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SB33 —6- 1 SEC. 3. Section 53395.2 of the Government Code is amended 2 to read: 3 53395.2. (a) The revenues available pursuant to Article 3 4 (commencing with Section 53396) may be used directly for work 5 allowed pursuant to Section 53395.3, may be accumulated for a 6 period not to exceed five years to provide a fund for that work, 7 may be pledged to pay the principal of, and interest on, bonds 8 issued pursuant to Article 4 (commencing with Section 53397), 9 or may be pledged to pay the principal of, and interest on, bonds 10 issued pursuant to the Improvement Bond Act of 1915 (Division 11 10(commencing with Section 8500)of the Streets and Highways 12 Code) or the Mello-Roos Community Facilities Act of 1982 13 (Chapter 2.5 (commencing with Section 53311)), the proceeds of 14 which have been or will be used entirely for allowable purposes 15 of the district. The revenue of the district may also be advanced 16 for allowable purposes of the district to an integrated financing 17 district established pursuant to Chapter 1.5 (commencing with 18 Section 53175), in which case the district may be party to a 19 reimbursement agreement established pursuant to that chapter. 20 The revenues of the district may also be committed to paying for 21 any completed public facility acquired pursuant to Section 53395.3 22 over a period of time, including the payment of a rate of interest 23 not to exceed the bond buyer index rate on the day that the 24 agreement to repay is entered into by the district. 25 (b) The public financing authority may enter into an agreement 26 with any affected taxing entity providing for the construction of, • 27 or assistance in, financing activities pursuant to Section 53395.3. 28 SEC. 4. Section 53395.3 of the Government Code is amended 29 to read: 30 53395.3. (a) A district may finance (1) the purchase, 31 construction, expansion, improvement, seismic retrofit, or 32 rehabilitation of any real or other tangible property with an 33 estimated useful life of 15 years or longer that satisfies the 34 requirements of subdivision (b), (2) may finance planning and 35 design work that is directly related to the purchase, construction, 36 expansion,or rehabilitation of that property,(3)the costs described 37 in Sections 53395.5 and 53396.5, and (4) may contribute to the 38 cost of maintaining facilities that are financed pursuant to 39 subdivision (b). A district may only finance the purchase of 40 facilities for which construction has been completed,as determined 97