SB 921

Bill Subjects

Abstract

Existing law requires, from February 1, 2012, to July 1, 2012, 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 first to each local agency and school entity, as provided. Existing law requires certain revenues attributable to a tax rate levied by a taxing entity for the purpose of producing revenues in an amount sufficient to make annual repayments of the principal of, and the interest on, any bonded indebtedness for the acquisition or improvement of real property to instead be allocated to, and when collected to be paid into, the fund of that taxing entity. This bill would clarify that any revenues derived from the imposition of a property tax rate, approved by the voters before January 1, 1948, to make payments in support of pension programs and levied in addition to the general property tax rate, be allocated to, and when collected be paid into, the fund of that taxing entity. This bill would declare that it is to take effect immediately as an urgency statute.