Assembly Constitutional Amendment No. 55. Adds Section 10 to Article XIII of Constitution. Authorizes financing cost of development projects from portion of revenue derived from taxes on taxable property within project. Provides that taxing agencies shall continue to receive tax revenues based on assessed value of such property at time of approval of redevelopment plan. Authorizes and validates laws permitting use of additional tax revenue, based on later increases in assessed value, for payment of bonds or other obligations of the redevelopment agency and permitting the agency to pledge such income as security for its obligations.
Popular Vote Results
Y: 2456168; A: 65.9; N: 1271376; B: 34.1
Assembly Constitutional Amendment
Code Sections Affected
Added Cal. Const. art. XIII, section 19.
A. I. Stewart, Member of the Assembly, 47th District; Gerald J. O'Gara, Attorney and State Senator for San Francisco; Fletcher Bowron, Mayor of Los Angeles
COMMUNITY REDEVELOPMENT PROJECTS California Proposition 18 (1952).