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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 />provision is necessary. <br />BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE <br />CITY OF COLTON, STATE OF CALIFORNIA, AS FOLLOWS: <br />Section 1. The second paragraph of Section E(540) <br />of the Redevelopment Plan which establishes the time limit on <br />establishing loans, advances, and indebtedness is hereby amended <br />to read: No loans, advances, or indebtedness, to finance in <br />whole or in part, the Project and to be repaid from the <br />allocation of those taxes described in the aforementioned Section <br />33670 shall be established or incurred by the Agency beyond <br />twenty (20) years from the date of adoption of this Plan. Such <br />loans advanced or undertaken may be repaid, or tax increment <br />received over a period not to exceed ten (10) years beyond the <br />expiration date of the Redevelopment Plan. <br />The Agency shall not pay indebtedness or receive <br />property tax increment revenues pursuant to Health and Safety <br />Code Section 33670 after ten (10) years from the termination of <br />the effective date of the Redevelopment 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 />Section 4. Publication. The City Clerk is <br />hereby ordered and directed to certify to the passage of this <br />Ordinance and cause the same to be published once in a newspaper <br />of general circulation published and circulated in the City of <br />Colton, California. <br />- 2 - <br />