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SB 33 Senate Bill-Bill Analysis Page 3 of 7 17)Provides that if an IFD's boundaries overlap with the boundaries of a former RDA, a participating city, county, or special district may allocate its share of net available revenue from within the boundaries of the former RDA to the IFD. 18)Prohibits an IFD from financing any project or portion of a project within the boundaries of a former RDA until the successor agency to the former RDA has received a finding of completion, and has no pending litigation against the state, as specified. 19)Requires, if an infrastructure financing plan contains a SB 33 Page 4 provision that provides for the division of taxes of any affected taxing entity, the creation of a public accountability committee, and provides for the membership and responsibilities of that public accountability committee, as follows: a) Requires the public accountability committee to be comprised of a representative of each affected taxing entity that has agreed to the division of its taxes, a representative of the public financing authority, and one or more public members; b) Requires the legislative body of each affected taxing entity and the legislative body of the public financing authority to appoint one of its members, or their designee, to the public accountability committee; and, c) Provides that the purpose of the public accountability committee shall be to conduct or have conducted an annual performance review and an annual independent financial review of the public financing authority, and specifies that the costs of the audits shall be paid from the revenues of the public financing authority. 20)Requires, in the financing section of the infrastructure financing plan, the inclusion of the following: a) The goals the IFD proposes to achieve by financing public facilities; b) The goals the IFD proposes to achieve by assisting with specified development related to transit priority projects; and, c) The creation of a public accountability committee, if funding from affected taxing entities is included in the plan. 21)Creates and defines, for purposes of IFD law, the term "public financing authority" to mean the legislative body of the IFD established pursuant to the bill's provisions. 22)Requires the public financing authority to be comprised of five people, three of whom shall be members of the city council or board of supervisors that established the IFD, and • http://www.leginfo.ca.gov/pub/13-14/bil I/sen/sb_0001-0050/sb_33_cfa_20130829_170827_asm_tloochtm1 7/3/2014