SB 1414

Bill Subjects

Abstract

Existing law dissolved redevelopment agencies and community development agencies, as of February 1, 2012, and provides for the designation of successor agencies, as defined. Existing law requires successor agencies to wind down the affairs of the dissolved redevelopment agencies and to, among other things, repay enforceable obligations, as defined, and to remit unencumbered balances of redevelopment agency funds, including housing funds, to the county auditor-controller for distribution to taxing entities. Existing law would expand enforceable obligations to include the use of the proceeds of the issuance of Rancho Cucamonga Redevelopment Agency's 2004 Tax Allocation Bonds to implement and complete an infrastructure project, as specified. This bill would make legislative findings and declarations as to the necessity of a special statute for the successor agency to the Rancho Cucamonga Redevelopment Agency. This bill would declare that it is to take effect immediately as an urgency statute.