Ord 1983-080 - Laserfiche WebLink

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SECTION 5. That the operation of the Zone shall commence on January 1, 1984, and that termination of the operation of Zone shall occur on December 31, 1996, or at an earlier time designated by subsequent ordinance, or at such time, subsequent to the issuance of tax increment notes, as all project costs and tax increment notes, and the interest thereon, have been paid in fulL SECTION 6. That the Tax Increment Base for the Zone, which is the total appraised value of all taxable real property in a reinvestment zone, is to be determined as of January 1, 1983, the year in which the Zone was designated a reinvestment zone. SECTION 7. That there is hereby created and established a Tax Increment Fund for the Zone which may be divided into such sub- accounts as may be authorized by subsequent ordinances, into which all Tax Increments are to be deposited. The Tax Increment Fund and any subaccounts are to be maintained at the depository bank of the City and shall be secured in the manner prescribed by law for Texas cities. The Tax Increments shall equal the amount of property taxes levied for a year on the captured appraised value, that is the amount by which the current appraised value of all taxable real property located in the Zone exceeds its Tax Increment Base, less any other funds which are to be allocated from the Tax Increment Base, less any other funds to be allocated from the Tax Increment pursuant to the Act. All revenues from the sale of any increment finance notes hereafter issued by the City may be deposited into such fund or subaccount from which money will be disbursed to pay project costs for the Zone or to satisfy the claims of holders of tax increment notes issued for the Zone. SECTION 8. That if any section, paragraph, clause or provision of this Ordinance shall for any reason be held to be invalid or unenforced, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the re- maining provisions of the Ordinance. SECTION 9. That it is hereby found, determined and declared that a sufficient written notice of the date, hour, place and subject of the meeting of the City Council at which this Ordinance was adopted was posted at a place convenient and readily accessible at all times to the general public at the City Hall of the City for the time required by law preceding this meeting, as required by the Open Meetings Law, Article 6252-17, Vernon's Texas civil Statutes, as amended, and that this meeting has been open to the public as required by law at all times during which this Ordinance and the subject matter hereof has been discussed, considered and formally acted upon. The City Council further ratifies, approves and confirms such written notice and contents and posting thereof. -4-