CHAPTER 6. Financial Provisions

Chapter 6 added by Stats. 1963, Ch. 1812.

§§ 33600–33692 · 100 sections

1. ARTICLE 1. General §§ 33600–33608 · 12 sections

   • § 33600 An agency may accept financial or other assistance from any public or private source, for the agency’s activities, powers, and duties, and expend any funds so…
   • § 33601 An agency may borrow money or accept financial or other assistance from the state or the federal government or any other public agency for any redevelopment…
   • § 33602 “Bonds” means any bonds, notes, interim certificates, debentures, or other obligations issued by an agency pursuant to Article 5 (commencing with Section…
   • § 33603 An agency may invest any money held in reserves or sinking funds, or any money not required for immediate disbursement, in property or securities in which…
   • § 33604 If an agency ceases to function, any surplus funds existing after payment of all its obligations and indebtedness shall vest in the community.
   • § 33605 In connection with the issuance and sale of preliminary loan notes, secured by a requisition agreement with the United States of America, the agency may…
   • § 33606 An agency shall adopt an annual budget containing all of the following specific information, including all activities to be financed by the Low and Moderate…
   • § 33607 A county may require a community redevelopment agency to reimburse the county for any expenses incurred by the county in performing any of the services…
   • § 33607.5 (a) (1) This section shall apply to each redevelopment project area that, pursuant to a redevelopment plan which contains the provisions required by Section…
   • § 33607.7 (a) This section shall apply to a redevelopment plan amendment for any redevelopment plans adopted prior to January 1, 1994, that increases the limitation on…
   • § 33607.8 (a) Notwithstanding any other provision of law, a redevelopment agency may make payments from tax increment funds to an affected taxing entity that is a state…
   • § 33608 (a) All acts and proceedings heretofore or hereafter taken under color of law by a charter city meeting the criteria of subdivision (g) and its redevelopment…
2. ARTICLE 2. Community Redevelopment Agency Administrative Fund §§ 33610–33615 · 6 sections

   • § 33610 At any time after the agency created for any community becomes authorized to transact business and exercise its powers, the legislative body of the community…
   • § 33611 Each agency transacting business and exercising powers under this part shall annually submit to the legislative body of the community a proposed budget of its…
   • § 33612 The legislative body may adopt an annual budget for the administrative expenses of the agency in such amounts as it deems necessary and may provide such…
   • § 33613 The money appropriated for administrative expenses shall be kept in the treasury of the community in a special fund to be known as the community redevelopment…
   • § 33614 The money appropriated by the legislative body to the community redevelopment agency administrative fund is money granted by the community to defray the…
   • § 33615 Each such agency shall file with the legislative body a detailed report of all its transactions, including a statement of all revenues and expenditures, at…
3. ARTICLE 3. Redevelopment Revolving Fund §§ 33620–33626 · 7 sections

   • § 33620 At any time after it has adopted a resolution declaring that there is need for an agency to function in the community, the legislative body may establish a…
   • § 33621 For the purpose of raising money to be deposited in the redevelopment revolving fund, the legislative body may appropriate money or the community may issue and…
   • § 33622 By resolution of the legislative body adopted by a majority vote, any money in the redevelopment revolving fund may be expended from time to time for: (a) The…
   • § 33623 By resolution of the legislative body adopted by a two-thirds vote, any money in the redevelopment revolving fund may be paid to the agency, upon such terms…
   • § 33624 All money received by the agency from the sale, lease, or encumbering of property acquired with money from the redevelopment revolving fund in excess of the…
   • § 33625 All other provisions of this part that relate to financing are subject to Sections 33433, 33434, and 33624.
   • § 33626 The legislative body of any community may abolish the redevelopment revolving fund whenever it finds that the purposes for which it was established have been…
4. ARTICLE 4. Community Appropriations and General Obligation Bonds §§ 33630–33633 · 4 sections

   • § 33630 The community may issue and sell its general obligation bonds for any or all of the following purposes: raising money to be deposited in the redevelopment…
   • § 33631 If the redevelopment plan contains the provision authorized by Section 33670, the agency and the legislative body of the community may, either before or after…
   • § 33632 Any surplus existing in the general obligation bond redemption fund after payment of principal and interest shall be transferred to the general fund of the…
   • § 33633 Except as otherwise provided in this part, any general obligation bonds issued by any community pursuant to this article shall be authorized and issued in the…
5. ARTICLE 5. Agency Bonds §§ 33640–33665 · 28 sections

   • § 33640 From time to time an agency may, subject to the approval of the legislative body, issue bonds for any of its corporate purposes. An agency may also, subject to…
   • § 33641 An agency may issue any types of bonds which it may determine, including bonds on which the principal and interest are payable: (a) Exclusively from the income…
   • § 33641.5 (a) As used in this section: (1) “Collateral” means any revenues, moneys, accounts receivable, contracts rights, and other rights to payment of whatever kind…
   • § 33642 Any of such bonds may be additionally secured by a pledge of any revenues or by an encumbrance by mortgage, deed of trust, or otherwise of any redevelopment…
   • § 33643 Neither the members of an agency nor any persons executing the bonds are liable personally on the bonds by reason of their issuance.
   • § 33644 The bonds and other obligations of any agency are not a debt of the community, the State, or any of its political subdivisions and neither the community, the…
   • § 33645 The agency may authorize bonds by resolution. The resolution, trust indenture, or mortgage may provide for: (a) The issuance of the bonds in one or more…
   • § 33645.5 Notwithstanding Section 33645 or any other provision of law, the rate of interest on any indebtedness or obligation of an agency which is payable to the…
   • § 33646 The bonds may be sold at no less than par less a discount of not to exceed 5 percent, at public sale held after notice published once at least five days prior…
   • § 33647 If any agency member or officer whose signature appears on bonds or coupons ceases to be such member or officer before delivery of the bonds, his signature is…
   • § 33648 Bonds issued pursuant to this part are fully negotiable.
   • § 33649 In any action or proceedings involving the validity or enforceability of any bonds or their security, any such bond reciting in substance that it has been…
   • § 33650 In connection with the issuance of bonds, and in addition to its other powers, an agency has the powers prescribed in Sections 33651 to 33659, inclusive.
   • § 33651 An agency may: (a) Pledge all or any part of its gross or net rents, fees, or revenues to which its right then exists or may thereafter come into existence.…
   • § 33652 An agency may covenant: (a) Against pledging all or any part of its rents, fees, and revenues. (b) Against encumbering all or any part of its real or personal…
   • § 33653 An agency may: (a) Covenant as to the bonds to be issued, as to the issuance of such bonds in escrow or otherwise, and as to the use and disposition of the…
   • § 33654 An agency may: (a) Covenant as to the consideration or rents and fees to be charged in the sale or lease of a redevelopment project, the amount to be raised…
   • § 33655 An agency may prescribe the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds whose…
   • § 33656 An agency may covenant: (a) As to the use of any or all of its real or personal property. (b) As to the maintenance of its real and personal property, its…
   • § 33657 An agency may: (a) Covenant as to the rights, liabilities, powers, and duties arising upon the breach by it of any covenant, condition, or obligation. (b)…
   • § 33658 An agency may: (a) Vest in a trustee or the holders of bonds or any proportion of them the right to enforce the payment of the bonds or any covenants securing…
   • § 33659 An agency may: (a) Exercise all or any part or combination of the powers granted in Sections 33651 to 33658 inclusive. (b) Make covenants other than and in…
   • § 33660 In addition to all other rights which may be conferred on him, and subject only to any contractual restrictions binding upon him, an obligee may: (a) By…
   • § 33661 By its resolution, trust indenture, mortgage, lease, or other contract, an agency may confer upon any obligee holding or representing a specified amount in…
   • § 33662 The bonds are issued for an essential public and governmental purpose, and together with interest on them and income from them are exempt from all taxes.
   • § 33663 Notwithstanding any restrictions on investments contained in any laws, the state and all public officers, municipal corporations, political subdivisions, and…
   • § 33664 (a) An agency may purchase its bonds as follows: (1) At a price not more than the sum of their principal amount and accrued interest plus (if the bonds…
   • § 33665 All of the provisions of this article are subject to the limitations of Article 3 (commencing with Section 33620) of this chapter.
6. ARTICLE 6. Taxation §§ 33670–33679 · 17 sections

   • § 33670 Any redevelopment plan may contain a provision that taxes, if any, levied upon taxable property in a redevelopment project each year by or for the benefit of…
   • § 33670.5 Section 33670 fulfills the intent of Section 16 of Article XVI of the Constitution. To further carry out the intent of Section 16 of Article XVI of the…
   • § 33670.8 (a) With respect to the allocation of taxes pursuant to Section 33670 in redevelopment project areas within the incorporated City of Santa Cruz, which were…
   • § 33670.9 (a) For a period of 20 years commencing on July 1, 1996, the Orange County Development Agency shall transfer to the general fund of the County of Orange an…
   • § 33671 In any redevelopment plan or in the proceedings for the advance of moneys, or making of loans, or the incurring of any indebtedness (whether funded, refunded,…
   • § 33671.5 Whenever any redevelopment agency is authorized to, and does, expressly pledge taxes allocated to, and paid into a special fund of, the agency pursuant to…
   • § 33672 As used in this article the word “taxes” shall include, but without limitation, all levies on an ad valorem basis upon land or real property. As used in this…
   • § 33672.5 (a) Upon the written request of a redevelopment agency for the purpose of assisting the agency, the county auditor or other officer responsible for allocation…
   • § 33673 Whenever property in any redevelopment project has been redeveloped and thereafter is leased by the redevelopment agency to any person or persons or whenever…
   • § 33673.1 Every redevelopment agency shall provide notice to the local assessor within 30 days whenever the agency leases real property in a redevelopment project to any…
   • § 33674 The portion of taxes mentioned in subdivision (b) of Section 33670 shall not be allocable and payable for the first time until the tax year which begins after…
   • § 33675 (a) The portion of taxes required to be allocated pursuant to subdivision (b) of Section 33670 shall be allocated and paid to the agency by the county auditor…
   • § 33676 (a) Prior to the adoption by the legislative body of a redevelopment plan providing for tax increment financing pursuant to Section 33670, any affected taxing…
   • § 33677 The amount of taxes allocated to the redevelopment agency pursuant to Section 33670 shall be separately computed for each constituent project area merged into…
   • § 33677.5 A county auditor shall only offset excess amounts of property tax revenues allocated to a redevelopment project against property tax revenues of that…
   • § 33678 (a) This section implements and fulfills the intent of this article and of Article XIII B and Section 16 of Article XVI of the California Constitution. The…
   • § 33679 Before an agency commits to use the portion of taxes to be allocated and paid to an agency pursuant to subdivision (b) of Section 33670 for the purpose of…
7. ARTICLE 7. School Finance §§ 33680–33692 · 26 sections

   • § 33680 (a) The Legislature finds and declares that the effectuation of the primary purposes of the Community Redevelopment Law, including job creation, attracting new…
   • § 33681.6 Notwithstanding any other provision of this article to the contrary, the amount determined pursuant to subparagraphs (A) and (B) of paragraph (2) of…
   • § 33681.7 (a) (1) During the 2002–03 fiscal year, a redevelopment agency shall, prior to May 10, remit an amount equal to the amount determined for that agency pursuant…
   • § 33681.8 (a) (1) For the purposes of this section, “existing indebtedness” means one or more of the following obligations incurred by a redevelopment agency prior to…
   • § 33681.9 (a) (1) During the 2003–04 fiscal year, a redevelopment agency shall, prior to May 10, remit an amount equal to the amount determined for that agency pursuant…
   • § 33681.10 (a) (1) For the purposes of this section, “existing indebtedness” means one or more of the following obligations incurred by a redevelopment agency prior to…
   • § 33681.11 (a) In lieu of the remittance required by Section 33681.9, during the 2003–04 fiscal year, a legislative body may, prior to May 10, 2004, remit an amount equal…
   • § 33681.12 (a) (1) During the 2004–05 fiscal year, a redevelopment agency shall, prior to May 10, remit an amount equal to the amount determined for that agency pursuant…
   • § 33681.13 (a) (1) For the purpose of this section, “existing indebtedness” means one or more of the following obligations incurred by a redevelopment agency prior to the…
   • § 33681.14 (a) In lieu of the remittance required by Section 33681.12, during either the 2004–05 or 2005–06 fiscal year, a legislative body may, prior to May 10 of the…
   • § 33681.15 (a) For the purposes of this section, an “authorized issuer” is limited to a joint powers entity created pursuant to Article 1 (commencing with Section 6500)…
   • § 33682 (a) (1) For the purposes of this section, “existing indebtedness” means one or more of the following obligations incurred by a redevelopment agency prior to… see note
   • § 33682.1 For purposes of Section 33682, “existing indebtedness” also means an obligation incurred pursuant to a reimbursement agreement made for the purpose of funding…
   • § 33682.5 (a) (1) For the purposes of this section, “existing indebtedness” means one or more of the following obligations incurred by a redevelopment agency prior to…
   • § 33683 For the purpose of calculating the amount that has been divided and allocated to the redevelopment agency to determine whether the limitation adopted pursuant…
   • § 33684 (a) (1) This section shall apply to each redevelopment project area that, pursuant to a redevelopment plan that contains the provisions required by Section…
   • § 33685 (a) (1) For the 2008–09 fiscal year a redevelopment agency shall remit, as determined by the Director of Finance, prior to May 10, an amount equal to the…
   • § 33686 (a) (1) For purposes of this section, “existing indebtedness” means one or more of the following obligations incurred by a redevelopment agency prior to the…
   • § 33687 (a) In lieu of the remittance required by Section 33685, for the 2008–09 fiscal year, a legislative body may remit, prior to May 10, 2009, an amount equal to…
   • § 33688 (a) For purposes of this section, an “authorized issuer” is limited to a joint powers entity created pursuant to Article 1 (commencing with Section 6500) of…
   • § 33689 For the purpose of calculating the amount that has been divided and allocated to the agency to determine whether the limitation adopted pursuant to Section…
   • § 33690 (a) (1) (A) For the 2009–10 fiscal year, a redevelopment agency shall remit, as determined by the Director of Finance, prior to May 10, 2010, an amount equal…
   • § 33690.5 (a) (1) (A) For the 2010–11 fiscal year a redevelopment agency shall remit, as determined by the Director of Finance, prior to May 10, 2011, an amount equal to…
   • § 33691 (a) (1) For purposes of this section, “existing indebtedness” means one or more of the following obligations incurred by a redevelopment agency prior to the…
   • § 33691.5 (a) A redevelopment agency that fails to allocate to the county auditor either or both of the full remittances required pursuant to subdivision (a) of Section…
   • § 33692 (a) In lieu of the remittance required by Section 33690, for the 2009–10 fiscal year, a legislative body may remit, prior to May 10, 2010, an amount equal to…