Except for the purpose of funding the Fund pursuant to Section 2-2003 herein, upon the enactment of this article, each taxing authority shall, by January
1st of each year, appropriate to the Fund for a period not to exceed ten (10) years
or for a period not to exceed thirty (30) years if there is outstanding indebtedness
pledging increment revenues which has been approved by this Board, a sum that is no
less than the increment as defined and determined by Section 2-2001 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 2-2001 of 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. 07-79, § 3, 6-5-07)
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