Infrastructure financing districts: formation: issuance of bonds: City of Oakland.

Existing law authorizes a legislative body of a city or county to designate one or more infrastructure financing districts, adopt an infrastructure financing plan, and issue bonds, for which only the district is liable, to finance specified public capital facilities of communitywide significance. Existing law specifies procedures for the preparation and adoption of an infrastructure financing plan and the issuance of bonds by a district, including requiring that the issuance of bonds be approved by 23 of the voters residing within the boundaries of the district voting on the proposition. Existing law authorizes the inclusion of a provision for the division of taxes in an infrastructure financing plan. Existing law establishes certain alternative procedures for the formation and financing activities of a waterfront district, as defined, in the City and County of San Francisco. This bill would establish alternative procedures for the formation of an infrastructure financing district by the City of Oakland under these provisions. The bill would require the City Council of the City of Oakland to initiate proceedings for the formation of the district by adoption of a resolution of intention to establish the district that, among other things, directs the preparation of an infrastructure financing plan. The bill would require the infrastructure financing plan to include a provision for the division of taxes, but would prohibit the division of taxes with respect to nonconsenting affected taxing agencies and specified local educational agencies. The bill would require a district board, composed of specified members, to hold 3 noticed public hearings on the infrastructure financing plan and to conduct a protest proceeding, as provided. The bill would authorize the establishment of the district if fewer than 25% of the combined number of landowners and residents in the area file a protest to the infrastructure financing plan, or if between 25% and 50% of those landowners file such a protest and the infrastructure financing plan is submitted to the voters and approved. The bill would require the district board to provide an annual report to each landowner, resident, and affected taxing entity that participates in the plan, as provided. The bill would also authorize the district board to approve and issue bonds for the district by adopting a resolution that contains specified information. The bill would authorize a district formed under these provisions to finance specified facilities and projects. This bill would make legislative findings and declarations as to the necessity of a special statute for the City of Oakland.