Prop.1A (2004) requires that the amounts be repaid within three years (specified in subsequent legislation as by June 13, 2013) with interest (stipulated by the Director of Finance at 2 percent). Many agencies participated in a securitization program which the legislation authorized.
The California Local Government Finance Almanac has added a section its website with more information including a schedule showing the transferred amounts, a link to the California Communities JPA website site with information on the securitization program, and a link to the uniform guidelines for implementation prepared by the County Auditors Association.
The provisions permitting any such a suspension of Prop. 1A in the future were deleted by the passage of Prop. 22 (2010).