Commencing in the calendar year in which the authority has allocated a cumulative total of more than one million dollars ($1,000,000) in property tax increment revenues pursuant to subdivision (a) of Section 62253 or other revenues pursuant to subdivision (b) of Section 62253, including any proceeds of a debt issuance, and each year thereafter, the authority shall contract for an independent audit conducted in accordance with generally accepted governmental auditing standards.

(Amended by Stats. 2018, Ch. 862, Sec. 6. (AB 2035) Effective January 1, 2019.)

Terms Used In California Government Code 62255

  • Contract: A legal written agreement that becomes binding when signed.
  • Subdivision: means a subdivision of the section in which the term occurs unless some other section is expressly mentioned. See California Government Code 10