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[c ri S to] <br />Chapter 3.40 <br />FINANCING THE PROJECT <br />Sections: <br />3.40.010 <br />General description of the <br />proposed financing <br />methods. <br />3.40.020 <br />Tax increment funds. <br />3.40.030 <br />Payments to taxing <br />entities. <br />3.40.040 <br />Agency bonds. <br />3.40.050 <br />Time limit on establishing <br />indebtedness. <br />3.40.060 <br />Time limit on use of tax <br />increment funds to repay <br />indebtedness. <br />3.40.010 <br />General description of the <br />proposed financing <br />methods. <br />The agency is authorized to finance the <br />project with tax increment funds; interest <br />income; agency bonds; donations; loans from <br />private financial institutions; proceeds from <br />the lease or sale of agency -owned property; <br />owner participant or developer loans; use or <br />transient occupancy taxes; participation in <br />development; or with financial assistance <br />from the city of San Leandro, Alameda <br />County, the state of California, the federal <br />government, or any other available source, <br />public or private. <br />The agency is also authorized to obtain <br />advances, borrow funds, issue bonds, and <br />create indebtedness in carrying out the plan. <br />The principal and interest on such <br />indebtedness may be paid from tax increments <br />or any other funds available to the agency <br />Public transit sales tax funds and gas tax <br />funds or other legally available funds from the <br />state and county may be used for street <br />improvements and public transit facilities. <br />The city council may appropriate to the <br />agency such amounts as the city council <br />deems necessary for the administrative <br />expenses and overhead of the agency. The <br />money appropriated may be paid to the <br />agency as a grant to defray the expenses and <br />overhead, or as a loan to be repaid upon such <br />terms and conditions as the city council may <br />provide. In addition to the common <br />understanding and usual interpretation of the <br />term, "administrative expense" includes, but is <br />not limited to, expenses of redevelopment <br />planning and dissemination of redevelopment <br />information. The city may also provide <br />additional assistance in the form of bonds, <br />loans, grants, and in -kind assistance. (Ord. 99- <br />025 § 401, 1999) <br />3.40.020 Tax increment funds. <br />The taxes levied upon taxable property in <br />the project area each year by or for the benefit <br />of the state of California, the city of San <br />Leandro, the county of Alameda, any district, <br />or other public corporation ("taxing <br />agencies") after the effective date of the <br />ordinance approving the plan, shall be divided <br />as follows: <br />A. That portion of the taxes that would be <br />produced by the rate upon which the tax is <br />levied each year by or for each of the taxing <br />agencies upon the total sum of the assessed <br />value of the taxable property in the project <br />area as shown upon the assessment roll used <br />in connection with the taxation of that <br />property by the taxing agency, last equalized <br />prior to the effective date of the ordinance, <br />shall be allocated to and when collected shall <br />be paid to the respective taxing agencies as <br />148 <br />