BILL ANALYSIS                                                                                                                                                                                                    



                                                                       



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                              UNFINISHED BUSINESS


          Bill No:  SB 68
          Author:   Ducheny (D)
          Amended:  11/2/09
          Vote:     27 - Urgency

           
          PRIOR SENATE VOTES NOT RELEVANT

           ASSEMBLY FLOOR  :  56-12, 11/2/09 - See last page for vote


           SUBJECT  :    Budget Act of 2009:  redevelopment

           SOURCE  :     Author


           DIGEST  :    This bill modifies the provisions enacted by AB  
          26XXXX (Assembly Budget Committee), Chapter 21, Statutes of  
          2009, which shifted $1.7 billion in redevelopment revenues  
          to the Supplemental Educational Revenue Augmentation Fund  
          in 2009-10, thereby benefiting the State General Fund.  The  
          modifications provide additional flexibility to  
          redevelopment agencies in making the required transfer and  
          specify the use of more recent redevelopment agency data in  
          the calculation of the revenue shift.

           Assembly Amendments  delete the prior version of the bill  
          and instead add the current language.

           ANALYSIS  :   

          This bill:

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                                                                 SB 68
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          1.Allows redevelopment agencies to borrow from the existing  
            balance of their Low- and Moderate-Income Housing fund  
            for the purpose of making the 2009-10 transfer required  
            pursuant to AB 26XXXX (Assembly Budget Committee),  
            Chapter 21, Statutes of 2009.  This borrowing would have  
            to be fully repaid within five years.  Existing law  
            already authorizes redevelopment agencies to borrow from  
            the current year contribution to the Low- and  
            Moderate-Income Housing fund, but not their existing  
            balance.

          2.Allows the Department of Finance (DOF) to use the 2007-08  
            edition of the State Controller's Community Redevelopment  
            Agencies Annual Report, should that report be available  
            in time for the Director of DOF's calculation of each  
            redevelopment agencies obligation.  If the 2007-08 report  
            is not available, the Director of DOF will use the  
            2006-07 report, but must adjust the data to exclude  
            amounts apportioned to any redevelopment agency from any  
            territory that was deleted from their project area prior  
            to August 1, 2009.

          3.Declares this bill take effect immediately as an urgency  
            statute.

           FISCAL EFFECT  :    Appropriation:  No   Fiscal Com.:  Yes    
          Local:  No


           ASSEMBLY FLOOR  : 
          AYES:  Ammiano, Arambula, Blakeslee, Block, Blumenfield,  
            Bradford, Brownley, Buchanan, Charles Calderon, Carter,  
            Chesbro, Coto, Davis, De La Torre, De Leon, Emmerson,  
            Eng, Evans, Feuer, Fong, Fuentes, Fuller, Furutani,  
            Gaines, Galgiani, Garrick, Gilmore, Hagman, Hayashi,  
            Hernandez, Hill, Huffman, Krekorian, Lieu, Bonnie  
            Lowenthal, Ma, Monning, Nava, Niello, Nielsen, John A.  
            Perez, V. Manuel Perez, Portantino, Ruskin, Salas,  
            Saldana, Skinner, Smyth, Solorio, Audra Strickland,  
            Torlakson, Torres, Torrico, Tran, Yamada, Bass
          NOES:  Anderson, Conway, DeVore, Fletcher, Harkey, Huber,  
            Jones, Knight, Logue, Miller, Swanson, Villines
          NO VOTE RECORDED:  Adams, Beall, Bill Berryhill, Tom  
            Berryhill, Caballero, Cook, Hall, Jeffries, Mendoza,  







                                                                 SB 68
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            Nestande, Silva, Vacancy


          JJA:cm  11/3/09   Senate Floor Analyses 

                       SUPPORT/OPPOSITION:  NONE RECEIVED

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