Deed - 2512 Davis St - File D-1414, 2009-0601

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3.40.050 Time limit on establishing indebtedness. The agency shall not establish loans, ad- vances, and indebtedness to be paid with tax increment funds to finance in whole or in part the project, beyond a date that is twenty years from the date of adoption of the plan. Pro- vided, that the agency may incur debt to be paid from the low- and moderate -income housing fund or establish more debt in order to fulfill the agency's obligation to provide replacement housing pursuant to Health and Safety Code Section 33413. No loans, advances, or indebtedness to be repaid from the allocation of taxes shall be established or incurred by the agency beyond this twenty (20) year time limitation, unless the agency extends this limitation by amend- ing the plan. The agency may amend the plan to extend the time limitation an additional ten (10) years if the agency finds, based on sub- stantial evidence, that (i) significant blight remains within the project area; and (ii) this blight cannot be eliminated without establish- ing additional debt. The limitation on establishment of debt shall not prevent the agency from refinancing, refunding, or restructuring indebtedness after the time limit if the indebtedness is not in- creased and the time during which the indebt- edness is to be repaid is not extended beyond the time limit to repay indebtedness estab- lished herein below. (Ord. 99-025 § 404, 1999) 3.40.060 Time limit on use of tax increment funds to repay indebtedness. Pursuant to Section 33333.2 of the Health and Safety Code, the agency shall not use tax increment funds to repay indebtedness more than forty-six (46) years from the date of 3.40.050 adoption of the plan. After the time limit es- tablished herein, the agency may not receive property taxes pursuant to Health and Safety Code Section 33670. (Ord. 2003-020 § 1 (part), 2003; Ord. 99-025 § 405, 1999) 151 (San Leandro Redevelopment Agency Stipp. No. 1, 10-04)