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ALAMEDA COUNTY REDEVELOPMENT AGENCY - <br />SAN LEANDRO JOINT PROJECT AREA <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />JUNE 30, 2008 <br />The agency being a part of the San Leandro Joint Project Area has pledged none of its <br />share of current or future tax increments for San Leandro Joint Project Area debt. Any <br />and all bonds sold for the Joint Project Area so far are secured by the current and future <br />tax increments only from the City of San Leandro portion of the Joint Project Area. <br />Under GASB 48, the Agency has no obligation whatsoever to the debt created by the <br />City of San Leandro for the Joint Project Area. <br />D. Assets, Liabilities, Equities and Operations <br />Cash and Investments consist of cash invested in the County's cash investment pool. <br />Property Tax Increment -The state of California (State) Constitution Article XIIIA <br />provides that the combined maximum property tax rate on any given property may not <br />exceed one percent of its assessed value unless an additional amount for general <br />obligation debt has been approved by voters. Assessed value is calculated at 100 <br />percent of market value as defined by Article XIIIA and may be increased by no more <br />than two percent per year unless the property is sold, transferred or improved. The <br />State Legislature has determined the method of distribution of receipts from a one <br />percent tax levy among the counties, cities, school districts and other districts. <br />The County of Alameda bills for and collects property taxes as follows: <br />Valuation lien dates <br />Levy dates <br />Due dates <br />Delinquent after <br />Secured <br />January 1 <br />July 1 <br />~0% on November 1 <br />50% on February 1 <br />December 10 (for November) <br />April 10 (for February) <br />Unsecured <br />January 1 <br />July 1 <br />Upon receipt of billing <br />August 31 <br />Secured taxes are secured by liens on the property being taxed. Unsecured taxes refer <br />to taxes on personal property other than land and buildings owned by <br />commercial/industrial undertakings Property tax revenues are recognized to the extent <br />that they are measurable and will be received within 60 days of year-end. <br />Capital assets - Accumulated Redevelopment Project costs - Accumulated <br />redevelopment project costs consist of costs associated with land acquisition for <br />redevelopment projects that will be transferred to the County. These are recorded in the <br />government-wide financial statements at historical cost. <br />23 <br />