Richard Bloom
- Democratic
Author
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 and to, among other things, make payments due for enforceable obligations and to perform obligations required pursuant to any enforceable obligation. Existing law provides for the transfer of housing assets and functions previously performed by the dissolved redevelopment agency to one of several specified public entities. Existing law authorizes the successor housing entity to designate the use of, and commit, proceeds from indebtedness that was issued for affordable housing purposes prior to January 1, 2011, and was backed by the Low and Moderate Income Housing Fund. This bill would instead authorize a successor housing entity to designate the use of, and commit, proceeds from indebtedness that was issued for affordable housing purposes prior to June 28, 2011, and would require the proceeds from bonds issued between January 1, 2011, and June 28, 2011, to be used only for projects meeting certain requirements established in this bill for projects, to be funded by successor agencies generally, from proceeds of bonds issued during the same period. Existing law authorizes the Department of Finance to issue a finding of completion to a successor agency that completes a due diligence review and meets other requirements. Upon receiving a finding of completion, a successor agency is authorized to expend excess bond proceeds derived from bonds issued on or before December 31, 2010, in a manner consistent with the original bond covenants. The bill would expand this authorization to include the expenditure of excess bond proceeds derived from bonds issued on or before June 28, 2011, and would require proceeds derived from bonds issued between January 1, 2011, and June 28, 2011, to be used by successor agencies only for projects meeting certain requirements. The bill would additionally require the refinance of bonds issued between January 1, 2011 and June 28, 2011, if proceeds derived from those bonds can be used for projects meeting specified criteria, as specified.
Ordered to inactive file at the request of Senator Allen.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 5. Noes 2.) (August 27).
From committee: Do pass and re-refer to Com. on APPR. (Ayes 4. Noes 1.) (July 15). Re-referred to Com. on APPR.
From committee: Do pass and re-refer to Com. on GOV. & F. (Ayes 8. Noes 2.) (July 7). Re-referred to Com. on GOV. & F.
In committee: Hearing postponed by committee.
Read third time. Passed. Ordered to the Senate. (Ayes 46. Noes 29. Page 1765.)
In Senate. Read first time. To Com. on RLS. for assignment.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 12. Noes 5.) (May 28).
In committee: Set, first hearing. Referred to APPR. suspense file.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 4. Noes 2.) (April 29). Re-referred to Com. on APPR.
From committee: Do pass and re-refer to Com. on H. & C.D. (Ayes 5. Noes 3.) (April 15). Re-referred to Com. on H. & C.D.
From committee chair, with author's amendments: Amend, and re-refer to Com. on L. GOV. Read second time and amended.
Referred to Coms. on L. GOV. and H. & C.D.
From printer. May be heard in committee March 29.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB974 | HTML |
| 02/26/15 - Introduced | |
| 03/26/15 - Amended Assembly |
| Document | Format |
|---|---|
| No related documents. |
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