Ord 2011-068 - Laserfiche WebLink

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City, if any; revenues from the sale of property acquired as part of the project plan and reinvestment zone financing plan, if any; and other revenues to be used in Zone No. 4 shall be deposited into the Tax Increment Fund. Prior to the termination of Zone No. 4, money shall be disbursed from the Tax Increment Fund only to pay project costs, as defined by the Texas Tax Code, for Zone No. 4, to satisfy the claims of holders of tax increments bonds or notes issued for Zone No. 4, or to pay obligations incurred pursuant to agreements entered into to implement the project plan and reinvestment zone financing plan and achieve their purpose pursuant to Section 311.010(b) of the Texas Tax Code. Section 7. Economic Development. The City Council hereby finds that the designation of Zone No. 4 and the expenditure of moneys on deposit in the Tax Increment Fund are necessary or convenient to the designation of Zone No. 4 or to the implementation of the project plan for Zone No. 4, including payments pursuant to the Reimbursement Agreement between the City and the Developer and as such, constitutes a program to promote local economic development and to stimulate business and commercial activity in the City. Section 8. Severability. If any provision, section, subsection, sentence, clause or phrase of this Ordinance, or the application of same to any person to set circumstances, is for any reason held to be unconstitutional, void or invalid, the validity of the remaining provisions of this Ordinance or their application to other persons or set of circumstances shall not be affected thereby, it being the intent of the City Council in adopting this Ordinance that no portion hereof or regulations connected herein shall become inoperative or fail by reason of any unconstitutionality, voidness or invalidity of any portion hereof, and all provisions of this Ordinance are declared severable for that purpose. Section 9. Open Meetin s. 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 its meeting, as required by the Open Meetings Law, Texas Government Code, Ch. 551, 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 the contents and posting thereof. 5