AB 411 — Redevelopment: City of Santa Cruz: bond proceeds: affordable housing.

Summary

Existing law dissolved redevelopment agencies and community development agencies as of February 1, 2012, and provides for the designation of successor agencies that are required to wind down the affairs of the dissolved redevelopment agencies. Existing law requires the Department of Finance to issue a finding of completion to a successor agency upon confirmation by the county auditor-controller that specified payments have been fully made by the successor agency. Existing law requires any successor agency that has been issued a finding of completion to use bond proceeds derived from bonds issued on or after January 1, 2011, in excess of the amounts needed to satisfy approved enforceable obligations, in a manner consistent with the original bond covenants, subject to certain requirements, including a requirement that no more than 5% of the proceeds derived from the bonds be expended, unless the successor agency has an approved Last and Final Recognized Obligation Payment Schedule, in which case the agency is authorized to expend no more than 20% of the proceeds derived from the bonds, subject to specified adjustments. Existing law requires remaining bond proceeds that cannot be spent pursuant to those requirements to be used at the earliest possible date to defease the bonds or to purchase those same outstanding bonds on the open market for cancellation. This bill, notwithstanding the requirement that the remaining bond proceeds be used to defease the bonds or to purchase those same outstanding bonds on the open market for cancellation, would authorize the City of Santa Cruz to use the remaining bond proceeds for the purposes of increasing, improving, and preserving affordable housing, as defined, and facilities for homeless persons, so long as those proceeds are used in a manner consistent with any original bond covenant. The bill would authorize the use of up to 10% of these bond proceeds for affordable housing for persons and families of moderate income, as defined, and require that the remainder be expended in accordance with specified provisions regarding the use of housing funds of a former redevelopment agency. The bill, if the City of Santa Cruz uses the remaining bond proceeds for these purposes, would require the Last and Final Recognized Obligation Payment Schedule to be adjusted to allow for the allocation of revenues from the Redevelopment Property Tax Trust Fund to the Santa Cruz Successor Agency for purposes of paying the remaining principal and interest on the bonds. This bill would incorporate additional changes in Section 34191.4 of the Health and Safety Code made by SB 532 that would become operative if both this bill and SB 532 are enacted and this bill is chaptered last. This bill would make legislative findings and declarations as to the necessity of a special statute for the City of Santa Cruz.

Bill Text

• Enrolled 09/17/19 - Enrolled Current pdf September 17, 2019
• Amended 09/04/19 - Amended Senate pdf September 04, 2019
• Amended 06/05/19 - Amended Senate pdf June 05, 2019
• Amended 03/27/19 - Amended Assembly pdf March 27, 2019
• Introduced 02/07/19 - Introduced pdf February 07, 2019
• AB411 View text html

Action History

1. January 21, 2020

   Consideration of Governor's veto stricken from file.

2. October 13, 2019

   Vetoed by Governor.

3. September 24, 2019

   Enrolled and presented to the Governor at 3:30 p.m.

4. September 12, 2019

   Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 72. Noes 0. Page 3503.).

5. September 11, 2019

   In Assembly. Concurrence in Senate amendments pending.

6. September 11, 2019

   Read third time. Passed. Ordered to the Assembly. (Ayes 30. Noes 9. Page 2805.).

7. September 05, 2019

   Read second time. Ordered to third reading.

8. September 04, 2019

   Read third time and amended. Ordered to second reading.

9. August 30, 2019

   Read second time. Ordered to third reading.

10. August 30, 2019

    From committee: Do pass. (Ayes 5. Noes 1.) (August 30).

11. August 12, 2019

    In committee: Referred to APPR. suspense file.

12. July 03, 2019

    From committee: Do pass and re-refer to Com. on APPR. (Ayes 8. Noes 1.) (July 2). Re-referred to Com. on APPR.

13. June 12, 2019

    From committee: Do pass and re-refer to Com. on HOUSING. (Ayes 5. Noes 1.) (June 12). Re-referred to Com. on HOUSING.

14. June 05, 2019

    From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on GOV. & F.

15. May 29, 2019

    Referred to Coms. on GOV. & F. and HOUSING.

16. May 23, 2019

    In Senate. Read first time. To Com. on RLS. for assignment.

17. May 22, 2019

    Read third time. Passed. Ordered to the Senate. (Ayes 72. Noes 0. Page 1803.)

18. May 20, 2019

    Read second time. Ordered to third reading.

19. May 16, 2019

    From committee: Do pass. (Ayes 14. Noes 0.) (May 16).

20. April 24, 2019

    In committee: Set, first hearing. Referred to APPR. suspense file.

21. April 04, 2019

    From committee: Do pass and re-refer to Com. on APPR. (Ayes 8. Noes 0.) (April 3). Re-referred to Com. on APPR.

22. March 28, 2019

    Re-referred to Com. on L. GOV.

23. March 27, 2019

    From committee chair, with author's amendments: Amend, and re-refer to Com. on L. GOV. Read second time and amended.

24. March 27, 2019

    From committee: Do pass and re-refer to Com. on L. GOV. (Ayes 6. Noes 0.) (March 27). Re-referred to Com. on L. GOV.

25. February 15, 2019

    Referred to Coms. on H. & C.D. and L. GOV.

26. February 08, 2019

    From printer. May be heard in committee March 10.

27. February 07, 2019

    Read first time. To print.

Sponsors

• Mark Stone · Primary

Votes

Subjects