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1.16.010 <br />Chapter 1.16 <br />FINANCING <br />Sections: <br />1.16.010 General. <br />1.16.020 Tax increments. <br />1.16.030 Bonds advances and <br />indebtedness. <br />1.16.010 General. <br />The agency is authorized to finance this <br />project with financial assistance from the city, <br />state, federal government of the United States <br />of America, property tax increments, special <br />assessment districts, donations, interest <br />income, agency bonds, loans from private <br />financial institutions, the lease of agency - <br />owned property, sale of agency -owned <br />property and/or any other available source. <br />(33600, 33601) (Plaza 1 redev. plan § 10(A), <br />1986) <br />1.16.020 Tax increments. <br />A. All taxes levied upon taxable property <br />within the project area each year by or for the <br />benefit of the state, county, city any district or <br />other public corporation (hereinafter <br />sometimes called "taxing agencies") after the <br />effective date of the ordinance by which a <br />redevelopment plan was established for the <br />areas set forth in said ordinance and until such <br />time as all indebtedness created pursuant to <br />Section 1.16.030 of this chapter has been paid, <br />shall be divided as follows: <br />1. That portion of the taxes which would <br />be produced by the rate upon which the tax is <br />levied each year by or for each of said taxing <br />agencies upon the total sum of the assessed <br />value of the taxable property in the <br />redevelopment project as shown upon the <br />assessment roll used in connection with the <br />taxation of such property by such taxing <br />agency, last equalized prior to the effective <br />date of such ordinance, shall be allocated to <br />and when collected shall be paid to the <br />respective taxing agencies as taxes by or for <br />said taxing agencies on all other property are <br />paid (for the purpose of allocating taxes levied <br />by or for any taxing agency or agencies which <br />did not include the territory of the project on <br />the effective date of such ordinance but to <br />which such territory is annexed or otherwise <br />included after such effective date, the <br />assessment roll last equalized on the effective <br />date of said ordinance shall be used in <br />determining the assessed valuation of the <br />taxable property in the project on said <br />effective date) and; <br />2. That portion of said levied taxes each <br />year in excess of such amount shall be <br />allocated 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 />monies advanced to, or indebtedness (whether <br />funded, refunded, assumed or otherwise) <br />incurred by the agency to finance or refinance, <br />in whole or in part, this redevelopment <br />project. Unless and until the total assessed <br />value of the taxable property in the project <br />exceeds the total assessed value of the taxable <br />property in the project as shown by the last <br />equalized assessment roll referred to in <br />subsection (A)(1) of this section, all of the <br />taxes levied and collected upon the taxable <br />property in the project shall be paid to the <br />respective taxing agencies. When such bonds, <br />loans, advances and indebtedness, if any, and <br />interest thereon, have been paid, all monies <br />thereafter received from taxes upon the <br />taxable property in the project shall be paid to <br />14 <br />