§ 2-1845. Money remaining in fund after payment of expenses.

On the last day of the Agency's fiscal year, any money which remains in the Fund after the payment of the expenses listed in Section 2-1844 herein for such year shall be:

(a)

returned to each taxing authority which paid the increment in the proportion that the amount of the payment of such taxing authority bears to the total amount paid into the Fund by all taxing authorities within the Redevelopment Area for that year;

(b)

used to reduce the amount of any indebtedness to which increment revenues are pledged;

(c)

deposited into an escrow account for the purpose of later reducing any indebtedness to which increment revenues are pledged; or

(d)

appropriated to a specific redevelopment project pursuant to the Plan which project will be completed within three (3) years from the date of such appropriation.

(Ord. No. 05-109, § 6, 7-7-05)