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-17— SB 33 1 53396. Any infrastructure financing plan may contain a 2 provision that taxes, if any, levied upon taxable property in the 3 area included within the infrastructure financing district each year 4 by or for the benefit of the State of California, or any affected 5 taxing entity after the effective date of the resolution adopted 6 pursuant to Section 53395.20 to create the district,shall be divided 7 as follows: 8 (a) That portion of the taxes that would be produced by the rate 9 upon which the tax is levied each year by or for each of the affected 10 taxing entities upon the total sum of the assessed value of the 11 taxable property in the district as shown upon the assessment roll 12 used in connection with the taxation of the property by the affected 13 taxing entity, last equalized prior to the effective date of the 14 resolution adopted pursuant to Section 53395.20 to create the 15 district, shall be allocated to, and when collected shall be paid to, 16 the respective affected taxing entities as taxes by or for the affected 17 taxing entities on all other property are paid. 18 (b) That portion of the levied taxes each year specified in the 19 adopted infrastructure financing plan for the city and each affected 20 taxing entity that has agreed to participate pursuant to Section 21 53395.19 in excess of the amount specified in subdivision(a)shall 22 be allocated to, and when collected shall be paid into a special 23 fund of, the district for all lawful purposes of the district. Unless 24 and until the total assessed valuation of the taxable property in a 25 district exceeds the total assessed value of the taxable property in 26 the district as shown by the last equalized assessment roll referred 27 to in subdivision (a),all of the taxes levied and collected upon the 28 taxable property in the district shall be paid to the respective 29 affected taxing entities. When the district ceases to exist pursuant 30 to the adopted infrastructure financing plan,all moneys thereafter 31 received from taxes upon the taxable property in the district shall 32 be paid to the respective affected taxing entities as taxes on all 33 other property are paid. 34 SEC.25. Section 53397.1 of the Government Code is amended 35 to read: 36 53397.1. The public financing authority may,by majority vote, 37 authorize the issuance of bonds pursuant to this chapter by adopting 38 a resolution. 39 SEC.26. Section 53397.2 of the Government Code is amended 40 to read: 97