CA AB1270

Requires the Orange County Auditor Controller to allocate property tax revenues from the El Toro Project Area to the Lake Forest Redevelopment Agency's trust fund upon receipt of the final dissolution resolution for the Orange County Development Agency's successor agency.

Establishes a priority payment schedule requiring transfers to the Lake Forest Redevelopment Agency's fund after obligations secured by prior claims (such as tax allocation bonds) are paid from the Orange County Development Agency's fund.

Allows the approval of dissolution for the Orange County Development Agency's successor agency even though revenues are being allocated to the Lake Forest Redevelopment Agency's trust fund, clarifying that this transfer does not preclude dissolution approval.

Defines key terms including "El Toro Project Area," "transfer agreement" (dated July 6, 1999), and "transfer agreement amount" to implement the territorial jurisdiction transfer between the two former redevelopment agencies.

Imposes a state-mandated local program with provisions for reimbursement by the state if the Commission on State Mandates determines costs are mandated by the state.