Except for the purpose of funding the Fund pursuant to Section 2-1773 herein, upon the enactment of this article, each taxing authority shall, by January
1st of each year, appropriate to the Fund for so long as any indebtedness pledging
increment revenues to the payment thereof is outstanding (but not to exceed thirty
(30) years) a sum that is no less than the increment as defined and determined by Section 2-1771 of this article accruing to such taxing authority. In no year shall the County's
obligation to the Fund exceed the amount of that year's tax increment as determined
pursuant to Section 2-1771 of this article. Beginning with the twentieth year after the date of sale of the
initial bonding or indebtedness pledging tax increment funds, no new sale of bonds
or indebtedness supported by the County's tax increment may occur nor may existing
indebtedness so supported be refunded without amending this article. The County's
increment contribution is to be accounted for as a separate revenue within the Fund
but may be combined within other revenues for the purpose of paying debt service.
The County must approve the amount, duration of the obligation and the purpose of
any bond, note or other form of indebtedness, including advances, pledging or otherwise
obligating tax increment funds.
(Ord. No. 04-124, § 3, 6-22-04)
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