SECTIONS 33680-33692 - California Statutes

HEALTH AND SAFETY CODE

SECTION 33680-33692

33680. (a) The Legislature finds and declares that the effectuation
of the primary purposes of the Community Redevelopment Law,
including job creation, attracting new private commercial
investments, the physical and social improvement of residential
neighborhoods, and the provision and maintenance of low- and
moderate-income housing, is dependent upon the existence of an
adequate and financially solvent school system which is capable of
providing for the safety and education of students who live within
both redevelopment project areas and housing assisted by
redevelopment agencies. The attraction of new businesses to
redevelopment project areas depends upon the existence of an
adequately trained work force, which can only be accomplished if
education at the primary and secondary schools is adequate and
general education and job training at community colleges is
available. The ability of communities to build residential
development and attract residents in redevelopment project areas
depends upon the existence of adequately maintained and operating
schools serving the redevelopment project area. The development and
maintenance of low- and moderate-income housing both within
redevelopment project areas and throughout the community can only be
successful if adequate schools exist to serve the residents of this
housing.
(b) Redevelopment agencies have financially assisted schools which
benefit and serve the project area by paying part or all of land and
the construction of school facilities and other improvements
pursuant to the authority in Section 33445. Redevelopment agencies
have financially assisted schools to alleviate the financial burden
or detriment caused by the establishment of redevelopment project
areas pursuant to the authority in Sections 33401 and 33445.5. Funds
also have been allocated to schools and community colleges pursuant
to the authority in Section 33676.
(c) The Legislature further finds and declares that, because of
the reduced funds available to the state to assist schools and
community colleges which benefit and serve redevelopment project
areas during the 1992-93, 1993-94, and 1994-95 fiscal years, it is
necessary for redevelopment agencies to make additional payments to
assist the programs and operations of these schools and colleges in
order to ensure that the objectives stated in this section can be
met. The Legislature further finds and declares that the payments to
schools and community college districts pursuant to Section 33681 are
of benefit to redevelopment project areas.
(d) The Legislature further finds and declares all of the
following:
(1) Because of the reduced funds available to the state to assist
schools that benefit and serve redevelopment project areas during the
2008-09 fiscal year, it is necessary for redevelopment agencies to
make additional payments to assist the programs and operations of
these schools to ensure that the objectives stated in this section
can be met.
(2) The payments to schools pursuant to Section 33685 are of
benefit to redevelopment project areas.

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 subdivision (a) of Section 33681.5 shall not
include any tax increment apportioned to the downtown project area of
a charter city meeting all of the criteria specified in Section
33608.

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 to subparagraph (I) of paragraph
(2) to the county auditor for deposit in the county's Educational
Revenue Augmentation Fund created pursuant to Article 3 (commencing
with Section 97) of Chapter 6 of Part 0.5 of Division 1 of the
Revenue and Taxation Code.
(2) For the 2002-03 fiscal year, on or before October 1, the
Director of Finance shall do all of the following:
(A) Determine the net tax increment apportioned to each agency
pursuant to Section 33670, excluding any amounts apportioned to
affected taxing agencies pursuant to Section 33401 or 33676, in the
2000-01 fiscal year.
(B) Determine the net tax increment apportioned to all agencies
pursuant to Section 33670, excluding any amounts apportioned to
affected taxing agencies pursuant to Section 33401 or 33676, in the
2000-01 fiscal year.
(C) Determine a percentage factor by dividing thirty-seven million
five hundred thousand dollars ($37,500,000) by the amount determined
pursuant to subparagraph (B).
(D) Determine an amount for each agency by multiplying the amount
determined pursuant to subparagraph (A) by the percentage factor
determined pursuant to subparagraph (C).
(E) Determine the total amount of property tax revenue apportioned
to each agency pursuant to Section 33670, including any amounts
apportioned to affected taxing agencies pursuant to Section 33401 or
33676, in the 2000-01 fiscal year.
(F) Determine the total amount of property tax revenue apportioned
to all agencies pursuant to Section 33670, including any amounts
apportioned to affected taxing agencies pursuant to Section 33401 or
33676, in the 2000-01 fiscal year.
(G) Determine a percentage factor by dividing thirty-seven million
five hundred thousand dollars ($37,500,000) by the amount determined
pursuant to subparagraph (F).
(H) Determine an amount for each agency by multiplying the amount
determined pursuant to subparagraph (E) by the percentage factor
determined pursuant to subparagraph (G).
(I) Add the amount determined pursuant to subparagraph (D) to the
amount determined pursuant to subparagraph (H).
(J) Notify each agency and each legislative body of the amount
determined pursuant to subparagraph (I).
(K) Notify each county auditor of the amounts determined pursuant
to subparagraph (I) for each agency in his or her county.
(b) (1) Notwithstanding Sections 33334.2, 33334.3, and 33334.6,
and any other provision of law, in order to make the full allocation
required by this section, an agency may borrow up to 50 percent of
the amount required to be allocated to the Low and Moderate Income
Housing Fund pursuant to Sections 33334.2, 33334.3, and 33334.6
during the 2002-03 fiscal year, unless executed contracts exist that
would be impaired if the agency reduced the amount allocated to the
Low and Moderate Income Housing Fund pursuant to the authority of
this subdivision.
(2) As a condition of borrowing pursuant to this subdivision, an
agency shall make a finding that there are insufficient other moneys
to meet the requirements of subdivision (a). Funds borrowed pursuant
to this subdivision shall be repaid in full within 10 years following
the date on which moneys were borrowed.
(c) In order to make the allocation required by this section, an
agency may use any funds that are legally available and not legally
obligated for other uses, including, but not limited to, reserve
funds, proceeds of land sales, proceeds of bonds or other
indebtedness, lease revenues, interest, and other earned income. No
moneys held in a low- and moderate-income fund as of July 1 of that
fiscal year may be used for this purpose.
(d) The legislative body shall by March 1 report to the county
auditor as to how the agency intends to fund the allocation required
by this section.
(e) The allocation obligations imposed by this section, including
amounts owed, if any, created under this section, are hereby declared
to be an indebtedness of the redevelopment project to which they
relate, payable from taxes allocated to the agency pursuant to
Section 33670, and shall constitute an indebtedness of the agency
with respect to the redevelopment project until paid in full.
(f) It is the intent of the Legislature, in enacting this section,
that these allocations directly or indirectly assist in the
financing or refinancing, in whole or in part, of the community's
redevelopment projects pursuant to Section 16 of Article XVI of the
California Constitution.
(g) In making the determinations required by subdivision (a), the
Director of Finance shall use those amounts reported as the "Tax
Increment Retained by Agency" for all agencies and for each agency in
Table 7 of the 2000-01 fiscal year Controller's State of California
Community Redevelopment Agencies Annual Report.
(h) If revised reports have been accepted by the Controller on or
before January 1, 2003, the Director of Finance shall use appropriate
data that has been certified by the Controller for the purpose of
making the determinations required by subdivision (a).

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 the effective date of this
section, the payment of which is to be made in whole or in part,
directly or indirectly, out of taxes allocated to the agency pursuant
to Section 33670, and that is required by law or provision of the
existing indebtedness to be made during the fiscal year of the
relevant allocation required by Section 33681.7:
(A) Bonds, notes, interim certificates, debentures, or other
obligations issued by the agency, whether funded, refunded, assumed,
or otherwise, pursuant to Article 5 (commencing with Section 33640).
(B) Loans or moneys advanced to the agency, including, but not
limited to, loans from federal, state, or local agencies, or a
private entity.
(C) A contractual obligation that, if breached, could subject the
agency to damages or other liabilities or remedies.
(D) An obligation incurred pursuant to Section 33445.
(E) Indebtedness incurred pursuant to Section 33334.2.
(F) An amount, to be expended for the operation and administration
of the agency, that may not exceed 90 percent of the amount spent
for those purposes in the 2000-01 fiscal year.
(G) Obligations imposed by law with respect to activities that
occurred prior to the effective date of the act that adds this
section.
(2) Existing indebtedness incurred prior to the effective date of
this section may be refinanced, refunded, or restructured after that
date, and shall remain existing indebtedness for the purposes of this
section, if the annual debt service during that fiscal year does not
increase over the prior fiscal year and the refinancing does not
reduce the ability of the agency to make the payment required by
subdivision (a) of Section 33681.7.
(3) For the purposes of this section, indebtedness shall be deemed
to be incurred prior to the effective date of this section if the
agency has entered into a binding contract subject to normal
marketing conditions, to deliver the indebtedness, or if the
redevelopment agency has received bids for the sale of the
indebtedness prior to that date and the indebtedness is issued for
value and evidence thereof is delivered to the initial purchaser no
later than 30 days after the date of the contract or sale.
(b) During the 2002-03 fiscal year, an agency that has adopted a
resolution pursuant to subdivision (c) may, pursuant to subdivision
(a) of Section 33681.7, allocate to the auditor less than the amount
required by subdivision (a) of Section 33681.7, if the agency finds
that either of the following has occurred:
(1) That the difference between the amount allocated to the agency
and the amount required by subdivision (a) of Section 33681.7 is
necessary to make payments on existing indebtedness that are due or
required to be committed, set aside, or reserved by the agency during
the applicable fiscal year and that are used by the agency for that
purpose, and the agency has no other funds that can be used to pay
this existing indebtedness, and no other feasible method to reduce or
avoid this indebtedness.
(2) The agency has no other funds to make the allocation required
by subdivision (a) of Section 33681.7.
(c) (1) Any agency that, pursuant to subdivision (b), allocates to
the auditor less than the amount required by subdivision (a) of
Section 33681.7 shall adopt, prior to December 31, 2002, after a
noticed public hearing, a resolution that lists all of the following:
(A) Each existing indebtedness incurred prior to the effective
date of this section.
(B) Each indebtedness on which a payment is required to be made
during the 2002-03 fiscal year.
(C) The amount of each payment, the time when it is required to be
paid, and the total of the payments required to be made during the
2002-03 fiscal year. For indebtedness that bears interest at a
variable rate, or for short-term indebtedness that is maturing during
the fiscal year and that is expected to be refinanced, the amount of
payments during the fiscal year shall be estimated by the agency.
(2) The information contained in the resolution required by this
subdivision shall be reviewed for accuracy by the chief fiscal
officer of the agency.
(3) The legislative body shall additionally adopt the resolution
required by this section.
(d) (1) Any agency that, pursuant to subdivision (b), determines
that it will be unable in the 2002-03 fiscal year, to allocate the
full amount required by subdivision (a) of Section 33681.7 shall,
subject to paragraph (3), enter into an agreement with the
legislative body by February 15, 2003, to fund the payment of the
difference between the full amount required to be paid pursuant to
subdivision (a) of Section 33681.7 and the amount available for
allocation by the agency.
(2) The obligations imposed by paragraph (1) are hereby declared
to be indebtedness incurred by the redevelopment agency to finance a
portion of a redevelopment project within the meaning of Section 16
of Article XVI of the California Constitution. This indebtedness
shall be payable from tax revenues allocated to the agency pursuant
to Section 33670, and any other funds received by the agency. The
obligations imposed by paragraph (1) shall remain an indebtedness of
the agency to the legislative body until paid in full, or until the
agency and the legislative body otherwise agree.
(3) The agreement described in paragraph (1) shall be subject to
these terms and conditions specified in a written agreement between
the legislative body and the agency.
(e) If the agency fails, under either Section 33681.7 or
subdivision (d), to transmit the full amount of funds required by
Section 33681.7, is precluded by court order from transmitting that
amount, or is otherwise unable to meet its full obligation pursuant
to Section 33681.7, the county auditor, by no later than May 15,
2003, shall transfer any amount necessary to meet the obligation
determined for that agency in subparagraph (D) of paragraph (2) of
subdivision (a) of Section 33681.7 from the legislative body's
property tax allocation pursuant to Chapter 6 (commencing with
Section 95) of Part 0.5 of Division 1 of the Revenue and Taxation
Code.

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 to subparagraph (I) of paragraph
(2) to the county auditor for deposit in the county's Educational
Revenue Augmentation Fund created pursuant to Article 3 (commencing
with Section 97) of Chapter 6 of Part 0.5 of Division 1 of the
Revenue and Taxation Code.
(2) For the 2003-04 fiscal year, on or before October 1, the
Director of Finance shall do all of the following:
(A) Determine the net tax increment apportioned to each agency
pursuant to Section 33670, excluding any amounts apportioned to
affected taxing agencies pursuant to Section 33401, 33607.5, or
33676, in the 2001-02 fiscal year.
(B) Determine the net tax increment apportioned to all agencies
pursuant to Section 33670, excluding any amounts apportioned to
affected taxing agencies pursuant to Section 33401, 33607.5, or
33676, in the 2001-02 fiscal year.
(C) Determine a percentage factor by dividing sixty-seven million
five hundred thousand dollars ($67,500,000) by the amount determined
pursuant to subparagraph (B).
(D) Determine an amount for each agency by multiplying the amount
determined pursuant to subparagraph (A) by the percentage factor
determined pursuant to subparagraph (C).
(E) Determine the total amount of property tax revenue apportioned
to each agency pursuant to Section 33670, including any amounts
apportioned to affected taxing agencies pursuant to Section 33401,
33607.5, or 33676, in the 2001-02 fiscal year.
(F) Determine the total amount of property tax revenue apportioned
to all agencies pursuant to Section 33670, including any amounts
apportioned to affected taxing agencies pursuant to Section 33401,
33607.5, or 33676, in the 2001-02 fiscal year.
(G) Determine a percentage factor by dividing sixty-seven million
five hundred thousand dollars ($67,500,000) by the amount determined
pursuant to subparagraph (F).
(H) Determine an amount for each agency by multiplying the amount
determined pursuant to subparagraph (E) by the percentage factor
determined pursuant to subparagraph (G).
(I) Add the amount determined pursuant to subparagraph (D) to the
amount determined pursuant to subparagraph (H).
(J) Notify each agency and each legislative body of the amount
determined pursuant to subparagraph (I).
(K) Notify each county auditor of the amounts determined pursuant
to subparagraph (I) for each agency in his or her county.
(b) (1) Notwithstanding Sections 33334.2, 33334.3, and 33334.6,
and any other provision of law, in order to make the full allocation
required by this section, an agency may borrow up to 50 percent of
the amount required to be allocated to the Low and Moderate Income
Housing Fund pursuant to Sections 33334.2, 33334.3, and 33334.6
during the 2003-04 fiscal year, unless executed contracts exist that
would be impaired if the agency reduced the amount allocated to the
Low and Moderate Income Housing Fund pursuant to the authority of
this subdivision.
(2) As a condition of borrowing pursuant to this subdivision, an
agency shall make a finding that there are insufficient other moneys
to meet the requirements of subdivision (a). Funds borrowed pursuant
to this subdivision shall be repaid in full within 10 years following
the date on which moneys were borrowed.
(c) In order to make the allocation required by this section, an
agency may use any funds that are legally available and not legally
obligated for other uses, including, but not limited to, reserve
funds, proceeds of land sales, proceeds of bonds or other
indebtedness, lease revenues, interest, and other earned income. No
moneys held in a low- and moderate-income fund as of July 1 of that
fiscal year may be used for this purpose.
(d) The legislative body shall by March 1 report to the county
auditor as to how the agency intends to fund the allocation required
by this section, or that the legislative body intends to remit the
amount in lieu of the agency pursuant to Section 33681.11.
(e) The allocation obligations imposed by this section, including
amounts owed, if any, created under this section, are hereby declared
to be an indebtedness of the redevelopment project to which they
relate, payable from taxes allocated to the agency pursuant to
Section 33670, and shall constitute an indebtedness of the agency
with respect to the redevelopment project until paid in full.
(f) It is the intent of the Legislature, in enacting this section,
that these allocations directly or indirectly assist in the
financing or refinancing, in whole or in part, of the community's
redevelopment projects pursuant to Section 16 of Article XVI of the
California Constitution.
(g) In making the determinations required by subdivision (a), the
Director of Finance shall use those amounts reported as the "Tax
Increment Retained by Agency" for all agencies and for each agency in
Table 7 of the 2001-02 fiscal year Controller's State of California
Community Redevelopment Agencies Annual Report.
(h) If revised reports have been accepted by the Controller on or
before January 1, 2004, the Director of Finance shall use appropriate
data that has been certified by the Controller for the purpose of
making the determinations required by subdivision (a).

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 the effective date of this
section, the payment of which is to be made in whole or in part,
directly or indirectly, out of taxes allocated to the agency pursuant
to Section 33670, and that is required by law or provision of the
existing indebtedness to be made during the fiscal year of the
relevant allocation required by Section 33681.9:
(A) Bonds, notes, interim certificates, debentures, or other
obligations issued by the agency, whether funded, refunded, assumed,
or otherwise, pursuant to Article 5 (commencing with Section 33640).
(B) Loans or moneys advanced to the agency, including, but not
limited to, loans from federal, state, or local agencies, or a
private entity.
(C) A contractual obligation that, if breached, could subject the
agency to damages or other liabilities or remedies.
(D) An obligation incurred pursuant to Section 33445.
(E) Indebtedness incurred pursuant to Section 33334.2.
(F) An amount, to be expended for the operation and administration
of the agency, that may not exceed 90 percent of the amount spent
for those purposes in the 2001-02 fiscal year.
(G) Obligations imposed by law with respect to activities that
occurred prior to the effective date of the act that adds this
section.
(2) Existing indebtedness incurred prior to the effective date of
this section may be refinanced, refunded, or restructured after that
date, and shall remain existing indebtedness for the purposes of this
section, if the annual debt service during that fiscal year does not
increase over the prior fiscal year and the refinancing does not
reduce the ability of the agency to make the payment required by
subdivision (a) of Section 33681.9.
(3) For the purposes of this section, indebtedness shall be deemed
to be incurred prior to the effective date of this section if the
agency has entered into a binding contract subject to normal
marketing conditions, to deliver the indebtedness, or if the
redevelopment agency has received bids for the sale of the
indebtedness prior to that date and the indebtedness is issued for
value and evidence thereof is delivered to the initial purchaser no
later than 30 days after the date of the contract or sale.
(b) During the 2003-04 fiscal year, an agency that has adopted a
resolution pursuant to subdivision (c) may, pursuant to subdivision
(a) of Section 33681.9, allocate to the auditor less than the amount
required by subdivision (a) of Section 33681.9, if the agency finds
that either of the following has occurred:
(1) That the difference between the amount allocated to the agency
and the amount required by subdivision (a) of Section 33681.9 is
necessary to make payments on existing indebtedness that are due or
required to be committed, set aside, or reserved by the agency during
the applicable fiscal year and that are used by the agency for that
purpose, and the agency has no other funds that can be used to pay
this existing indebtedness, and no other feasible method to reduce or
avoid this indebtedness.
(2) The agency has no other funds to make the allocation required
by subdivision (a) of Section 33681.9.
(c) (1) Any agency that, pursuant to subdivision (b), intends to
allocate to the auditor less than the amount required by subdivision
(a) of Section 33681.9 shall adopt, prior to December 31, 2003, after
a noticed public hearing, a resolution that lists all of the
following:
(A) Each existing indebtedness incurred prior to the effective
date of this section.
(B) Each indebtedness on which a payment is required to be made
during the 2003-04 fiscal year.
(C) The amount of each payment, the time when it is required to be
paid, and the total of the payments required to be made during the
2003-04 fiscal year. For indebtedness that bears interest at a
variable rate, or for short-term indebtedness that is maturing during
the fiscal year and that is expected to be refinanced, the amount of
payments during the fiscal year shall be estimated by the agency.
(2) The information contained in the resolution required by this
subdivision shall be reviewed for accuracy by the chief fiscal
officer of the agency.
(3) The legislative body shall additionally adopt the resolution
required by this section.
(d) (1) Any agency that, pursuant to subdivision (b), determines
that it will be unable in the 2003-04 fiscal year, to allocate the
full amount required by subdivision (a) of Section 33681.9 shall,
subject to paragraph (3), enter into an agreement with the
legislative body by February 15, 2004, to fund the payment of the
difference between the full amount required to be paid pursuant to
subdivision (a) of Section 33681.9 and the amount available for
allocation by the agency.
(2) The obligations imposed by paragraph (1) are hereby declared
to be indebtedness incurred by the redevelopment agency to finance a
portion of a redevelopment project within the meaning of Section 16
of Article XVI of the California Constitution. This indebtedness
shall be payable from tax revenues allocated to the agency pursuant
to Section 33670, and any other funds received by the agency. The
obligations imposed by paragraph (1) shall remain an indebtedness of
the agency to the legislative body until paid in full, or until the
agency and the legislative body otherwise agree.
(3) The agreement described in paragraph (1) shall be subject to
these terms and conditions specified in a written agreement between
the legislative body and the agency.
(e) If the agency fails, under either Section 33681.9 or
subdivision (d), to transmit the full amount of funds required by
Section 33681.9, is precluded by court order from transmitting that
amount, or is otherwise unable to meet its full obligation pursuant
to Section 33681.9, the county auditor, by no later than May 15,
2004, shall transfer any amount necessary to meet the obligation
determined for that agency in paragraph (1) of subdivision (c) of
Section 33681.9 from the legislative body's property tax allocation
pursuant to Chapter 6 (commencing with Section 95) of Part 0.5 of
Division 1 of the Revenue and Taxation Code.

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 to the amount determined
for the agency pursuant to subparagraph (I) of paragraph (2) of
subdivision (a) of Section 33681.9 to the county auditor for deposit
in the county's Educational Revenue Augmentation Fund created
pursuant to Article 3 (commencing with Section 97) of Chapter 6 of
Part 0.5 of Division 1 of the Revenue and Taxation Code.
(b) The legislative body may make the remittance authorized by
this section from any funds that are legally available for this
purpose. No moneys held in an agency's Low and Moderate Income
Housing Fund shall be used for this purpose.
(c) If the legislative body, pursuant to subdivision (d) of
Section 33681.9, reported to the county auditor that it intended to
remit the amount in lieu of the agency and the legislative body fails
to transmit the full amount as authorized by this section by May 10,
2004, the county auditor, no later than May 15, 2004, shall transfer
an amount necessary to meet the obligation from the legislative body'
s property tax allocation pursuant to Chapter 6 (commencing with
Section 95) of Part 0.5 of Division 1 of the Revenue and Taxation
Code. If the amount of the legislative body's property tax allocation
is not sufficient to meet this obligation, the county auditor shall
transfer an additional amount necessary to meet this obligation from
the property tax increment revenue apportioned to the agency pursuant
to Section 33670, provided that no moneys allocated to the agency's
Low and Moderate Income Housing Fund shall be used for this purpose.

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 to subparagraph (I) of paragraph
(2) to the county auditor for deposit in the county's Educational
Revenue Augmentation Fund created pursuant to Article 3 (commencing
with Section 97) of Chapter 6 of Part 0.5 of Division 1 of the
Revenue and Taxation Code. During the 2005-06 fiscal year, a
redevelopment agency shall, prior to May 10, remit an amount equal to
the amount determined for that agency pursuant to subparagraph (I)
of paragraph (2) to the county auditor for deposit in the county's
Educational Revenue Augmentation Fund created pursuant to Article 3
(commencing with Section 97) of Chapter 6 of Part 0.5 of Division 1
of the Revenue and Taxation Code.
(2) For the 2004-05 and 2005-06 fiscal years, on or before
November 15, the Director of Finance shall do all of the following:
(A) Determine the net tax increment apportioned to each agency
pursuant to Section 33670, excluding any amounts apportioned to
affected taxing agencies pursuant to Section 33401, 33607.5, or
33676.
(B) Determine the net tax increment apportioned to all agencies
pursuant to Section 33670, excluding any amounts apportioned to
affected taxing agencies pursuant to Section 33401, 33607.5, or
33676.
(C) Determine a percentage factor by dividing one hundred
twenty-five million dollars ($125,000,000) by the amount determined
pursuant to subparagraph (B).
(D) Determine an amount for each agency by multiplying the amount
determined pursuant to subparagraph (A) by the percentage factor
determined pursuant to subparagraph (C).
(E) Determine the total amount of property tax revenue apportioned
to each agency pursuant to Section 33670, including any amounts
apportioned to affected taxing agencies pursuant to Section 33401,
33607.5, or 33676.
(F) Determine the total amount of property tax revenue apportioned
to all agencies pursuant to Section 33670, including any amounts
apportioned to affected taxing agencies pursuant to Section 33401,
33607.5, or 33676.
(G) Determine a percentage factor by dividing one hundred
twenty-five million dollars ($125,000,000) by the amount determined
pursuant to subparagraph (F).
(H) Determine an amount for each agency by multiplying the amount
determined pursuant to subparagraph (E) by the percentage factor
determined pursuant to subparagraph (G).
(I) Add the amount determined pursuant to subparagraph (D) to the
amount determined pursuant to subparagraph (H).
(J) Notify each agency and each legislative body of the amount
determined pursuant to subparagraph (I).
(K) Notify each county auditor of the amounts determined pursuant
to subparagraph (I) for each agency in his or her county.
(3) The obligation of any agency to make the payments required
pursuant to this subdivision shall be subordinate to the lien of any
pledge of collateral securing, directly or indirectly, the payment of
the principal, or interest on any bonds of the agency including,
without limitation, bonds secured by a pledge of taxes allocated to
the agency pursuant to Section 33670.
(b) (1) Notwithstanding Sections 33334.2, 33334.3, and 33334.6,
and any other provision of law, in order to make the full allocation
required by this section, an agency may borrow up to 50 percent of
the amount required to be allocated to the Low and Moderate Income
Housing Fund pursuant to Sections 33334.2, 33334.3, and 33334.6
during the 2004-05 fiscal year and, if applicable, the 2005-06 fiscal
year, unless executed contracts exist that would be impaired if the
agency reduced the amount allocated to the Low and Moderate Income
Housing Fund pursuant to the authority of this subdivision.
(2) As a condition of borrowing pursuant to this subdivision, an
agency shall make a finding that there are insufficient other moneys
to meet the requirements of subdivision (a). Funds borrowed pursuant
to this subdivision shall be repaid in full within 10 years following
the date on which moneys are remitted to the county auditor for
deposit in the county's Educational Revenue Augmentation Fund
pursuant to subdivision (a).
(c) In order to make the allocation required by this section, an
agency may use any funds that are legally available and not legally
obligated for other uses, including, but not limited to, reserve
funds, proceeds of land sales, proceeds of bonds or other
indebtedness, lease revenues, interest, and other earned income. No
moneys held in a low- and moderate-income fund as of July 1 of the
applicable fiscal year may be used for this purpose.
(d) The legislative body shall by March 1 report to the county
auditor as to how the agency intends to fund the allocation required
by this section, or that the legislative body intends to remit the
amount in lieu of the agency pursuant to Section 33681.14.
(e) The allocation obligations imposed by this section, including
amounts owed, if any, created under this section, are hereby declared
to be an indebtedness of the redevelopment project to which they
relate, payable from taxes allocated to the agency pursuant to
Section 33670, and shall constitute an indebtedness of the agency
with respect to the redevelopment project until paid in full.
(f) It is the intent of the Legislature, in enacting this section,
that these allocations directly or indirectly assist in the
financing or refinancing, in whole or in part, of the community's
redevelopment project pursuant to Section 16 of Article XVI of the
California Constitution.
(g) In making the determinations required by subdivision (a), the
Director of Finance shall use those amounts reported as the "Tax
Increment Retained by Agency" for all agencies and for each agency in
the most recent published edition of the Controller's Community
Redevelopment Agencies Annual Report made pursuant to Section 12463.3
of the Government Code.
(h) If revised reports have been accepted by the Controller on or
before September 1, 2005, the Director of Finance shall use
appropriate data that has been certified by the Controller for the
purpose of making the determinations required by subdivision (a).
(i) (1) Notwithstanding any other provision of law, a city, city
and county, or county redevelopment agency may enter into a loan
agreement with the legislative body to have the agency remit to the
county's Educational Revenue Augmentation Fund for each of the
2004-05 and 2005-06 fiscal years an amount greater than that
determined pursuant to subparagraph (I) of paragraph (2) of
subdivision (a) or, for the 2009-10 fiscal year, to have the agency
remit to the county auditor on the city's, city and county's, or
county's behalf all or a portion of the reduction amount determined
for the county under Section 100.06 of the Revenue and Taxation Code,
if, in either instance, all of the following conditions are met:
(A) The agency does not exercise its authority under subdivision
(b) to borrow from its Low and Moderate Income Housing Fund to
finance its payments to the county's Educational Revenue Augmentation
Fund or to the county auditor.
(B) The agency does not have any outstanding loans from its Low
and Moderate Income Housing Fund that were made under subdivision (b)
of Section 33681.7, or subdivision (b) of Section 33681.9.
(C) The loan agreement requires the city, city and county, or
county to repay any excess remitted amounts or amounts paid to the
city, city and county, or county auditor on the county's behalf in
the 2009-10 fiscal year, including interest, to the agency within
three fiscal years subsequent to the fiscal year in which the loan is
made.
(D) The agency making the loan does not participate in pooled
borrowing under Section 33681.15.
(2) A loan agreement described in paragraph (1) shall be
transmitted to the county auditor not later than December 1 of the
fiscal year in which the loan is made. Any amount remitted by the
agency to the county Educational Revenue Augmentation Fund for the
2004-05 or 2005-06 fiscal year in excess of the amount determined
pursuant to paragraph (1) of subdivision (a) shall be credited to the
amount that would otherwise be subtracted by the county auditor
pursuant to subdivision (a) of Section 97.71 of the Revenue and
Taxation Code for, as applicable, the 2004-05 and 2005-06 fiscal
years.
(3) Notwithstanding subparagraph (C) of paragraph (1), a county
redevelopment agency and a legislative body that have entered into a
loan agreement for the 2004-05 or 2005-06 fiscal year under paragraph
(1) may, by mutual consent, adopt either or both of the following
modifications to that agreement:
(A) The repayment period may be extended, but the full repayment
shall be completed no later than June 30, 2021.
(B) The repayment obligation may be offset by the amount of any
expenditures by the county for capital improvements or deferred
maintenance that substantially benefit any or all of the
redevelopment project areas of the redevelopment agency if the agency
approves the expenditure and the agency adopts a finding that the
expenditure furthers the goals and objectives of the agency's
redevelopment plan or plans.

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 effective date of this
section, the payment of which is to be made in whole or in part,
directly or indirectly, out of taxes allocated to the agency pursuant
to Section 33670, and that is required by law or provision of the
existing indebtedness to be made during the fiscal year of the
relevant allocation required by Section 33681.12.
(A) Bonds, notes, interim certificates, debentures, or other
obligations issued by the agency whether funded, refunded, assumed,
or otherwise pursuant to Article 5 (commencing with Section 33640).
(B) Loans or moneys advanced to the agency, including, but not
limited to, loans from federal, state, or local agencies, or a
private entity.
(C) A contractual obligation that, if breached, could subject the
agency to damages or other liabilities or remedies.
(D) An obligation incurred pursuant to Section 33445.
(E) Indebtedness incurred pursuant to Section 33334.2.
(F) An amount, to be expended for the operation and administration
of the agency, that may not exceed 90 percent of the amount spent
for those purposes in the 2002-03 fiscal year.
(G) Obligations imposed by law with respect to activities that
occurred prior to the effective date of the act that adds this
section.
(2) Existing indebtedness incurred prior to the effective date of
this section may be refinanced, refunded, or restructured after that
date, and shall remain existing indebtedness for the purposes of this
section, if the annual debt service during that fiscal year does not
increase over the prior fiscal year and the refinancing does not
reduce the ability of the agency to make the payment required by
subdivision (a) of Section 33681.12.
(3) For the purposes of this section, indebtedness shall be deemed
to be incurred prior to the effective date of this section if the
agency has entered into a binding contract subject to normal
marketing conditions, to deliver the indebtedness, or if the
redevelopment agency has received bids for the sale of the
indebtedness prior to that date and the indebtedness is issued for
value and evidence thereof is delivered to the initial purchaser no
later than 30 days after the date of the contract or sale.
(b) During the 2004-05 and 2005-06 fiscal years, an agency that
has adopted a resolution pursuant to subdivision (c) may, pursuant to
subdivision (a) of Section 33681.12, allocate to the auditor less
than the amount required by subdivision (a) of Section 33681.12, if
the agency finds that either of the following has occurred:
(1) That the difference between the amount allocated to the agency
and the amount required by subdivision (a) of Section 33681.12 is
necessary to make payments on existing indebtedness that are due or
required to be committed, set aside, or reserved by the agency during
the applicable fiscal year and that are used by the agency for that
purpose, and the agency has no other funds that can be used to pay
this existing indebtedness, and no other feasible method to reduce or
avoid this indebtedness.
(2) The agency has no other funds to make the allocation required
by subdivision (a) of Section 33681.12.
(c) (1) Any agency that, pursuant to subdivision (b), intends to
allocate to the auditor less than the amount required by subdivision
(a) of Section 33681.12 shall adopt, prior to December 31 of the
applicable fiscal year, after a noticed public hearing, a resolution
that lists all of the following:
(A) Each existing indebtedness incurred prior to the effective
date of this section.
(B) Each indebtedness on which a payment is required to be made
during the applicable fiscal year.
(C) The amount of each payment, the time when it is required to be
paid, and the total of the payments required to be made during the
applicable fiscal year. For indebtedness that bears interest at a
variable rate, or for short-term indebtedness that is maturing during
the fiscal year and that is expected to be refinanced, the amount of
payments during the fiscal year shall be estimated by the agency.
(2) The information contained in the resolution required by this
subdivision shall be reviewed for accuracy by the chief fiscal
officer of the agency.
(3) The legislative body shall additionally adopt the resolution
required by this section.
(d) (1) Any agency that, pursuant to subdivision (b), determines
that it will be unable either in the 2004-05 or the 2005-06 fiscal
year, to allocate the full amount required by subdivision (a) of
Section 33681.12 shall, subject to paragraph (3), enter into an
agreement with the legislative body by February 15 of the applicable
fiscal year, to fund the payment of the difference between the full
amount required to be paid pursuant to subdivision (a) of Section
33681.12 and the amount available for allocation by the agency.
(2) The obligations imposed by paragraph (1) are hereby declared
to be indebtedness incurred by the redevelopment agency to finance a
portion of a redevelopment project within the meaning of Section 16
of Article XVI of the California Constitution. This indebtedness
shall be payable from tax revenues allocated to the agency pursuant
to Section 33670, and any other funds received by the agency. The
obligations imposed by paragraph (1) shall remain an indebtedness of
the agency to the legislative body until paid in full, or until the
agency and the legislative body otherwise agree.
(3) The agreement described in paragraph (1) shall be subject to
these terms and conditions specified in a written agreement between
the legislative body and the agency.
(e) If the agency fails, under either Section 33681.12 or
subdivision (d), to transmit the full amount of funds required by
Section 33681.12, is precluded by court order from transmitting that
amount, or is otherwise unable to meet its full obligation pursuant
to Section 33681.12, the county auditor, by no later than May 15 of
the applicable fiscal year, shall transfer any amount necessary to
meet the obligation determined for that agency in paragraph (1) of
subdivision (c) of Section 33681.12 from the legislative body's
allocations pursuant to Chapter 6 (commencing with Section 95) of
Part 0.5 of Division 1 of the Revenue and Taxation Code.

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 applicable fiscal year,
remit an amount equal to the amount determined for the agency
pursuant to subparagraph (I) of paragraph (2) of subdivision (a) of
Section 33681.12 to the county auditor for deposit in the county's
Educational Revenue Augmentation Fund created pursuant to Article 3
(commencing with Section 97) of Chapter 6 of Part 0.5 of Division 1
of the Revenue and Taxation Code.
(b) The legislative body may make the remittance authorized by
this section from any funds that are legally available for this
purpose. No moneys held in an agency's Low and Moderate Income
Housing Fund shall be used for this purpose.
(c) If the legislative body, pursuant to subdivision (d) of
Section 33681.12, reported to the county auditor that it intended to
remit the amount in lieu of the agency and the legislative body fails
to transmit the full amount as authorized by this section by May 10
of the applicable fiscal year, the county auditor, no later than May
15 of the applicable fiscal year, shall transfer an amount necessary
to meet the obligation from the legislative body's allocations
pursuant to Chapter 6 (commencing with Section 95) of Part 0.5 of
Division 1 of the Revenue and Taxation Code. If the amount of the
legislative body's allocations are not sufficient to meet this
obligation, the county auditor shall transfer an additional amount
necessary to meet this obligation from the property tax increment
revenue apportioned to the agency pursuant to Section 33670, provided
that no moneys allocated to the agency's Low and Moderate Income
Housing Fund shall be used for this purpose.

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) of Chapter 5 of Division 7
of Title 1 of the Government Code that consists of no less than 100
local agencies issuing bonds pursuant to the Marks-Roos Local Bond
Pooling Act of 1984 (commencing with Section 6584) of the Government
Code.
(b) An authorized issuer may issue bonds, notes, or other evidence
of indebtedness to provide net proceeds to make one or more loans to
one or more redevelopment agencies to be used by the agency to
timely make the payment required by Section 33681.12.
(c) With the prior approval of the legislative body by adoption of
a resolution by a majority of that body that recites that a first
lien on the property tax revenues allocated to the legislative body
will be created in accordance with subdivision (h), an agency may
enter into an agreement with an authorized issuer issuing bonds
pursuant to subdivision (b) to repay a loan used to make the payment
required by Section 33681.12, notwithstanding the expiration of the
time limit on establishing loans, advances, advances and
indebtedness, and the time limit on repayment of indebtedness. For
the purpose of calculating the amount that has been divided and
allocated to the redevelopment agency to determine whether the
limitation adopted pursuant to Section 33333.2 or 33333.4 or pursuant
to an agreement or court order has been reached, any funds used to
repay a loan entered into pursuant to this section shall be deducted
from the amount of property tax revenue deemed to have been received
by the agency.
(d) A loan made pursuant to this section shall be repayable by the
agency from any available funds of the agency not otherwise
obligated for other uses and shall be repayable by the agency on a
basis subordinate to all existing and future obligations of the
agency.
(e) Upon making a loan to an agency pursuant to this section, the
trustee for the bonds issued to provide the funds to make the loan
shall timely pay, on behalf of the agency, to the county auditor of
the county in which the agency is located the net proceeds (after
payment of costs of issuance, credit enhancement costs, and reserves,
if any) of the loan in payment in full or in part, as directed by
the agency, of the amount required to be paid by the agency pursuant
to Section 33681.12 and shall provide the county auditor with the
repayment schedule for the loan, together with the name of the
trustee.
(f) In the event the agency shall, at any time and from time to
time, fail to repay timely the loan in accordance with the schedule
provided to the county auditor, the trustee for the bonds shall
promptly notify the county auditor of the amount of the payment on
the loan that is past due.
(g) The county auditor shall reallocate from the legislative body
and shall pay, on behalf of the agency, the past due amount from the
first available proceeds of the property tax allocation that would
otherwise be transferred to the legislative body pursuant to Chapter
6 (commencing with Section 95) of Part 0.5 of Division 1 of the
Revenue and Taxation Code. This transfer shall be deemed a
reallocation of the property tax revenue from the legislative body to
the agency for the purpose of payment of the loan, and not as a
payment by the legislative body on the loan.
(h) To secure repayment of a loan to an agency made pursuant to
this section, the trustee for the bonds issued to provide the funds
to make the loan shall have a lien on the property tax revenues
allocated to the legislative body pursuant to Chapter 6 (commencing
with Section 95) of Part 0.5 of Division 1 of the Revenue and
Taxation Code. This lien shall arise by operation of this section
automatically upon the making of the loan without the need for any
action on the part of any person. This lien shall be valid, binding,
perfected, and enforceable against the legislative body, its
successors, creditors, purchasers, and all others asserting rights in
those property tax revenues, irrespective of whether those persons
have notice of the lien, irrespective of the fact that the property
tax revenues subject to the lien may be commingled with other
property, and without the need for physical delivery, recordation,
public notice, or any other act. This lien shall be a first priority
lien on these property tax revenues. This lien shall not apply to any
portion of the property taxes allocated to the agency pursuant to
Section 33670.

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 the effective date of the statute
that adds this chapter, the payment of which is to be made in whole
or in part, directly or indirectly, out of taxes allocated to the
agency pursuant to Section 33670, and which is required by law or
provision of the existing indebtedness to be made during the 1992-93
fiscal year:
(A) Bonds, notes, interim certificates, debentures, or other
obligations issued by an agency (whether funded, refunded, assumed,
or otherwise) pursuant to Article 5 (commencing with Section 33640).
(B) Loans or moneys advanced to the agency, including, but not
limited to, loans from federal, state, or local agencies, or a
private entity.
(C) A contractual obligation which, if breached, could subject the
agency to damages or other liabilities or remedies.
(D) An obligation incurred pursuant to Section 33445.
(E) Indebtedness incurred pursuant to Section 33334.2.
(F) An amount, to be expended for the operation and administration
of the agency, which may not exceed 90 percent of the amount spent
for those purposes in the 1991-92 fiscal year.
(G) Obligations imposed by law with respect to activities which
occurred prior to the effective date of the act that adds this
chapter.
(2) Existing indebtedness incurred prior to the effective date of
the statute that adds this article may be refinanced, funded, or
restructured after that date, and shall remain existing indebtedness
for the purposes of this section, if the annual debt service during
the 1992-93 fiscal year does not increase and the refinancing does
not reduce the ability of the agency to make the payment required by
subdivision (a) of Section 33681.
(3) For the purposes of this section, indebtedness shall be deemed
to be incurred prior to the effective date of this chapter if the
agency has entered into a binding contract subject to normal
marketing conditions, to deliver the indebtedness, or if the
redevelopment agency has received bids for the sale of the
indebtedness prior to that date and the indebtedness is issued for
value and evidence thereof is delivered to the initial purchaser no
later than 30 days after the date of the contract or sale.
(b) (1) During the 1992-93 fiscal year, an agency that has adopted
a resolution pursuant to subdivision (c) may allocate to the school
and community college districts less than the amount required by
subdivision (a) of Section 33681, if the agency finds that either of
the following has occurred:
(A) That the difference between the amount allocated and the
amount required by subdivision (a) of Section 33681 is necessary to
make payments on existing indebtedness that are due or required to be
committed, set aside, or reserved by the agency during the 1992-93
fiscal year and that are used by the agency for that purpose, and the
agency has no other funds that can be used to pay this existing
indebtedness.
(B) The agency has no other funds to make the allocation required
by subdivision (a) of Section 33681.
(2) If the agency allocates to the school and community college
districts less than the total amount required by subdivision (a) of
Section 33681, it shall reduce the payments to each district on a pro
rata basis.
(c) (1) Any agency which, pursuant to subdivision (b), allocates
to the school or community college districts less than the amount
required by subdivision (a) of Section 33681 shall adopt, prior to
November 1, 1992, for the 1992-93 fiscal year, after a noticed public
hearing, a resolution which lists all of the following:
(A) Each existing indebtedness incurred prior to the effective
date of the act that adds this article.
(B) Each indebtedness on which a payment is required to be made
during the 1992-93 fiscal year.
(C) The amount of each payment, the time when it is required to be
paid, and the total of the payments required to be made during the
1992-93 fiscal year. For indebtedness that bears interest at a
variable rate, or for short-term indebtedness that is maturing during
the fiscal year and expected to be refinanced, the amount of
payments during the fiscal year shall be estimated by the agency.
(2) The information contained in the resolution required by this
subdivision shall be certified by the chief fiscal officer of the
agency.
(d) Any agency that pays to the school or community college
districts less than the amount required by subdivision (a) of Section
33681 during the 1992-93 fiscal year shall pay the difference
between the full amount required to be paid by this section and the
amount already paid to the school or community college districts
prior to June 30, 1997.

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 the effective date of the statute
that adds this chapter, the payment of which is to be made in whole
or in part, directly or indirectly, out of taxes allocated to the
agency pursuant to Section 33670, and which is required by law or
provision of the existing indebtedness to be made during the 1992-93
fiscal year:
(A) Bonds, notes, interim certificates, debentures, or other
obligations issued by an agency (whether funded, refunded, assumed,
or otherwise) pursuant to Article 5 (commencing with Section 33640).
(B) Loans or moneys advanced to the agency, including, but not
limited to, loans from federal, state, or local agencies, or a
private entity.
(C) A contractual obligation which, if breached, could subject the
agency to damages or other liabilities or remedies.
(D) An obligation incurred pursuant to Section 33445.
(E) Indebtedness incurred pursuant to Section 33334.2.
(F) An amount, to be expended for the operation and administration
of the agency, which may not exceed 90 percent of the amount spent
for those purposes in the 1991-92 fiscal year.
(G) Obligations imposed by law with respect to activities which
occurred prior to the effective date of the act that adds this
chapter.
(2) Existing indebtedness incurred prior to the effective date of
the statute that adds this article may be refinanced, refunded, or
restructured after that date, and shall remain existing indebtedness
for the purposes of this section, if the annual debt service during
the 1992-93 fiscal year does not increase and the refinancing does
not reduce the ability of the agency to make the payment required by
subdivision (a) of Section 33681.
(3) For the purposes of this section, indebtedness shall be deemed
to be incurred prior to the effective date of this chapter if the
agency has entered into a binding contract subject to normal
marketing conditions, to deliver the indebtedness, or if the
redevelopment agency has received bids for the sale of the
indebtedness prior to that date and the indebtedness is issued for
value and evidence thereof is delivered to the initial purchaser no
later than 30 days after the date of the contract or sale.
(b) During the 1992-93 fiscal year, an agency that has adopted a
resolution pursuant to subdivision (c) may, pursuant to subdivision
(a) of Section 33681, allocate to the auditor less than the amount
required by subdivision (a) of Section 33681, if the agency finds
that either of the following has occurred:
(1) That the difference between the amount allocated and the
amount required by subdivision (a) of Section 33681 is necessary to
make payments on existing indebtedness that are due or required to be
committed, set aside, or reserved by the agency during the 1992-93
fiscal year and that are used by the agency for that purpose, and the
agency has no other funds that can be used to pay this existing
indebtedness, and no other feasible method to reduce or avoid this
indebtedness.
(2) The agency has no other funds to make the allocation required
by subdivision (a) of Section 33681.
(c) (1) Any agency that, pursuant to subdivision (b), allocates to
the auditor less than the amount required by subdivision (a) of
Section 33681 shall adopt, prior to December 31, 1992, for the
1992-93 fiscal year, after a noticed public hearing, a resolution
which lists all of the following:
(A) Each existing indebtedness incurred prior to the effective
date of the act that adds this article.
(B) Each indebtedness on which a payment is required to be made
during the 1992-93 fiscal year.
(C) The amount of each payment, the time when it is required to be
paid, and the total of the payments required to be made during the
1992-93 fiscal year. For indebtedness that bears interest at a
variable rate, or for short-term indebtedness that is maturing during
the fiscal year and expected to be refinanced, the amount of
payments during the fiscal year shall be estimated by the agency.
(2) The information contained in the resolution required by this
subdivision shall be certified by the chief fiscal officer of the
agency.
(3) The legislative body shall additionally adopt the resolution
required by this section.
(d) (1) Any agency that, pursuant to subdivision (b), determines
that it will be unable to allocate the full amount required by
subdivision (a) of Section 33681 shall, subject to paragraph (3),
enter into an agreement with the legislative body by February 15,
1993, to fund the payment of the difference between the full amount
required to be paid pursuant to subdivision (a) of Section 33681 and
the amount available for allocation by the agency.
(2) The obligations imposed by paragraph (1) are hereby declared
to be indebtedness incurred by the redevelopment agency to finance a
portion of a redevelopment project within the meaning of Section 16
of Article XVI the California Constitution. This indebtedness shall
be payable from tax revenues allocated to the agency pursuant to
Section 33670, and any other funds received by the agency. The
obligations imposed by paragraph (1) shall remain an indebtedness of
the agency to the legislative body until paid in full, or until the
agency and the legislative body otherwise agree.
(3) The agreement described in paragraph (1) shall be subject to
these terms and conditions specified in a written agreement between
the legislative body and the agency.
(e) If the agency fails, under either Section 33681 or subdivision
(d), to transmit the full amount of funds required by Section 33681,
is precluded by court order from transmitting that amount, or is
otherwise unable to meet its full obligation pursuant to Section
33681, the county auditor, by no later than May 15, 1993, shall
transfer any amount necessary to meet the obligation determined for
that agency in subparagraph (D) of paragraph (2) of subdivision (a)
of Section 33681 from the legislative body's property tax allocation
pursuant to Chapter 6 (commencing with Section 95) of Part 0.5 of
Division 1 of the Revenue and Taxation Code.
(f) It is the intent of the Legislature in enacting this section
that this section supersede and be operative in place of Section
33682 of the Health and Safety Code as added by Senate Bill 617 of
the 1991-92 Regular Session.

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 an unfunded liability of a
fire and police retirement system of a charter city meeting all of
the criteria specified in Section 33608. This section shall not be
applied retroactively.

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 the effective date of the statute
that adds this chapter, the payment of which is to be made in whole
or in part, directly or indirectly, out of taxes allocated to the
agency pursuant to Section 33670, and which is required by law or
provision of the existing indebtedness to be made during the fiscal
year of the relevant allocation required by Section 33681.5:
(A) Bonds, notes, interim certificates, debentures, or other
obligations issued by an agency (whether funded, refunded, assumed,
or otherwise) pursuant to Article 5 (commencing with Section 33640).
(B) Loans or moneys advanced to the agency, including, but not
limited to, loans from federal, state, or local agencies, or a
private entity.
(C) A contractual obligation that, if breached, could subject the
agency to damages or other liabilities or remedies.
(D) An obligation incurred pursuant to Section 33445.
(E) Indebtedness incurred pursuant to Section 33334.2.
(F) An amount, to be expended for the operation and administration
of the agency, that may not exceed 90 percent of the amount spent
for those purposes in the 1991-92 fiscal year.
(G) Obligations imposed by law with respect to activities which
occurred prior to the effective date of the act that adds this
chapter.
(2) Existing indebtedness incurred prior to the effective date of
the statute that adds this article may be refinanced, refunded, or
restructured after that date, and shall remain existing indebtedness
for the purposes of this section, if the annual debt service during
that fiscal year does not increase over the prior fiscal year and the
refinancing does not reduce the ability of the agency to make the
payment required by subdivision (a) of Section 33681.5.
(3) For the purposes of this section, indebtedness shall be deemed
to be incurred prior to the effective date of this chapter if the
agency has entered into a binding contract subject to normal
marketing conditions, to deliver the indebtedness, or if the
redevelopment agency has received bids for the sale of the
indebtedness prior to that date and the indebtedness is issued for
value and evidence thereof is delivered to the initial purchaser no
later than 30 days after the date of the contract or sale.
(b) During the 1993-94 or 1994-95 fiscal year, an agency that has
adopted a resolution pursuant to subdivision (c) may, pursuant to
subdivision (a) of Section 33681.5, allocate to the auditor less than
the amount required by subdivision (a) of Section 33681.5, if the
agency finds that either of the following has occurred:
(1) That the difference between the amount allocated and the
amount required by subdivision (a) of Section 33681.5 is necessary to
make payments on existing indebtedness that are due or required to
be committed, set aside, or reserved by the agency during the
applicable fiscal year and that are used by the agency for that
purpose, and the agency has no other funds that can be used to pay
this existing indebtedness, and no other feasible method to reduce or
avoid this indebtedness.
(2) The agency has no other funds to make the