HomeMy WebLinkAboutORD 0855 (1981)1 ORDINANCE NO. 855
2 AN ORDINANCE OF THE CITY COUNCIL OF THE
3 CITY OF TUSTIN, CALIFORNIA, AMENDING THE
FINANCIAL LIMITATIONS OF THE REDEVELOPMENT
4 PLAN FOR THE TOWN CENTER AREA REDEVELOPMENT
PROJECT
5
6 The City Council of the City of Tustin, California, hereby ordains
that Title Vr (Sec. 600) LIMITATIONS ON FINANCES Title VII (Sec.
7 700) LIMITATION ON BONDED INDEBTEDNESS of the R~development Plan
for the Town Center Area Redevelopment'Project be amended as
8 follows:
9 1. Title VI is hereby amended to read as follows:
10 VI. (Sec. 600) LIMITATIONS ON FINANCES
11 1. As required by law, the Agency establishes a limitation on
itself as to the amount of tax increment dollars which it
12 may collect and allocate to projects and programs within
the project area. The .average yearly tax increment which
13 may be collected shall not exceed $3 million. Dollar
amounts in excess of this average yearly figure shall
14 revert back to the individual taxing agencies who are
collecting those taxes generated below the incremental
15 level. This limitation does not apply to funds received
by the Agency in the form of gifts, loans; from the sale
16 of property or services or from funds obtained from
services other than tax increment financing.
17
2. The length of time that the Town Center Project Area
18 exists shall not exceed thirty years. No loans, advances,
bonds, and other forms of indebtedness necessary to
19 finance this plan, shall be incurred or established by the
agency beyond the period of 30 years from the adoption of
20 the Ordinance approving the Redevelopment Plan. This
limitation on the time of indebtedness shall not be
21 construed to place any limitation on the formation or
financing of another Redevelopment Project Area.
2. Title VII is hereby amended to read as follows:
23
VII. (Sec. 700) LIMITATION ON BONDED INDEBTEDNESS
24
The Town Center Redevelopment Area may not exceed $20 million
25 of outstanding bonded indebtedness to be paid for through tax
increment funds. This limitation may not be exceeded unless
26 there is an amendment to the Redevelopment Plan.
27
28
i
1 Ordinance 855
Page Two
2
3 3. The findings required by Section 33367 of the Health and Safety
Code of the State of California and as contained in City of
4 Tustin Ordinance No. 701 are reaffirmed including the finding
that the City Council is convinced that the effect of tax
5 increment financing will not cause a severe financial burden or
detriment on any taxing agency deriving revenues from the tax
.6 increment project area.
7 4. This amendment pertains only to the finance plan for subject
redevelopment project area and does not include a change in the
8 boundaries of the project area to add land to or exclude land
from the project area.
9
PASSED AND ADOPTED at a regular meeting of the City Council, City
lO
of Tustin, California, held on the 8th day of September, 1981.
11
12 ,m~lm~ji6m ~
James B. Sharp
13 Mayor
14
ATTEST:
15
~ary n
17 City ~i
18
19
20
21
22
23
24
25
26
27
28
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF TUSTIN )
MARY E. WYNN, City Clerk and ex-officio Clerk of the City Council of the City of
Tustin, California, does hereby certify that the whole number of the members of
the City Council of the City of Tustin is five; that the above and foregoing
Ordinance No. 855 was duly and regularly introduced and read at a regular meeting
of the City Council held on the l7th day of August, 1981, and was given its second
reading and duly passed and adopted at a regular meeting held on the 8th day of
September, 1981, by the following vote:
AYES : COUNCILPERSONS: Sharp, Hoesterey, Edgar, Kennedy, Saltarelli
NOES : COUNCILPERSONS: None
ABSENT: COUNCILPERSONS: None
PUBLISH TUSTIN NEWS:
September 17, 1981