California Revenue and Taxation Code

§ 97.23

RTC § 97.23 Effective Jan 1, 1996Div. 1 · Part 0.5 · Ch. 6 · Art. 3

Statute text

(a)Notwithstanding Section 97.2 or any successor to that section, the Chino Basin Municipal Water District may maintain a stream of property tax revenue as provided in former Section 97.03, as that section read on October 11, 1993, to meet the commitment of debt service obligated with respect to revenue bonds that were issued in accordance with Chapter 1279 of the Statutes of 1993, on or after the effective date of that act and prior to the effective date of Chapter 155 of the Statutes of 1994.

(b)(1) In no event shall the total amount of the revenue stream maintained by the Chino Basin Municipal Water District pursuant to subdivision (a) exceed the total amount of the annual debt service payments for those revenue bonds described in subdivision (a).

(2)If the total amount of the revenue stream maintained by the Chino Basin Municipal Water District pursuant to subdivision (a) exceeds the total amount of the annual debt service payments for those revenue bonds described in subdivision (a), then the Chino Basin Municipal Water District shall reimburse the excess amount to the county auditor for deposit into the county’s Educational Revenue Augmentation Fund.

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Legislative history

Repealed and added by Stats. 1995, Ch. 39, Sec. 2. Effective January 1, 1996. Repealed as of date prescribed by its own provisions.