(a) (1) A city, county, city and county, or a combination of any of those entities may form a climate resilience district pursuant to this division.

(2) The boundaries of the district shall be one of the following:

(A) Coterminous with the city, county, or city and county forming the district.

(B) Within a city, county, or city and county forming the district.

(C) Across two or more cities, counties, or cities and counties that are forming the district.

(D) A special district may join a district initiated by a city, county, city and county, or a combination of cities and counties.

(b) (1) A district shall be formed for the purpose of raising and allocating funding for eligible projects and the operating expenses of eligible projects.

(2) Operating expenses may include any of the following:

(A) The expenses of operating the district.

(B) The planning of eligible projects.

(C) The operational expenses of any eligible project.

(3) A district shall finance only projects described in subdivision (b) of Section 53398.52 if the project meets the definition of an eligible project.

(4) A district shall use the proceeds of bonds issued by a district to finance only eligible projects that meet the requirements of subdivision (a) of Section 53398.52.

(c) A district shall be deemed to be an “agency” described in subdivision (b) of § 16 of Article XVI of the California Constitution only for purposes of receiving property tax increment revenues.

(Added by Stats. 2022, Ch. 266, Sec. 1. (SB 852) Effective January 1, 2023.)