§ 30A-103. Obligation to appropriate; duration of obligation; limitations on obligation, bond sales and refundings; accounting requirements for County increment.

Each taxing authority shall by January 1st of each year appropriate to the fund for so long as any indebtedness pledging the tax increment due the fund is outstanding (but not to exceed thirty (30) years), a sum not less than the increment as defined and determined by Section 30A-102. 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-102. 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 [Ordinance No. 94-125]. 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. 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.

(Ord. No. 94-125, § 3, 6-21-94)