§ 30A-52. Obligation to appropriate; duration of obligation; limitations on obligation, bond sales and refundings; accounting requirements of County increment.
Latest version.
Each taxing authority, including The Children's Trust, shall by January first of each
year appropriate to the fund for so long as any indebtedness pledging the tax increment
due the fund is outstanding (but not later than March 31, 2044, a sum not less than
the increment as defined and determined by Section 30A-51; provided however, that The Children's Trust shall become exempt commencing on the
earlier of (1) the date the Miami Beach Redevelopment Agency's bonds outstanding as
of November 1, 2014 are no longer outstanding, or (ii) March 31, 2023. In no year
shall the County's obligation to the fund exceed the amount of that year's tax increment
as determined in Section 30A-51. 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 Board approval. The County's obligation to fund the
fund annually shall continue until all loans, advances, and indebtedness, if any,
and interest thereon, of the community redevelopment agency incurred as a result of
redevelopment in the redevelopment area have been paid provided however, the County's
obligation to fund the fund shall not extend beyond March 31, 2044, unless the County's
obligation to fund the fund has not been satisfied. The County's increment contribution
is to be accounted for as a separate revenue within the fund but may be combined with
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.
