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The money credited to the Special Revenue Fund and on hand therein from time to time shall annually be used in the following manner and following order of priority:
First, to pay into the debt retirement fund, or funds, for all outstanding series of bonds issued pursuant to the Plan an amount equal to the interest and principal coming due (in the case of principal, whether by maturity or mandatory redemption) prior to the next collection of taxes, less any credit for sums on hand in the debt retirement fund.
Second, to establish a reserve account for payment of' principal and interest on bonds issued pursuant to the Plan to the extent required by any resolution authorizing bonds.
Third, to pay the administrative and operating costs of the Downtown Development Authority and the City for the development area, including planning and promotion, to the extent provided in the annual budget of the Authority.
Fourth, to repay, to the extent determined desirable by the Authority and approved by the City, amounts advanced by the City for project costs as set forth in the Development Plan.
Fifth, to pay, to the extent determined desirable by the Authority, and approved by the City, the cost of completing the remaining public improvements as set forth in the Development Plan to the extent those costs are not financed from other sources.
Sixth, to pay the cost of any additional improvements to the development that are determined necessary by the Authority and approved by the City Council.