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<br />28 <br />Agency for property tax administration and that such charge will increase proportionally with any <br />increases in revenue. <br /> <br />In addition, Sections 34182(e) and 34183(a) of the Dissolution Act allow administrative <br />costs of the County Auditor-Controller for the cost of administering the provisions of the <br />Dissolution Act, as well as the foregoing SB 2557/SB 1559 amounts, to be deducted from <br />property tax revenues before monies are deposited into the Redevelopment Property Tax Trust <br />Fund. The County’s administrative charge relating to the dissolution of the Former Agency was <br />$14,529 for the June 1, 2013 and the January 2, 2014 distributions from the Redevelopment <br />Property Tax Trust Fund. The County’s administrative charge relating to the distribution of <br />property tax revenues to the Successor Agency was $64,782 for the same period. <br /> <br />Teeter Plan <br /> <br />The County has adopted the Alternative Method of Distribution of Tax Levies and <br />Collections and of Tax Sale Proceeds (the “Teeter Plan”). Consequently, property tax revenues <br />in the Project Areas do not reflect actual collections because the County allocates property tax <br />revenues to the Successor Agency as if 100% of the calculated property taxes were collected <br />without adjustment for delinquencies, redemption payments or roll adjustments. The County <br />could elect to terminate this policy and, in such event, the amount of the levy of property tax <br />revenue that could be allocated to the Successor Agency would depend upon the actual <br />collections of the secured taxes within the Project Areas. Substantial delinquencies in the <br />payment of property taxes could impair the timely receipt by the Successor Agency of Tax <br />Revenues, although the Tax Revenues provide substantial debt service coverage on the 2014 <br />Bonds. See “- Projected Available Net Tax Increment and Estimated Debt Service Coverage” <br />below. <br /> <br />Unitary Property <br /> <br />Assembly Bill (“AB”) 2890 (Statutes of 1986, Chapter 1457) provides that, commencing <br />with fiscal year 1988-89, tax revenues derived from unitary property and assessed by the State <br />Board of Equalization are accumulated in a single Tax Rate Area for the County. The tax <br />revenues are then to be allocated to each taxing entity county-wide as follows: (i) each taxing <br />entity will receive the same amount as in the previous year plus an increase for inflation of up to <br />2%; (ii) if utility tax revenues are insufficient to provide the same amount as in the previous year, <br />each taxing entity's share would be reduced pro rata county wide; and (iii) any increase in <br />revenue above 2% would be allocated in the same proportion as the taxing entity's local <br />secured taxable values are to the local secured taxable values of the County. <br /> <br />AB 454 (Statutes of 1987, Chapter 921) further modified Chapter 1457 regarding the <br />distribution of tax revenues derived from property assessed by the State Board of Equalization. <br />Chapter 921 provides for the consolidation of all State-assessed property, except for regulated <br />railroad property, into a single tax rate area in each county. Chapter 921 further provides for a <br />new method of establishing tax rates on State-assessed property and distribution of property tax <br />revenue derived from State-assessed property to taxing jurisdictions within each county in <br />accordance with a new formula. Railroads will continue to be assessed and revenues allocated <br />to all tax rate areas where railroad property is sited. <br /> <br />The County includes the taxable value of utilities as part of the reported taxable values <br />of a project area. Consequently, the base year values of redevelopment projects are increased <br />by the amount of utility value that existed originally in the base year. The Auditor-Controller