§ 2-421. Trust fund.

(a)

The city council hereby creates the community redevelopment trust fund (RTF) for the community redevelopment agency (CRAG) of the city. Funds allocated to and deposited into the RTF shall be used by the CRAG to finance or refinance each redevelopment project which it undertakes. The RTF shall exist continuously until completion of any community redevelopment project hereinafter approved by the city council in its capacities as the CRAG and the governing body of the city.

(b)

The RTF created in subsection (a) shall be funded in an amount not less than the income, proceeds, revenues, and funds of each applicable taxing authority. Such tax increment shall be determined annually and shall be that amount equal to ninety-five per cent (95%) of the difference between the following:

(1)

The amount of ad valorem taxes levied each year by each such taxing authority, exclusive of any amount from any debt service millage, on taxable real property contained within the geographic boundaries of the community redevelopment area (CRA); and

(2)

The amount of ad valorem taxes which would have been produced by the rate upon which the tax is levied each year by or for each such taxing authority, exclusive of any debt service millage, upon the total of the assessed value of the taxable real property in the CRA as shown upon the most recent assessment roll used in connection with the taxation of such property by each such taxing authority prior to July 8, 1997.

(c)

Each such taxing authority levying taxes within the CRA shall, by January 1 of each year, appropriate to the RTF created herein a sum which is not less than the increment of ad valorem tax revenues, as defined and determined in subsection (b) above, accruing to each such taxing authority for so long as any indebtedness pledging increment revenues to the payment thereof is outstanding (but not to exceed thirty (30) years).

(d)

Any such taxing authority that does not pay the increment to the RTF by January 1 shall pay to the RTF an amount equal to five per cent (5%) of the amount of the increment and shall pay interest on the amount of the increment equal to one per cent (1%) for each month that the increment is outstanding.

(e)

The following public bodies or taxing authorities created prior to July 1, 1993, are exempt from the above requirement:

(1)

A special district that levies ad valorem taxes on taxable real property in more than one (1) county.

(2)

A special district, the sole available source of revenue of which is ad valorem taxes at the time of adoption of this section.

(3)

A library district.

(4)

A neighborhood improvement district created under the Safe Neighborhoods Act.

(5)

A metropolitan transportation authority.

(6)

A water management district created under Florida Statutes section 373.069.

(7)

School districts.

(Ord. No. 97-06, §§ 1—5, 7-8-97)

Editor's note

Ordinance No. 97-06, adopted July 8, 1997, did not specifically amend the Code; hence, codification of §§ 1—5 of said ordinance as § 2-421 was at the discretion of the editor.