CA AB2647

Orange County Auditor-Controller must allocate property tax revenues from the El Toro Project Area between the former Orange County Development Agency and former Lake Forest Redevelopment Agency trust funds.

Property tax revenues from the El Toro Project Area are initially deposited into the Orange County Development Agency trust fund, then transferred to the Lake Forest Redevelopment Agency trust fund after paying administrative costs and prior obligations.

Payments to the Lake Forest Redevelopment Agency from the El Toro Project Area revenues are prioritized ahead of most other recognized obligation payments, except those required by statute or bond covenants.

The allocation implements a July 6, 1999 transfer agreement between Orange County, the two development agencies, Lake Forest, and Laguna Hills regarding territorial jurisdiction of the El Toro Project Area.

Legislature finds a special law is necessary due to unique economic circumstances in the Lake Forest area related to debt service payments on bonds secured by former tax increment revenue.