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2.32.020 <br />agency, or any other legally available <br />source. <br />The city or county may, in accordance <br />with the law, make advances and expend <br />money as necessary to assist the agency in <br />carrying out this project. Such assistance <br />shall be on terms established by an agree- <br />ment between the city or county and the <br />agency. <br />As available, gas tax funds from the state <br />of California and the county will be used for <br />the street system. As available, federal loans <br />and grants will be used to finance portions <br />off project costs. <br />The agency is authorized to issue bonds <br />if appropriate and feasible in an amount suf- <br />ficient to finance all or any part of the pro- <br />ject. <br />The agency is authorized to obtain ad- <br />vances, borrow funds and create indebted- <br />ness in carrying out this plan. The principal <br />and interest on such advances, funds, and <br />indebtedness may be paid from tax incre- <br />ments or any other funds available to the <br />agency. (Ord. 93-012 § 601, 1993) <br />2.32.020 Tax increments. <br />All taxes levied upon taxable property <br />within the project area each year by or for <br />the benefit of the state of California, county <br />of Alameda, city of San Leandro, any dis- <br />trict, or other public corporation (hereinafter <br />sometimes called "taxing agencies") after <br />the effective date of the ordinance approving <br />this plan shall be divided as follows: <br />A. 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 project as shown upon the assessment <br />roll used in connection with the taxation of <br />(San Leandro Redevelopment Agency Supp. No. 2, 12-05) 82 <br />such property by such taxing agency, last <br />equalized prior to the effective date of such <br />ordinance, shall be allocated to and stated <br />above, all the taxes levied and collected up- <br />on the taxable property in the project shall <br />be paid into the funds of the respective tax- <br />ing agencies. When said bonds, loans, ad- <br />vances and collected shall be paid into the <br />funds for the respective taxing agencies as <br />taxes by or for said taxing agencies on all <br />other property are paid (for the purpose of <br />allocating taxes levied by or for any taxing <br />agency or agencies which did not include <br />the territory of the project on the effective <br />date of such ordinance but to which such <br />territory is annexed or otherwise included <br />after such effective date, the assessment roll <br />last equalized on the effective date of said <br />ordinance shall be used in determining the <br />assessed valuation of the taxable property in <br />the project on said effective date); and <br />B. Except as provided in subsections C <br />and D, that portion of the levied taxes each <br />year in excess of such amount shall be allo- <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 />moneys 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 project. <br />Unless and until the total assessed value of <br />the taxable property in the project exceeds <br />the total assessed value of the taxable prop- <br />erty in the project as shown by the last <br />equalized assessment roll referred to in sub- <br />section A, all of the taxes levied and collect- <br />ed upon the respective taxing agencies shall <br />be allocated in accordance with this section. <br />When said bonds, loans, advances and in- <br />debtedness, if any, and interest thereon, have <br />been paid, all moneys thereafter received <br />