§ 34174. — 34174. (Added by Stats. 2011, 1st Ex. Sess., Ch. 5, Sec. 7.)

California § 34174.

• Jurisdiction: California
• Code HSC: Health and Safety Code - HSC
• Div. 24.: DIVISION 24. COMMUNITY DEVELOPMENT AND HOUSING
• Part 1.85.: PART 1.85. DISSOLUTION OF REDEVELOPMENT AGENCIES AND DESIGNATION OF SUCCESSOR AGENCIES
• Ch. 2.: CHAPTER 2. Effect of Redevelopment Agency Dissolution

Text

(a)
Solely for the purposes of Section 16 of Article XVI of the California Constitution, commencing on the effective date of this part, all agency loans, advances, or indebtedness, and interest thereon, shall be deemed extinguished and paid; provided, however, that nothing herein is intended to absolve the successor agency of payment or other obligations due or imposed pursuant to
the enforceable obligations; and provided further, that nothing in the act adding this part is intended to be construed as an action or circumstance that may give rise to an event of default under any of the documents governing the enforceable obligations.
(b)
Nothing in this part, including, but not limited to, the dissolution of the redevelopment agencies, the designation of successor agencies, and the transfer of redevelopment agency assets and properties, shall be construed as a voluntary or involuntary insolvency of any redevelopment agency for purposes of the indenture, trust indenture, or similar document governing its outstanding bonds.

Legislative History

Added by Stats. 2011, 1st Ex. Sess., Ch. 5, Sec. 7. (AB 26 1x) Effective June 29, 2011. Operative February 1, 2012.