Laserfiche WebLink
SB 33 Senate Bill-Bill Analysis Page 4 of 7 <br /> SB 33 <br /> Page 5 <br /> two of whom shall be public members. <br /> 23)Allows a public financing authority to enter into a joint <br /> powers agreement with an affected taxing entity to carry out <br /> the purposes of the bill's provisions with regard to nontaxing <br /> authority or powers only. <br /> 24)Requires an annual report to be sent to each land owner and <br /> affected taxing entity in the IFD, and posted in an easily <br /> identifiable and accessible location on the legislative body's <br /> Internet Web site, that contains all of the following: <br /> a) A summary of the IFD's expenditures; <br /> b) A description of the progress made towards the IFD's <br /> adopted goals; and, <br /> c) An assessment of the status regarding completion of the <br /> IFD's public works projects. <br /> 25)Prohibits the IFD, if it fails to provide the annual report, <br /> from spending any funds to construct public works projects <br /> until the annual report is submitted. <br /> 26)States that if the IFD fails to produce evidence of progress <br /> made towards achieving its adopted goals for five consecutive <br /> years, the IFD shall not spend any funds to construct any new <br /> public works projects, except to complete any public works <br /> projects that it had started. <br /> 27)Requires, if the IFD fails, that any excess property tax <br /> increment revenues that had been allocated for new public <br /> works projects be reallocated to the affected taxing entities. <br /> 28)Allows the public financing authority to authorize the <br /> issuance of bonds by adoption of a resolution, and expands the <br /> requirements of the resolution to additionally include the <br /> following information: <br /> a) The issuance of the bonds in one or more series; <br /> b) The date the bonds will bear; <br /> c) The denomination of the bonds; <br /> SB 33 <br /> Page 6 <br /> d) The form of the bonds; <br /> e) The manner and execution of the bonds; <br /> f) The medium of payment in which the bonds are payable; <br /> g) The place or manner of payment and any requirements for <br /> registration of the bonds; and, <br /> h) The terms of call of redemption, with or without <br /> premium. <br /> 29)Changes the time period that any action or proceeding to <br /> http://www.leginfo.ca.gov/pub/13-14/bil I/sen/sb_0001-0050/sb_33_efa_20130829_170827_asm_floor.html 7/3/2014 <br />