AB 1870

  • California Assembly Bill
  • 2009-2010 Regular Session
  • Introduced in Assembly
  • Assembly
  • Senate
  • Governor

Redevelopment: tax increment funds: payment of indebtedness.

Abstract

Existing law authorizes redevelopment agencies to pay the principal of, and interest on, indebtedness incurred to finance or refinance redevelopment, from a portion of property tax revenues diverted from other taxing agencies. The portion of taxes diverted is the amount attributable to increases in assessed valuation of property in the redevelopment project area subsequent to establishment thereof. This method of financing is commonly known as "tax increment" financing and is specifically authorized by Section 16 of Article XVI of the California Constitution. Existing law also authorizes a redevelopment agency, in any redevelopment plan or in the proceedings for the advance of moneys or the making of loans or the incurring of any indebtedness, to finance or refinance, in whole or in part, a redevelopment project to irrevocably pledge its tax increment revenues for the payment of the principal of, and interest on, these loans, advances, or other indebtedness. This bill would make technical, nonsubstantive changes in those provisions that authorize a redevelopment agency to pledge its tax increment revenues for the payment on loans, advances, or other indebtedness.

Bill Sponsors (1)

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Actions


Nov 30, 2010

Assembly

Died at Desk.

Feb 16, 2010

Assembly

From printer. May be heard in committee March 18.

Feb 12, 2010

Assembly

Read first time. To print.

Bill Text

Bill Text Versions Format
AB1870 HTML
02/12/10 - Introduced PDF

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