Laserfiche WebLink
• <br /> OR BK 3B 9 PG 1 fZ' <br /> 3of4 <br /> 1st of each year appropriate to such trust fund for so long as:any indebtedness <br /> pledging increment revenues to the payment thereof is outstanding(but not to exceed <br /> 30 years) a sum which is no less than the increment as defined and determined in <br /> Section 6 of this Ordinance accruing to such taxing authority. No taxing authority is <br /> 2 <br /> exempt from the provisions of this Section. <br /> b. Any taxing authority which does not pay The increment to such trust <br /> fund by January 1st shall pay to such trust fund an amount equal to five,percent(5%) <br /> of the amount of the increment and shall pay interest on tl,.:amount of the incr ment <br /> equal to one percent (1%)for each month the increment i§outstanding. <br /> SECTION 8: The Fund shall be established and maintained'as a separate trust <br /> fund account in the office of the City Clerk of the City of Zephyrhills pursuant to this <br /> Ordinance, whereby the Fund may be promptly and effectively administered and <br /> utilized by the Agency expeditiously and without undue delay for their allocated <br /> statutory purpose. <br /> SECTION 9: The tax increment shall be computed by using the assessed <br /> value of the taxable real property in the Area for the year 1997 as the base, and in <br /> subsequent year using the assessed value of real property in the Area for that year as <br /> the second factor in determining the amount of tax increment accruing in that year. <br /> SECTION 10: The Agency accepts full responsibility for the receipt, custody, <br /> disbursement, accountability, management and proper application of all monies paid <br /> the Fund, subject to the provisions of Section3 of this Ordinance. <br /> SECTION 11: Any and all Ordinances or parts of Ordinances in conflict <br /> herewith be and the same are hereby repealed. <br /> SECTION 12: If any part of this Ordinance is held to be invalid or <br /> unenforceable for any reason, such hold shall not effect the validity or enforceability <br /> of the remainder, which shall remain in full force and effect. <br /> SECTION 13: This Ordinance shall become effective immediately upon its <br /> passage. <br /> The foregoing Ordinance No.: 6 g was read and passed on its first reading <br /> in open and regular meeting by the City Council of the City of Zephyrhills, Florida, <br /> on this �3'` day of j,2,(, A.D., 1998. <br /> • .! e, _NL. B ' !VIA <br /> ' • President of City Council <br /> Attest:_ . i <br /> p City Clerk; LINDA D. BOAN <br /> ' <br /> 3 <br />