(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.
(Added by Stats. 1992, Ch. 699, Sec. 7. Effective September 15, 1992. See prevailing Section 33682 (added by Stats. 1992, Ch. 700) as amended by Stats. 1993, Ch. 68, which states, in subd. (f), that it supersedes this Section 33682.)
Last modified: October 25, 2018