PART 2. Authority Financing Activities [62540. - 62592.]

Part 2 added by Stats. 2024, Ch. 767, Sec. 1.

§§ 62540–62592 · 28 sections

1. CHAPTER 1. General Provisions § 62540 · 1 section

   • § 62540 (a) An authority may raise and allocate new revenue through both of the following funding mechanisms: (1) Special taxes, subject to voter approval, as provided…
2. CHAPTER 2. Revenue §§ 62550–62586 · 23 sections

   1. ARTICLE 1. Special Taxes §§ 62550–62554 · 7 sections

      • § 62550 (a) Subject to Section 4 of Article XIIIA of the California Constitution, the authority may impose, by resolution, a parcel tax within the jurisdiction of the…
      • § 62551 (a) Subject to Section 4 of Article XIIIA of the California Constitution, an authority may impose, by resolution, a special tax, measured by gross receipts,…
      • § 62551.1 (a) (1) Subject to Section 4 of Article XIIIA of the California Constitution, an authority may impose, by resolution, a special tax measured by the number of…
      • § 62551.2 (a) Subject to Section 4 of Article XIIIA of the California Constitution, an authority may impose, by resolution, a special parcel tax on a property owner, and…
      • § 62552 The special taxes authorized in this article may also be imposed by qualified voter initiative.
      • § 62553 (a) An authority shall consult with relevant local governments to identify the most efficient and appropriate method of administering and collecting any tax…
      • § 62554 All special taxes levied pursuant to this article shall be administered in the following manner: (a) Taxes collected shall be deposited in a separate fund,…
   2. ARTICLE 2. Commercial Linkage Fee §§ 62570–62578 · 9 sections

      • § 62570 As used in this article: (a) “Commercial development project” means any project involving the issuance of a permit by an underlying land use jurisdiction for…
      • § 62571 (a) (1) Subject to paragraph (4), the authority may establish, increase, or impose a commercial linkage fee, in an amount not to exceed ten dollars ($10) per…
      • § 62572 (a) A commercial linkage fee established, increased, or imposed pursuant to this article shall not exceed the reasonable cost of providing the housing…
      • § 62573 (a) Before adopting a resolution establishing or imposing a new commercial linkage fee or approving an increase in an existing commercial linkage fee pursuant…
      • § 62574 (a) Except as otherwise provided in subdivision (c), if the authority board adopts a resolution or other legislative enactment establishing or imposing a new…
      • § 62575 (a) Any party may protest the imposition of a commercial linkage fee imposed on a commercial development project by the authority pursuant to this article as…
      • § 62576 (a) In any judicial action or proceeding to validate, attack, review, set aside, void, or annul any resolution providing for the establishment, increase, or…
      • § 62577 (a) Any person may request an audit in order to determine whether any fee or charge levied by the authority board exceeds the amount necessary to cover the…
      • § 62578 Any action by the authority board or interested person under this article shall be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of…
   3. ARTICLE 3. Bonds §§ 62580–62586 · 7 sections

      • § 62580 The authority board may, by majority vote, initiate proceedings to issue general obligation bonds pursuant to this chapter by adopting a resolution stating its…
      • § 62581 (a) The authority may incur or refund general obligation bonded indebtedness, secured by the levy of ad valorem property taxes, pursuant to Article XIIIA of…
      • § 62582 (a) (1) For purposes of this section, “authority revenues” includes, without limitation, revenues generated by any of the following: (A) Any special tax, fee,…
      • § 62583 (a) The authority or any person executing the bonds issued pursuant to this title shall not be personally liable on the bonds by reason of their issuance. (b)…
      • § 62584 (a) Every two years after the issuance of bonds pursuant to this section, the authority shall contract for an independent financial and performance audit. The…
      • § 62585 Bonds issued pursuant to this article are fully negotiable.
      • § 62586 Any action to determine the validity or adoption of any tax, fee, or other charge provided for in, or the validity of bonds issued pursuant to, this title, or…
3. CHAPTER 3. Expenditures §§ 62590–62592 · 4 sections

   • § 62590 (a) Revenue generated pursuant to this part shall be used for any of the following purposes: (1) The development of affordable home ownership and rental…
   • § 62590.1 (a) Notwithstanding any other provision of this title, an authority board may make a finding that market rate rents or housing costs are unaffordable to…
   • § 62591 The authority shall monitor expenditures in coordination with local jurisdictions. The authority board may adopt guidelines applicable to such funds as deemed…
   • § 62592 To ensure oversight and accountability, an authority shall prepare and submit an annual report to the Legislature, in conformance with Sections 9795 and 53411,…