BILL ANALYSIS �
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THIRD READING
Bill No: AB 1450
Author: Garcia (D)
Amended: 7/1/14 in Senate
Vote: 27 - Urgency
PRIOR VOTES NOT RELEVANT
SUBJECT : Local government: redevelopment: revenues from
property tax
override rates
SOURCE : Author
DIGEST : This bill, beginning fiscal year 2014-15, prohibits
any revenues derived from the imposition of a property tax rate,
approved by the voters of a city, county, or city and county, to
make payments in support of pension programs and levied in
addition to the general property tax rate, from being allocated
to a Redevelopment Property Tax Trust Fund, as specified.
Senate Floor Amendments of 7/1/14 delete the prior version of
the bill relating to cyber-bullying, and insert language to
create a new bill relative to local government redevelopment.
ANALYSIS : Existing law dissolved redevelopment agencies and
community development agencies as of February 1, 2012, and
provides for the designation of successor agencies to wind down
the affairs of the dissolved redevelopment agencies. Existing
law requires revenues equivalent to those that would have been
allocated to each redevelopment agency, had the agency not been
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dissolved, to be allocated to the Redevelopment Property Tax
Trust Fund of each successor agency for making payments on the
principal of and interest on loans, and moneys advanced to or
indebtedness incurred by the dissolved redevelopment agencies.
Existing law requires, from February 1, 2012, to July 1, 2012,
inclusive, and for each fiscal year thereafter, the county
auditor-controller, after deducting administrative costs, to
allocate property tax revenues in each Redevelopment Property
Tax Trust Fund in a specified manner.
This bill, beginning fiscal year 2014-15 prohibits any revenues
derived from the imposition of a property tax rate, approved by
the voters of a city, county, or city and county, to make
payments in support of pension programs and levied in addition
to the general property tax rate, from being allocated to a
Redevelopment Property Tax Trust Fund and, instead, requires
these revenues to be allocated to, and when collected to be paid
into, the fund of the city, county, or city and county whose
voters approved the tax unless, following a written request with
each Recognized Obligation Payment Schedule cycle from the
successor agency to the city, county, or city and county whose
voters approved the tax, the city, county, or city and county
authorizes the use of the revenues by the successor agency to
pay any enforceable obligation, as specified.
This bill requires any revenues derived from the imposition of a
property tax rate as so described that have been pledged as
security for the payment of any indebtedness obligation to be
allocated to the successor agency to pay that indebtedness
obligation, as specified. This bill requires all allocations of
revenues derived from the imposition of a property tax rate as
so described made by any county auditor-controller prior to July
1, 2014, to be deemed correct, and prohibits any city, county,
city and county, county auditor-controller, successor agency, or
affected taxing entity from being subject to any claim, as
specified.
FISCAL EFFECT : Appropriation: No Fiscal Com.: Yes
Local: Yes
SUPPORT : (Unable to verify)
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AB 1450
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OPPOSITION : (Unable to verify)
- - - -
AB:nl 7/2/14 Senate Floor Analyses
SUPPORT/OPPOSITION: SEE ABOVE
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