RDA Redevelopment Plans 2010-07 - Laserfiche WebLink

Home

F. As to the tax increment generated within the project area, no loans, advances or indebtedness shall be established or in- curred in the original project area and Areas 2 through 4 after January 1, 2004, and no loans, advances or indebtedness shall be es- tablished or incurred in Area 5 (A -D) after July 5, 2008. These limits, however shall not prevent incurring debt to be paid from the low- and moderate -income housing fund or establishing more debt in order to fulfill the agency's housing obligations in accordance with state law. The time limitation set forth herein may be extended only by amendment of this plan and in accordance with state law. Pursuant to Section 33333.2 of the Health and Safety Code, loans, advances, or other indebtedness, except those used for affordable housing activities, must be repaid no later than January 1, 2020 for the original project area; December 17, 2030 for Area 2; March 30, 2032 for Area 3; November 29, 2033 for Area 4; and July 5, 2039 for Area 5 (A—D). (Ord. 2003-019 § 1 (part), 2003; Ord. 94-019 § 1, 1994; Plaza 2 redev. Plan § 11(B), 1988) 1.36.030 Bonds, advances and indebtedness. The agency is authorized to issue bonds if appropriate and feasible in an amount suf- ficient to finance all or any part of the pro - j ect. The agency is authorized to obtain ad- vances, borrow funds and create indebted- ness in carrying out this plan. The principal and interest on such advances, funds and indebtedness may be paid from tax incre- ments or any other funds available to the agency. nM119111 Neither the members of the agency nor any persons executing the bonds are liable personally on the bonds by reason of their issuance. The bonds and other obligations of the agency are not a debt of the city, the state, nor are any of its political subdivisions lia- ble for them, nor in any event shall the bonds or obligations be payable out of any funds or properties other than those of the agency; and such bonds and other obliga- tions shall so state on their face. The bonds do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. The amount of bonded indebtedness to be repaid, in whole or in part, from the alloca- tion 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), ex- clusive of any revenue bonds issued to fi- nance housing, commercial and industrial projects. (Plaza 2 redev. plan § 11(C), 1988) 1.36.040 Low- and moderate -income housing fund. The agency shall establish a low- and moderate -income housing fund and shall allocate thereto not less than twenty (20) percent of all proceeds which it receives an- nually under the tax increment repayment provisions of the California Community Re- development Law for the purposes of in- creasing and improving the city's supply of housing for persons and families of low or moderate income as income levels are de- fined in the law, unless a finding can be made to the contrary in conformance with the provisions contained in the law. Fur- thermore, the agency may use the monies in 47 (San Leandro Redevelopment Agency Supp. No. 2, 12-05)