O83-41AN ORDINANCE OF THE CITY OF BOYNTON BEACH
ESTABLISHING A REDEVELOPMENT TRUST FUND
PURSUANT TO SECTION 163.387, FLORIDA
STATUTES (1983); ALLOCATING THE FUNDS
APPROPRIATED THERETO TO FINANCE OR
REFINANCE THE COMMUNITY REDEVELOPMENT
PLAN FOR DOWNTOWN BOYNTON BEACH;
APPROPRIATING A "TAX INCREMENT" TO SAID
TRUST FUND; DELEGATING ~TO THE BOYNTON
BEACH COMMUNITY REDEVELOPMENT AGENCY
AUTHORITY: TO. ADMINISTER SAID FUNDS;
PROVIDING FOR SEVERABILITY; PROVIDING AN
EFFECTIVE DATE.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL
OF THE CITY OF BOYNTON BEACH, FLORIDA:
Section 1. There is hereby established and created
in accordance with the provisions of Section 163.387,
Florida Statutes (1983), a redevelopment trust fund
(hereinafter referred to as the "Trust").
Section 2. The funds allocated to, and deposited
into the Trust are hereby appropriated to the Boynton Beach
Community Redevelopment Agency (hereinafter referred to as
the "Agency") to finance or refinance each community redevel-
opment project it undertakes. The Agency shall utilize the
funds and revenues paid into and earned by the Trust for all
and every community redevelopment purpose as contained in
the plan for redevelopment and. as provided by law.
Section 3. The annual funding of the "Trust" shall
be in an amount not less than that increment in the income,
proceeds, revenues, and funds of the City or County derived
from or held in connection with its undertaking and carrying
out of community redevelopment projects therein. Said
increment shall be determined and appropriated annually,
and shall be that amount equal to 95 per cent of the dif-
ference between:
(1) That amount of ad valorem taxes levied each
year by all taxing authorities except the
School Board of Palm Beach County on taxable
real property contained within the geographic
boundaries of the community redevelopment
project; and
(2) That amount of ad valorem taxes which would
have been produced by the rate upon which the
tax is levied each year by or for all taxing
authorities except the school board upon the
total of the assessed value of the taxable
real property in the community redevelopment
project as shown upon the most recent
assessment roll used in connection with the
taxation of such property by each taxing
authority, last equalized prior to the effec-
tive date of this ordinance.
Section 4. All relevant taxing jurisdictions'
obligation to fund the Trust shall continue until all loans,
advances, and indebtedness, if any, and interest thereon, of
the Agency incurred as the result of a community redevelop-
ment project have been paid, but only to the extent that the
tax increment described in Section 3 of this ordinance
accrues. Said taxing jurisdictions shall make their
appropriation to the Trust at the beginning of their fiscal
year. The Trust shall receive the increment above
described, only as, if, and when such taxes are collected.
Said taxing jurisdictions shall fund the Trust for the
duration of each project undertaken by the. Agency and
approved by the City. The first appropriation shall begin
with tax revenue received subsequent to October 1, 1984.
(1) The revenue bonds and notes of every issue of
the Agency shall be payable solely out of
revenues pledged to and received by the Agency
and deposited to the Trust. The lien created
by such bonds or notes shall not attach until
the revenues referred to herein are deposited
in the Trust at the times, and to the extent
that, such revenues accrue. The holders of
such bonds or notes shall have no right to
require the imposition of any tax or the
establishment of any rate of taxation in order
to obtain the amounts necessary to pay and
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retire such bonds or notes. The Trust shall
receive the tax increment described in Section
3 of this ordinance only as, if, and when such
taxes are collected.
(2) Revenue bonds issued by the Agency shall not
be deemed to constitute a debt, liability, or
obligation of the City or the state or any
political subdivision thereof, or a pledge of
the faith and credit of the City or the state
or any political subdivision thereof, but
shall be payable solely from the revenues pro-
vided therefor. All such revenue bonds shall
contain on the face thereof a statement to the
effect that the Agency shall not be obligated
to pay the same or the interest thereon except
from the revenues of the Agency held for that
purpose and that neither the faith and credit
nor the taxing power of the City or of the
state or of any political subdivision thereof
is pledged to the payment of the principal of,
or the interest on, such bonds.
Section 5. The Agency is hereby directed to deve-
lop and promulgate rules, regulations, and criteria whereby
the Trust may be promptly and effectively administered,
including the establishment and the maintenance of books and
records and the adoption of procedures whereby the Agency
may expeditiously utilize said funds for their allocated
statutory purpose.
Section 6. If any section, subsection, paragraph
or other provision of this ordinance, or its application to
any person or circumstance, shall be held invalid or
unconstitutional, such holding shall not affect the validity
of any other section, subsection, paragraph or provision
or its application to other persons or circumstances, and
towards that end this ordinance is declared severable.
Section 7. This ordinance shall take effect imme-
diately upon its passage.
FIRST READING this
1983.
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day of
SECOND, FINAL READING AND PASSAGE this
CITY OF BOYNTON BEACH, FLORIDA
Vice MaWr
CoUncil Member
ATTEST:
City Cl~k/
(Corp. Seal)
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