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Proposition 1A Loan Repayment This June

February 15, 2013

The $1.9 billion Proposition 1A Suspension Loan of 2009 is due to be repaid this year.

 

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).

 

 



 
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