or similar documents governing the
issuance of outstanding redevelopment agency bonds.
(d) Merging of project areas.
(e) Continuing the acceptance of federal or state grants, or other
forms of financial assistance from either public or private sources,
if that assistance is conditioned upon the provision of matching
funds, by the successor entity as successor to the former
redevelopment agency, in an amount greater than 5 percent.
(f) (1) If a city, county, or city and county wishes to retain any
properties or other assets for future redevelopment activities,
funded from its own funds and under its own auspices, it must reach a
compensation agreement with the other taxing entities to provide
payments to them in proportion to their shares of the base property
tax, as determined pursuant to Section 34188, for the value of the
property retained.
(2) If no other agreement is reached on valuation of the retained
assets, the value will be the fair market value as of the 2011
property tax lien date as determined by an independent appraiser
approved by the oversight board.
(g) Establishment of the Recognized Obligation Payment Schedule.
(h) A request by the successor agency to enter or reenter into an
agreement with the city, county, or city and county that formed the
redevelopment agency that it is succeeding pursuant to Section 34178.
An oversight board shall not have the authority to reestablish loan
agreements between the successor agency and the city, county, or city
and county that formed the redevelopment agency except as provided
in Chapter 9 (commencing with Section 34191.1). Any actions to
establish or reestablish any other agreements that are authorized
under this part, with the city, county, or city and county that
formed the redevelopment agency are invalid until they are included
in an approved and valid Recognized Obligation Payment Schedule.
(i) A request by a successor agency or taxing entity to pledge, or
to enter into an agreement for the pledge of, property tax revenues
pursuant to subdivision (b) of Section 34178.
(j) Any document submitted by a successor agency to an oversight
board for approval by any provision of this part shall also be
submitted to the county administrative officer, the county
auditor-controller, and the Department of Finance at the same time
that the successor agency submits the document to the oversight
board.