AgdaPkt 2003-09-08 - Laserfiche WebLink

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q.A3(o Tax Collection Fees Legislation enacted by the State Legislature authorizes county auditor; to determine property tax administration costs proportionately attributable to local jurisdictions ar.d to submit invoices to the jurisdictions for such costs. Subsequent legislation specifically inclurles redevelopment agencies among the entities which are subject to a property tax administration charge. The County administration fee for fiscal year 2003 -04 is estimated co be $89,694. The calculations of Tax Revenues take such administrative costs into account Unitary Taxation of Utility Property AB 2890 (Statutes of 1986, Chapter 1457) provides that, commencing with fiscal year 1988 -89, assessed value derived from State - assessed unitary property (consisting mostly of operational property owned by utility companies) is to be allocated county-wide as follows: (i) each tax rate area will receive the same amount from each assessed utility received in the previous fiscal year unless the applicable county-wide values are insufficient to do so, in which case values will be allocated to each tax rate area on a pro rata basis; and (11) if values to be allocated are greater than in the previous fiscal year, each tax rate area will receive a pro rata share of the increase from each assessed utility according to a specified formula. AB 454 (Statutes of 1987, Chapter 921) further modifies Chapter 1457 regarding the distribution of property tax revenues derived from property assessed by the State Board of Equalization. Chapter 921 provides for the consolidation of all State - assessed property, except for regulated railroad property, into a single tax rate area in each county. Chapter 921 further provides for a new method of establishing tax rates on State - assessed property and distribution of property tax revenues derived from State- assessed property to taxing jurisdictions within each county. Railroads will continue to be assessed and revenues allocated to all tax rate areas where railroad property is sited. For additional information see "APPENDIX F - FISCAL CONSULTANT'S REPORT - Taxable Values and Historical Revenues." Future Initiatives Article XIIIA, Article XIIIB and Proposition 62 were each adopted as measures that qualified for the ballot under California's initiative process. From time to time other initiative measures could be adopted, further affecting Agency revenues or the Agency's ability to expend revenues. In 1993, the California Legislature enacted Assembly Bill 1290 ( "AB 1290 ") which contained several significant changes in the Redevelopment Law. Among the changes made by AB 1290 is a provision which limits the period of time for inuring and repaying loans, advances and indebtedness which are payable from tax increment revenues. In general, a redevelopment plan may terminate not more than 40 years following the date of original adoption, and loans, advances and indebtedness may be repaid during a period extending not more than 10 years following the date of termination of the redevelopment plan. In 2001, the California Legislature enacted Senate Bill 211 ( "SB 211 ") authorizing, among other things, the deletion from redevelopment plans of the limitation on incurring loans, advances and indebtedness. The Agency is of the opinion that the provisions of neither AB 1290 nor SB 211 will adversely impact the proceedings for the issuance or repayment of the Bonds. See REDEVELOPMENT PROJECT AREA NO.2 - Redevelopment Plan Limitations." -18-