In the event that the Redevelopment Agency of the City of Corona adopts an ordinance pursuant to the provisions of Revenue and Taxation Code § 7202.6 which provides for the levying of a sales and use tax within a project area of the Redevelopment Agency, any retailer or other person required to pay a sales or use tax pursuant to provisions of this chapter shall be given a credit against amounts payable under this chapter in the amount of sales and/or use taxes payable to the Redevelopment Agency of the city under such ordinance adopted pursuant to the provisions of § 7202.6. In the event the Redevelopment Agency issues obligations secured in whole or in part by taxes levied pursuant to the provisions of Revenue and Taxation Code § 7202.6, the city shall not revoke this credit in whole or in part, nor shall it reduce its sales and use tax rate, during the life of such obligations. In the event that the Redevelopment Agency rescinds its ordinance pursuant to the provisions of § 7202.6, this credit shall terminate and be of no further force and effect.
(`78 Code, § 3.28.090.) (Ord. 2219 § 1, 1994; Ord. 1778 § 1, 1985.)