(a) There is hereby established and created in accordance with the provisions of Section 163.387, Florida Statutes (1983), a redevelopment trust fund (hereinafter referred to as the “trust”).
(b) The funds allocated to, and deposited into the trust are hereby appropriated to the Boynton Beach Community Redevelopment Agency (hereinafter referred to as the “agency”) to finance or refinance each community redevelopment project it undertakes. The agency shall utilize the funds and revenues paid into and earned by the trust for all and every community redevelopment purpose as contained in the plan for redevelopment and as provided by law.
(c) The annual funding of the “trust” shall be in an amount not less than that increment in the income, proceeds, revenues, and funds of the city or county derived from or held in connection with its undertaking and carrying out of community redevelopment projects therein. Said increment shall be determined and appropriated annually, and shall be that amount equal to ninety-five (95) per cent of the difference between:
(1) The amount of ad valorem taxes levied each year by each taxing authority, exclusive of any amount from any debt service millage on taxable real property contained within the geographic boundaries of a community redevelopment area; and
(2) The amount of ad valorem taxes which would have been produced by the rate upon which the tax is levied each year by or for each taxing authority, exclusive of any debt service millage, upon the total of the assessed value of the taxable real property in the community redevelopment area as shown upon the most recent assessment roll used in connection with the taxation of such property by each taxing authority prior to the effective date of the ordinance from which this section was derived.
(d) All relevant taxing jurisdictions' obligation to fund the trust shall continue until all loans, advances, and indebtedness, if any, and interest thereon, of the agency incurred as the result of a community redevelopment project have been paid, but only to the extent that the tax increment described in subsection (c) accrues. Said taxing jurisdictions shall make their appropriation to the trust at the beginning of their fiscal year. The trust shall receive the increment above described, only as, if and when such taxes are collected. Said taxing jurisdictions shall fund the trust for the duration of each project undertaken by the agency and approved by the city. The first appropriation shall begin with tax revenue received subsequent to October 1, 1984.
(1) The revenue bonds and notes of every issue of the agency shall be payable solely out of revenues pledged to and received by the agency and deposited to the trust. The lien created by such bonds or notes shall not attach until the revenues referred to herein are deposited in the trust at the times, and to the extent that, such revenues accrue. The holders of such bonds or notes shall have no right to require the imposition of any tax or the establishment of any rate of taxation in order to obtain the amounts necessary to pay and retire such bonds or notes. The trust shall receive the tax increment described in subsection (c) only as, if, and when such taxes are collected.
(2) Revenue bonds issued by the agency shall not be deemed to constitute a debt, liability, or obligation of the city or the state or any political subdivision thereof or a pledge of the faith and credit of the city or the state or any political subdivision thereof but shall be payable solely from the revenues provided therefor. All such revenue bonds shall contain on the face thereof a statement to the effect that the agency shall not be obligated to pay the same or the interest thereon except from the revenues of the agency held for that purpose and that neither the faith and credit nor the taxing power of the city or of the state or of any political subdivision thereof is pledged to the payment of the principal of, or the interest on, such bonds.
(e) The agency is hereby directed to develop and promulgate rules, regulations, and criteria whereby the trust may be promptly and effectively administered, including the establishment and the maintenance of books and records and the adoption of procedures whereby the agency may expeditiously utilize said funds for their allocated statutory purpose.
(f) The community redevelopment agency shall exercise all powers and expend all funds in accordance with the provisions of Chapter 163, Part III, Florida Statutes and those provided for in Article II of Section 1.5 of the City's Land Development Regulations, and any community redevelopment plan shall conform with the comprehensive plan of the city, as amended. Further, in development of the community redevelopment plan, the community redevelopment agency shall comply in all respects with the height limitations imposed by the zoning code of the city, and further such plan shall ensure that the quality of the wetlands and mangroves will not be impaired except in conformity with the comprehensive plan.
(Ord. No. 83-41, §§ 1—5, 12-20-83; Ord. No. 84-9, § 1, 2-21-84; Ord. No. 85-45, Attach. (b), 8-20-85; Ord. No. 00-69, § 2, 12-19-00)
*Editor's note-Ord. No. 82.13, adopted May 18, 1982, named five members to the board of commissioners of the community redevelopment agency. Ordinance No. 85-38, § 1, adopted July 2, 1985, increased the number of members from five to seven, as permitted by F.S. § 163.356(2). Ord. No. 87-15, §§ 1—4, adopted July 7, 1987, repealed Ord. Nos. 82-13 and 85-38 and provided that the city commission be the board of commissioners of the community redevelopment agency. Ord. No. 89-11, §§ 1—4, created two community redevelopment agencies and described the jurisdiction of each, §§ 2-13.3 and 2-13.4. Subsequently, Ord. No. 90-21 provided for the consolidation of such agencies, the city commission being the governing body thereof. See §§ 2-13.2—2-13.4.
Editor's note-Ord. No. 83-41, enacted Dec. 20, 1983, as amended, did not expressly amend the Cede; hence, inclusion of §§ 1—5 as hereinabove set out in § 2-13.1 was at the editor's discretion.
Notes
| Ch. 19 | This cross reference no longer exists in the code of ordinances. - Folio Legal Editor |