SB 1417

Bill Subjects

Abstract

Existing law authorizes the creation of infrastructure financing districts, as defined, for the sole purpose of financing public facilities, subject to adoption of a resolution by the legislative body and affected taxing entities proposed to be subject to division of taxes and voter approval. Existing law authorizes the legislative body to, by majority vote, initiate proceedings to issue bonds for the financing of district projects by adopting a resolution, subject to specified procedures and voter approval. Existing law requires an infrastructure financing plan to include the date on which an infrastructure financing district will cease to exist, which may not be more than 30 years from the date on which the ordinance forming the district is adopted. Existing law prohibits a district from including any portion of a redevelopment project area. This bill instead would specify that the date a district shall cease to exist may not be more than 45 years from the date on which the ordinance forming the district is adopted or not more than 45 years from the date on which bonds have been issued, whichever is later. The bill would delete the prohibition on a district including any portion of a redevelopment project area. The bill would make technical changes to a provision on bond issuance.