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3.40.030 quired to be deposited in the low- and moder- second adjusted base year assessed value is ate - income housing fund has been deducted. the assessed value of the project area in the In any fiscal year in which the agency re- thirtieth fiscal year in which the agency re- ceives tax increments, the city may elect to ceives tax increment revenues. receive the amount authorized by this para- Prior to incurring any loans. bonds. or other graph. indebtedness. except loans or advances from Commencing with the eleventh fiscal year the city, the agency may subordinate to the in which the agency receives tax increments loans, bonds or other indebtedness the amount and continuing through the last fiscal year in required to be paid to an affected taxing en- which the agency receives tax increments. the tity, provided that the affected taxing entity agency shall pay to the affected taxing enti- has approved these subordinations. At the ties, other than the in addition to the amounts time the agency requests an affected taxing paid during the previous ten (10) fiscal years entity to subordinate the amount to be paid to and after deducting the amount allocated to it, the agency shall provide the affected taxing the low- and moderate - income housing fund. entity with substantial evidence that sufficient an amount equal to, twenty -one percent (21 %) funds will be available to pay both the debt of the portion of tax increments received by service and the payments required, when due. the agency, which shall be calculated by ap- Notwithstanding any other provision of plying the tax rate against the amount of as- law, the agency may make payments from tax sessed value by which the current year as- increment funds to an affected taxing entity sessed value exceeds the first adjusted base that is a state water supply contractor in ac- year assessed value. The first adjusted base cordance with the provisions of Health and year assessed value is the assessed value of Safety Code Section 33607.8. the project area in the tenth fiscal year in The payments to be made hereunder are the which the agency receives tax increment exclusive payments that are required to be revenues. made•by the agency to affected taxing entities Commencing with the thirty -first fiscal during the term of the plan. The agency shall year in which the agency receives tax incre- reduce its payments to an affected taring entity ments and continuing through the last fiscal by any amount the agency has paid, directly or year in which the agency receives tax incre- indirectly, pursuant to Health and Safety Code ments, the agency shall pay to the affected Section 33445, 33445.5, 33445.6, 33446, or taxing entities, other than the city. in addition any other provision of law for, or in connection to the amounts paid during. the preceding with. a public facility in the project area owned thirty (30) fiscal years and after deducting the or leased by that affected taxing entity. Any amount allocated to the low- and moderate- reduction in the agency's payment to a school income housing fund. an amount equal to district. community college district, or county fourteen percent (14 %) of the portion of tax office of education, or for special education, increments received by the agency, which shall comply with the applicable requirements shall be calculated by applying the tax rate of Health and Safety Code Section 33607.5. against the amount of assessed value by which . (Ord. 99 -025 § 402.1. 1999) the current year assessed value exceeds the second adjusted base year assessed value. The (San Leandro Redevelopment Agency 3 -05) 1 50