Redevelopment: enforceable obligations.

Existing law suspends various redevelopment agency activities and dissolves redevelopment agencies as of February 1, 2012. Existing law designates successor agencies to act as successor entities to the dissolved redevelopment agencies and requires successor agencies to, among other things, continue to make payments due for enforceable obligations, as defined. This bill would add financial obligations relating to a project funded with a combination of property tax increment from the former redevelopment agency and a Federal Qualified School Construction Bond issued prior to January 1, 2012, to the definition of the term "enforceable obligation." This bill would declare that it is to take effect immediately as an urgency statute.