Common use of Payments in Lieu of Property Taxes Clause in Contracts

Payments in Lieu of Property Taxes. (a) In the event that the property of the Authority is not subject to the imposition of property taxes pursuant to Article 13 Section 11 of the California Constitution because the property is located within the boundaries of the Authority or a Member Entity, the Authority shall make annual payments to Alpine County, Amador County and Calaveras County in lieu of property taxes for the Authority’s property located in those respective counties. Said “in lieu” payments are intended to preclude the loss to the counties of tax revenue which each county would have received had the property remained owned by the transferor.

Payments in Lieu of Property Taxes. (a) In the event that the property of the Authority is not subject to the imposition of property taxes pursuant to Article 13 Section 11 of the California Constitution because the property is located within the boundaries of the Authority or a Member Entity, the Authority shall make annual payments to Alpine County, Amador Xxxxxx County and Calaveras County in lieu of property taxes for the Authority’s property located in those respective counties. Said “in lieu” payments are intended to preclude the loss to the counties of tax revenue which each county would have received had the property remained owned by the transferor.