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1.16.020 <br />owned property and/or any other available <br />source. (33600, 33601) (Plaza 1 redev. plan <br />§ 10(A), 1986) <br />1.16.020 Tax increments. <br />A. All taxes levied upon taxable proper- <br />ty within the project area each year by or for <br />the benefit of the state, county, city any dis- <br />trict or other public corporation (hereinafter <br />sometimes called "taxing agencies") after <br />the effective date of the ordinance by which <br />a redevelopment plan was established for the <br />areas set forth in said ordinance and until <br />such time as all indebtedness created pursu- <br />ant to Section 1.16.030 of this chapter has <br />been paid, shall be divided as follows: <br />1. That portion of the taxes which <br />would be produced by the rate upon which <br />the tax is levied each year by or for each of <br />said taxing agencies upon the total sum of <br />the assessed value of the taxable property in <br />the redevelopment project as shown upon <br />the assessment roll used in connection with <br />the taxation of such property by such taxing <br />agency, last equalized prior to the effective <br />date of such ordinance, shall be allocated to <br />and when collected shall be paid to the re- <br />spective taxing agencies as taxes by or for <br />said taxing agencies on all other property are <br />paid (for the purpose of allocating taxes lev- <br />ied by or for any taxing agency or agencies <br />which did not include the territory of the <br />project on the effective date of such ordi- <br />nance but to which such territory is annexed <br />or otherwise included after such effective <br />date, the assessment roll last equalized on <br />the effective date of said ordinance shall be <br />used in determining the assessed valuation <br />of the taxable property in the project on said <br />effective date) and; <br />2. That portion of said levied taxes each <br />year in excess of such amount shall be allo- <br />(San Leandro Redevelopment Agency Supp. No. 2, 12-05) 14 <br />cated to and when collected shall be paid <br />into a special fund of the agency to pay the <br />principal of and interest on bonds, loans, <br />monies advanced to, or indebtedness <br />(whether funded, refunded, assumed or oth- <br />erwise) incurred by the agency to finance or <br />refinance, in whole or in part, this redevel- <br />opment project. Unless and until the total <br />assessed value of the taxable property in the <br />project exceeds the total assessed value of <br />the taxable property in the project as shown <br />by the last equalized assessment roll referred <br />to in subsection (A)(1) of this section, all of <br />the taxes levied and collected upon the taxa- <br />ble property in the project shall be paid to <br />the respective taxing agencies. When such <br />bonds, loans, advances and indebtedness, if <br />any, and interest thereon, have been paid, all <br />monies thereafter received from taxes upon <br />the taxable property in the project shall be <br />paid to <br />