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� <br /> .A <br /> - i� <br /> 7/16/2004 3:1437 PM <br /> Borrowing The Legislature must The Legislature must <br /> terms pass a statute to fully pass a statute to fully <br /> repay loan with interest repay loan with interest <br /> at a specified rate within three fiscal years. <br /> within three fiscal Does not set interest <br /> ears. rate. <br /> Sales Tax <br /> Revenues <br /> ProtecNon Protects locally- Protects locally- Protects locally-imposed <br /> imposed sales tax imposed sales tax sales tax revenues and <br /> revenues and local revenues and local local Bradley-Bums <br /> Bradley-Bums sales tax Bradley-Burns sales tax sales tax revenues for <br /> revenues for local revenues for local local purposes. Bradley- <br /> purposes. Bradley- purposes. Bradley- Burns rate not protected. <br /> Bums rate of 1.0% Bums rate of 1.0% <br /> ex licitl rotected. ex licitl rotected. <br /> Among local Each agency's funds Each agency's funds The total amount of <br /> agencies protected. protected. funds statewide <br /> protected. Legislature <br /> can alter allocation <br /> amon local a encies. <br /> Mandates Unfunded mandates Statute is suspended if Statute is suspended if <br /> sunset automatically, no state funding except no state funding except <br /> except employee rights for specified employee for specified employee <br /> or benefits. Applies rights and benefits. rights and benefits. <br /> only to city, county, Applies only to city, Applies only to city, <br /> special district county, special district county, special district <br /> mandates. Mandates mandates. mandates. <br /> cannot be suspended in <br /> the bud et. <br /> Clarifies mandate Clarifies mandate Clarifies mandate <br /> definition to include definition to include definition to include cost <br /> cost shifts from the cost shifts from the shifts from the state to <br /> state to locals. state to locals. locals. <br /> Revenue Swaps No ability to swap local Legislature may Legislature may approve <br /> revenues. approve a statutory a statutory framework <br /> framework for for local revenue swaps <br /> voluntary exchange of without Local agency <br /> local sales tax and consent. All local <br /> property tax which revenues (base and <br /> must be on a revenue growth revenues) can be <br /> neutral basis. reallocated. <br />