§ 30-329. Payments into fund—Generally.

(a)

There shall be paid into the fund each year by each of the taxing authorities (as that term is defined in F.S. 163.340) levying ad valorem taxes within the community redevelopment area, a sum equal to ninety-five (95) percent of the incremental increase in ad valorem taxes levied each year by that taxing authority, as calculated in accordance with section 30-330 and F.S. § 163.387, based on the base tax year established in section 30-330 (such annual sum being hereinafter referred to as the "tax increment").

(b)

All taxing authorities shall annually appropriate to and cause to be deposited in the fund the tax increment determined pursuant to F.S. § 163.387 and section 30-330 at the beginning of each fiscal year thereof as provided in F.S. § 163.387. The obligation of each taxing authority to annually appropriate the tax increment for deposit in the fund shall commence immediately upon June 11, 1990 and continue to the extent permitted by F.S. § 163.387 until all loans, advances and indebtedness, if any, and interest thereon, incurred by the agency as a result of community redevelopment in the community redevelopment area have been paid.

(Ord. No. 90-13, §§ 3, 6, 6-11-90)