AB 1450 Summary

• Authorizes cities and counties to request that an oversight board prohibit voter-approved pension property tax revenues from being deposited into Redevelopment Property Tax Trust Funds, starting with the 2014-15 fiscal year.

• Allows oversight boards to deny such requests only if substantial evidence shows a former redevelopment agency specifically pledged those pension tax revenues for debt repayment, limiting the denial amount to the pledged portion.

• Requires pension property tax revenues not needed for former redevelopment agency debt service to be allocated to and paid into the fund of the city or county whose voters approved the tax.

• Deems all pension property tax allocations made by county auditor-controllers prior to July 1, 2014, as correct and prohibits any claims for money, damages, or reallocation based on those prior distributions.

• Exempts the City of San Jose Successor Agency from most provisions of the act due to pending litigation.