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• • • • 1.36.040 their face. The bonds do not constitute an in- project area and to allocate and expend such debtedness within the meaning of any consti- funds at the time and in the manner prescribed tutional or statutory debt limitation or restric- in the law. (Plaza 2 redev. plan § 1 l(D), 1988) tion. • The amount of bonded indebtedness to be repaid, in whole or in part, from the allocation of taxes from the project area described in Section. 1.36.020(A)(2) which can be out- standing at any one time shall not exceed fifty million dollars ($50,000,000.00), exclusive of any revenue bonds issued to finance housing, commercial and industrial projects. (Plaza 2 redev. plan § 1 I(C). 1988) 1.36.040 Low- and moderate - income housing fund. The agency shall establish a low- and mod- erate- income housing fund and shall allocate thereto not less than twenty (20) percent of all proceeds which it receives annually under the tax increment repayment provisions of the California Community Redevelopment Law for the purposes of increasing and improving the city's supply of housing for persons and families of low or moderate income as income levels are defined in the law, unless a finding can be made to the contrary in conformance with the provisions contained in the law. Fur - therniore. the agency may use the monies in • said fund either inside or outside the project • area. The interest earned by the low- and moder- ate- income housing fund shall accrue to the fund and may only be used for those purposes for which the fund has been established. • The provisions of this section of the plan apply only to Areas 2.3.4 and 5 of the project area. except that the agency shall comply with those provisions of the Community Redevel- • opment Law requiring the agency to compute the amount of such funds that otherwise would have been generated in Area 1 of the 47 (San Leandro Redevelopment Agency Supp. No. 1. 10-04)