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college district, or county office of education, or for special education, shall comply with the applicable requirements of Health and Safety Code Section 33607.5. C. [Section 403] Agency Bonds The Agency is authorized to issue bonds and expend the proceeds from their sale in carrying out the Plan. The Agency shall use the funds allocated to pay the principal and interest on such bonds as it. becomes due and payable. The bonds and other obligations of the Agency are not a debt of the City, the State, or any of its political subdivisions and are not payable out of any funds or assets other than those of the Agency; and such bonds and other obligations shall so state on their face. Neither do the bonds constitute debt for the purposes of constitutional or statutory debt limitations or restrictions. The total indebtedness of the Agency shall not exceed S750 million outstanding at any time. D. [ Section 404] Time Limit on Establishing Indebtedness The Agency shall not establish loans, advances, and indebtedness to be paid with tax increment funds to finance in whole or in part the Project, beyond a date that is twenty years from the date of adoption of the Plan. Provided, that the Agency may incur debt to be paid from the Low- and Moderate - Income Housing Fund or establish more debt in order to fulfill the Agency's obligation to provide replacement housing pursuant to Health and Safety Code Section 33413. No loans, advances, or indebtedness to be repaid from the allocation of taxes shall be established or incurred by the Agency beyond this twenty -year time limitation, unless the Agency extends this limitation by amending the Plan. The Agency may amend the Plan to extend the time limitation an additional ten years if the Agency finds, based on substantial evidence, that (i) significant blight remains within the Project Area; and (ii) this blight cannot be eliminated without establishing additional debt. The limitation on establishment of debt shall not prevent the Agency from refinancing, refunding, or restructuring indebtedness after the time limit if the indebtedness is not increased and the time during which the indebtedness is to be repaid is not extended beyond the time limit to repay indebtedness established hereinbelow. WEST SAN LEANDRO/MACARTHUR BOULEVARD PAGE 34 REDEVELOPMENT PROJECT' AREA REV 299922399;22599; 32699: 33099;040199 061599fn1