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SB33 —2— <br /> subject to specified procedures.The bill would instead authorize a newly <br /> created public financing authority,consisting of 5 members,3 of whom <br /> are members of the city council or board of supervisors that established <br /> the district, and 2 of whom are members of the public, to adopt the <br /> infrastructure financing plan,subject to approval by the legislative body, <br /> and issue bonds by majority vote of the authority by resolution. The <br /> bill would authorize a public financing authority to enter into joint <br /> powers agreements with affected taxing entities with regard to nontaxing <br /> authority or powers only. The bill would authorize a district to finance <br /> specified actions and projects, and prohibit the district from providing <br /> financial assistance to a vehicle dealer or big box retailer, as defined. <br /> The bill would prohibit a district from financing any project or portion <br /> of a project within the boundaries of a former redevelopment agency <br /> until the successor agency to the former redevelopment agency has <br /> received a finding of completion. The bill would create a public <br /> accountability committee, as specified, to review the actions of the <br /> public financing authority. <br /> (2) Existing law requires that an infrastructure financing plan created <br /> by a legislative body include a date on which the district will cease to <br /> exist,which shall not be more than 30 years from the date on which the <br /> ordinance forming the district is adopted. <br /> This bill instead would specify that the date on which the district <br /> would cease to exist would not be more than 40 years from the date on <br /> which the public financing authority adopted the resolution adopting <br /> the infrastructure financing plan.The bill would also impose additional <br /> reporting requirements after the adoption of an infrastructure financing <br /> plan. <br /> Vote: majority. Appropriation: no. Fiscal committee: yes. <br /> State-mandated local program: no. <br /> The people of the State of California do enact as follows: <br /> 1 SECTION 1. Section 53395 of the Government Code is <br /> 2 amended to read: <br /> 3 53395. (a) The Legislature finds and declares that the state <br /> 4 and federal governments have withdrawn in whole or in part from <br /> 5 their former role in financing infrastructure, including highways <br /> 6 and interchanges, sewage treatment and water reclamation works, <br /> 7 water supply and treatment works, flood control and drainage <br /> 97 <br />