Deed - 1595 Washington Ave - File D-1377, 2004-1001

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Chapter 2.32 METHODS OF FINANCING THE PROJECT Sections: 2.32.010 General description of the proposed financing methods. 2.32.020 Tax increments. 2.32.030 Other loans and grants. 2.32.010 General description of the proposed financing methods. Upon adoption of this plan by the city council, the agency is authorized to finance the project with property tax increments, in- terest income, agency bonds, loans from pri- vate institutions, proceeds from the sale or lease of property, financial assistance from the city, county, state of California, federal gov- ernment, or any other public agency, or any other legally available source. The city or county may, in accordance with the law, make advances and expend money as necessary to assist the agency in carrying out this project. Such assistance shall be on terms established by an agreement between the city or county and the agency. As available, gas tax funds from the state of California and the county will be used for the street system. As available, federal loans and grants will be used to finance portions off pro- ject costs. The agency is authorized to issue bonds if appropriate and feasible in an amount suffi- cient to finance all or any part of the project. The agency is authorized to obtain ad- vances, borrow funds and create indebtedness in carrying out this plan. The principal and interest on such advances, funds, and indebt- 2.32.010 edness may be paid from tax increments or any other funds available to the agency. (Ord. 93-012 § 601, 1993) 2.32.020 Tax increments. All taxes levied upon taxable property within the project area each year by or for the benefit of the state of California, county of Alameda, city of San Leandro, any district, or other public corporation (hereinafter some- times called "taxing agencies") after the effec- tive date of the ordinance approving this plan shall be divided as follows: A. That portion of the taxes which would be produced by the rate upon which the tax is levied each year by or for each of said taxing agencies upon the total sum of the assessed value of the taxable property in the project as shown upon the assessment roll used in con- nection with the taxation of such property by such taxing agency, last equalized prior to the effective date of such ordinance, shall be allo- cated to and stated above, all the taxes levied and collected upon the taxable property in the project shall be paid into the funds of the re- spective taxing agencies. When said bonds, loans, advances and collected shall be paid into the funds for the respective taxing agen- cies as taxes by or for said taxing agencies on all other property are paid (for the purpose of allocating taxes levied by or for any taxing agency or agencies which did not include the territory of the project on the effective date of such ordinance but to which such territory is annexed or otherwise included after such ef- fective date, the assessment roll last equalized on the effective date of said ordinance shall be used in determining the assessed valuation of the taxable property in the project on said ef- fective date); and B. Except as provided in subsections C and D, that portion of the levied taxes each 83 (San Leandro Redevelopment Agency 3-05)