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2.32.020 • year in excess of such amount shall be alto- comes effective, shall be allocated to such cated to and when collected shall be paid into affected taxing agency to the extent the af- a special fund of the agency to pay the princi- fected taxing agency has elected in the manner pal of and interest on bonds, loans, moneys required by law to receive such allocation. advanced to, or indebtedness (whether funded, Any advanced moneys are hereby irrevoca- refunded, assumed or otherwise) incurred by bly pledged for the payment of the principal the agency to finance or refinance, in whole or of and interest on the advance of moneys, or in part, this project. Unless and until the total making of loans, or the incurring of any in- assessed value of the taxable property in the debtedness (whether funded, refunded, as- project exceeds the total assessed value of the sumed. or otherwise) by the agency to finance taxable property in the project as shown by or refinance the project in whole or in part. the last equalized assessment roll referred to The agency is authorized to make such in subsection A, all of the taxes levied and pledges as to specific advances, loans and in- collected upon the respective taxing agencies debtedness as appropriate in carrying out the shall be allocated in accordance with this sec- project. Taxes shall be allocated and paid to tion. When said bonds, loans, advances and the agency consistent with the provisions of indebtedness, if any, and interest thereon. this plan only to pay the principal of and in- have been paid, all moneys thereafter received terest on loans, moneys advanced to, or in- from taxes upon the taxable property in the debtedness (whether funded, refunded, as- project shall be paid into the funds of the re- sumed or otherwise) incurred by the agency to spective taxing agencies as taxes on all other finance or refinance, in whole or in part, the property are paid; and project. C. That portion of the taxes identified in E. The number of tax dollars which may be subsection B, which are attributable to a tax divided and allocated to the agency pursuant to rate levied by any of said taxing agencies for California Health and Safety Code Section the purpose of providing revenues in an 33670 shall not exceed two billion, six hundred amount sufficient to make annual repayments fifty million dollars ($2,650,000,000.00) except of the principal of, and the interest on, any by amendment of this plan. bonded indebtedness for the acquisition or F. No loan. advance or indebtedness to improvement of real property shall be alto- finance in whole or in part the project and cated to, and when collected shall be paid payable in while or in part from tax increment into, the fund of that taxing agency. This revenues shall be established after a date paragraph shall only apply to taxes levied to twenty (20) years from the effective date of repay bonded indebtedness approved by the the ordinance approving and adopting this voters of said taxing agency or agencies on or plan. This limit, however, shall not prevent after January I, 1990. incurring debt to be paid from the low- and D. That portion of tax revenues allocated moderate- income housing fund or establishing to the agency pursuant to subsection B which more debt in order to fulfill the agency's is attributable to increases in the rate of tax housing obligations in accordance with state imposed for the benefit of any affected taxing law. Such time limitation may be extended agency whose levy occurs after the tax year in only by amendment of this plan and in accor- which the ordinance adopting this plan be- dance with state law. Pursuant to Section (Sot l.unndro Redevelopment Agency 3 -05) 84