Infrastructure financing districts: City and County of San Francisco.

Existing law specifically authorizes the City and County of San Francisco to create infrastructure financing districts, adopt infrastructure financing plans for those districts, and issue bonds financed by projected increases in ad valorem property taxes to fund certain public facilities, pursuant to a specified procedure. Existing property tax law establishes various procedures and requirements with respect to the annual apportionment and allocation of ad valorem property tax revenues, including increased revenues from infrastructure financing districts. This bill would recast these provisions authorizing the City and County of San Francisco to create infrastructure financing districts that include specified waterfront property. This bill would also modify the procedures for San Francisco to adopt an infrastructure financing plan, and allocate projected increases in ad valorem property taxes to specified annual apportionments. This bill would make legislative findings and declarations as to the necessity of a special statute for the City and County of San Francisco. This bill would provide that certain provisions of Chapter 664 of the Statutes of 2010 not become operative if specified conditions occur. This bill would declare that it is to take effect immediately as an urgency statute.