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

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2.32.020 year in excess of such amount shall be allo- cated to and when collected shall be paid into a special fund of the agency to pay the princi- pal of and interest on bonds, loans, moneys advanced to, or indebtedness (whether funded, refunded, assumed or otherwise) incurred by the agency to finance or refinance, in whole or in part, this project. Unless and until the total assessed value of the taxable property in the project exceeds the total assessed value of the taxable property in the project as shown by the last equalized assessment roll referred to in subsection A, all of the taxes levied and collected upon the respective taxing agencies shall be allocated in accordance with this sec- tion. When said bonds, loans, advances and indebtedness, if any, and interest thereon, have been paid, all moneys thereafter received from taxes upon the taxable property in the project shall be paid into the funds of the re- spective taxing agencies as taxes on all other property are paid; and C. That portion of the taxes identified in subsection B, which are attributable to a tax rate levied by any of said taring agencies for the purpose of providing revenues in an amount sufficient to make annual repayments of the principal of, and the interest on, any bonded indebtedness for the acquisition or improvement of real property shall be allo- cated to, and when collected shall be paid into, the fund of that taxing agency. This paragraph shall only apply to taxes levied to repay bonded indebtedness approved by the voters of said taxing agency or agencies on or after January 1, 1990. D. That portion of tax revenues allocated to the agency pursuant to subsection B which is attributable to increases in the rate of tax imposed for the benefit of any affected taxing agency whose levy occurs after the tax year in which the ordinance adopting this plan be- comes effective, shall be allocated to such affected taxing agency to the extent the af- fected taxing agency has elected in the manner required by law to receive such allocation. Any advanced moneys are hereby irrevoca- bly pledged for the payment of the principal of and interest on the advance of moneys, or making of loans, or the incurring of any in- debtedness (whether funded, refunded, as- sumed, or otherwise) by the agency to finance or refinance the project in whole or in part. The agency is authorized to make such pledges as to specific advances, loans and in- debtedness as appropriate in carrying out the project. Taxes shall be allocated and paid to the agency consistent with the provisions of this plan only to pay the principal of and in- terest on loans, moneys advanced to, or in- debtedness (whether funded, refunded, as- sumed or otherwise) incurred by the agency to finance or refinance, in whole or in part, the project. E. The number of tax dollars which maybe divided and allocated to the agency pursuant to California Health and Safety Code Section 33670 shall not exceed two billion, six hundred fifty million dollars ($2,650,000,000.00) except by amendment of this plan. F. No loan, advance or indebtedness to finance in whole or in part the project and payable in while or in part from tax increment revenues shall be established after a date twenty (20) years from the effective date of the ordinance approving and adopting this plan. This limit, 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. Such time limitation may be extended only by amendment of this plan and in accor- dance with state law. Pursuant to Section (San Leandro Redevelopment Agency 3-05) 84