1999 ORD O-18-99 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 effective, and the provisions of other documents formulated pursuant to this Plan with respect to the Added Area may be made effective, for forty (40) years from the date of the City Council's adoption of the amendment to this Plan which added the Added Area. " Section 2. The third subparagraph of Section 540 of the Redevelopment Plan which establishes the time limit for establishing loans, advances and indebtedness is hereby amended to read as follows: "No loans, advances or indebtedness to finance, in whole or in part, the Project and to be repaid from an allocation from the Original Area of those taxes described in the above-mentioned Section 33670 shall be established or incurred by the Agency beyond twenty (20) years from the date of the City Council's original adoption of this Plan. Such loans, advances or indebtedness may not be repaid or tax increment received from the Original Area beyond ten (10) years from the expiration date of this Plan as to the Original Area. No loans, advances, or indebtedness to finance, in whole or in part, the Project and to be repaid from an allocation from the Added Area of those taxes described in the above-mentioned Section 33670 shall be established or incurred by the Agency beyond twenty (20) years from the date of the City Council's adoption of the amendment to this Plan which added the Added Area. Such loans, advances, or indebtedness may not be repaid or tax increment received from the Added Area beyond the date which is ten (10) years following the date of the City Council's adoption of the amendment to this Plan which added the Added Area. " Section 3. Certification. send a Certified copy of this Ordinance to the Agency. Section 4. Effective Date. force and effect thirty (30) days after its passage. The City Clerk is hereby directed to This Ordinance shall be in full