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- 15- SB33 1 affected taxing entity that has not approved the infrastructure 2 financing plan by resolution of the governing body of the affected 3 taxing entity. 4 (d) A public financing authority may enter into a joint powers 5 agreement pursuant to Section 6500 with an affected taxing entity 6 to carry out the purposes of this chapter with regard to nontaxing 7 authority or powers only. 8 (e) An infrastructure financing plan that provides for the division 9 of taxes of any affected taxing entity shall not be implemented 10 until the date on which the public accountability committee is 11 created pursuant to Section 53395.21. 12 SEC. 17. Section 53395.20 of the Government Code is amended 13 to read: 14 53395.20. (a) At the conclusion of the hearing required by 15 Section 53395.17, the public financing authority may adopt a 16 resolution adopting the infrastructure financing plan,as modified, 17 and approving the formation of the infrastructure financing district 18 in a manner consistent with Sections 53395.10 and 53395.19, or 19 it may abandon the proceedings. The public financing authority 20 shall forward a copy of the plan to the legislative body to review 21 and approve the financing section of the plan described in 22 subdivision (d)of Section 53395.14. The infrastructure financing 23 plan shall not take effect until approved by the legislative body. 24 (b) No later than June 30 of each year after the adoption of the 25 infrastructure financing plan, the public financing authority shall 26 mail an annual report to each owner of land within the district and 27 each affected taxing entity. The public financing authority shall 28 post this annual report in an easily identifiable and accessible 29 location on the legislative body's Internet Web site. The annual 30 report shall contain all of the following: 31 (1) A summary of the district's expenditures. 32 (2) A description of the progress made towards the district's 33 adopted goals. 34 (3) An assessment of the status regarding completion of the 35 district's public works projects. 36 (c) If the district fails to provide the annual report required by 37 subdivision (b),the district shall not spend any funds to construct 38 public works projects until the annual report is submitted. 39 (d) If the district fails to produce evidence of progress made 40 towards achieving its adopted goals for five consecutive years,the 97