Signed in October 2019, Assembly Bill 116 has taken effect as of January 1st, 2020, eliminating the 55% vote required at the time of EIFD debt issuance, while revising the district formation process to include three (3) public hearings spaced 30 days apart, including a protest opportunity at the third public hearing.
Cities and counties in the process of evaluating and forming EIFDs should take note and incorporate the extended approval process into their corresponding formation schedules, as well as consider the potential strategic impacts on the definition of district boundaries.
Review the bill text
HERE, and contact the Sustainability and Housing / Special Districts team at Kosmont with any questions.