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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />WHEREAS, the time limit on the duration of the <br />Plan required by Section 33333.6 does not exceed the time set <br />forth on Section 33333.6 and therefore no amendment is necessary <br />with respect to said provisions. <br />BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF <br />COLTON, STATE OF CALIFORNIA, AS FOLLOWS: <br />Section 1. The third subparagraph of Section <br />E(540) of the Redevelopment Plan which establishes the time limit <br />in establishing loans, advances, and indebtedness, is hereby <br />amended to read: No loans, advances, or indebtedness to finance, <br />in whole or in part, the Project and to be repaid from the <br />allocation of those taxes described in the above-mentioned <br />Section 33670 shall be established or incurred by the Agency <br />beyond twenty (20) years from the date of adoption of this Plan <br />by the City Council. Such loans, advances, or indebtedness must <br />be repaid or tax increment received over a period not to exceed <br />ten (10) years beyond the expiration date of the Redevelopment <br />Plan. <br />Section 2. The City Clerk is hereby directed <br />to send a Certified copy of this Ordinance to the Agency. <br />Section 3. Effective Date. This Ordinance <br />shall be in full force and effect thirty (30) days after its <br />passage. <br />- 2 - <br />