SB 1129 Summary

• Authorizes successor agencies with a finding of completion to enter into or amend contracts and agreements related to enforceable obligations without committing new property tax funds or reducing tax revenues to taxing agencies.

• Includes agreements related to state highway infrastructure improvements (made before June 30, 2011) as enforceable obligations, and revises loan interest calculations to use the Local Agency Investment Fund rate in effect at loan origination, adjusted quarterly.

• Requires the Department of Finance to provide written confirmation within 45 days that determinations of enforceable obligations approved in Recognized Obligation Payment Schedules are final and conclusive for successor agencies with a finding of completion.

• Allows appointing authorities to appoint alternate representatives to oversight boards with the same voting rights as primary members, and requires successor agencies to notify the Department of Finance of alternate appointments.

• Prohibits the Department of Finance from requiring compensation agreements as part of approving long-range property management plans and requires expedited approval; exempts property dispositions under approved plans from department review.