SECTIONS 53185-53187 - California Statutes

GOVERNMENT CODE

SECTION 53185-53187

53185. A district may be established to assist in financing any
work which may be financed pursuant to a financing act.

53186. The powers of an integrated financing district shall be in
addition to those of each financing act, and may be used instead of,
in addition to, or in conjunction with, the powers contained in the
financing act.

53187. A district may do any of the following:
(a) Levy an assessment which is contingent upon the development of
land and which may be made payable at the time of approval of a
tentative subdivision map, vesting tentative subdivision map, final
subdivision map, or zoning change that makes or proposes to make a
significant change in the use of the land, as determined by the
legislative body by ordinance. The contingent assessment may be made
payable upon receipt of a building permit for any parcels which have
already received all other required approvals for development. The
developer shall pay for any contingent assessment payable over time
while the developer holds title to the property. The amount of the
contingent assessment shall be in proportion to the benefit to be
received by each parcel, and shall be specified as a fixed dollar
amount per unit of area for parcels developed into each of several
land use categories, as determined by the legislative body, except
that the legislative body may provide that the fixed dollar amount
may be adjusted annually by an interest rate, as determined by the
legislative body by ordinance. The amount of the cumulative interest
rate adjustment shall not exceed 100 percent of the fixed dollar
amount. The contingent assessment may be made payable as a capital
amount or over time, with interest as provided by the legislative
body by ordinance.
(b) Levy a contingent assessment pursuant to subdivision (a)
together with a noncontingent assessment or special tax levied
pursuant to the financing act such that after all levies have been
paid, the total of contingent assessments and levies made pursuant to
the financing act which are expected to be paid on behalf of each
parcel will be in proportion to the portion of project benefits
expected to be received by each parcel, as determined by the
legislative body.
(c) The proceeds of a contingent assessment may be used for any of
the following purposes:
(1) To pay the cost of planning, designing, and constructing
capital facilities and related incidental expenses which are
allowable uses of proceeds of the levy made pursuant to the financing
act, or accumulated for these purposes, in which case all interest
earned on the funds shall be used for these same purposes.
(2) To pay all or part of the principal and interest on debt
incurred pursuant to the financing act, relieving the obligation to
pay the levy made pursuant to the financing act in whole or part in a
manner determined by the legislative body, but only to the degree
that proceeds of the contingent assessment are actually collected and
available for this purpose.
(3) To repay amounts paid pursuant to a financing act in order to
help achieve the balance of levies which is specified in subdivision
(b) in a manner determined by the legislative body.
(4) To make payments to an investor pursuant to a reimbursement
agreement entered into pursuant to Article 4 (commencing with Section
53190).
(5) For any combination of the above purposes, as determined by
the legislative body.
(d) Enter into and enforce a reimbursement agreement pursuant to
Article 4 (commencing with Section 53190).