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year in excess of that amount shall be allocated to and when collected shall be paid into a special fund of the Agency to pay the principal of and interest on loans, moneys advanced to, or indebtedness (whether funded, refunded, assumed, or otherwise) incurred by the Agency to finance or refinance, in whole or in part, the Project. When the loans, advances, and indebtedness, if any, and interest thereon, have been paid, all moneys thereafter received from taxes upon the taxable property in the Project Area shall be paid to the respective taxing agencies as taxes on all other property are paid. (c) That portion of the taxes in excess of the amount identified in paragraph (a) that are attributable to a tax rate levied by a taxing agency for the purpose of producing revenues in an amount sufficient to make annual repayments of the principal of, and the interest on, any bonded indebtedness for the acquisition or improvement of real property shall be allocated to, and when collected shall be paid into, the fund of that taxing agency. The Agency is authorized to irrevocably pledge tax increment funds for the payment of the principal of and interest on any advance of moneys, loans, or any indebtedness incurred (whether funded, refunded, assumed, or otherwise) to finance or refinance, in whole or in part, the Project. 1. [Section 402.11 Payments to Taxing Entities Commencing with the first fiscal year in which the Agency receives tax increments and continuing through the last fiscal year in which the Agency receives tax increments, the Agency shall pay to the affected taxing entities, including the City if the City elects to receive a payment, an amount equal to 25 percent of the tax increments received by the Agency after the amount required to be deposited in the Low and Moderate - Income Housing Fund has been deducted. In any fiscal year in which the Agency receives tax increments, the City may elect to receive the amount authorized by this paragraph. Commencing with the I I th fiscal year in which the Agency receives tax increments and continuing through the last fiscal year in which the Agency receives tax increments, the Agency shall pay to the affected taxing entities, other than the City, in addition to the amounts paid during the previous ten fiscal years and after deducting the amount allocated to the Low- and Moderate - Income Housing Fund, an amount equal to 21 percent of the portion of tax increments received by the Agency, WEST SAN LEANDRO /MACARTHUR BOULEVARD PAGE 32 REDEVELOPMENT PROJECT AREA REV 2999;2239%2259% 32699; 33099;040199:061599fn1