§ 1-297. Redevelopment trust fund.

(1)

There is hereby created a Broward County Community Redevelopment Trust Fund, hereinafter referred to as "trust fund."

(2)

Funds allocated to and deposited into the trust fund shall be used by the agency to finance or refinance each community redevelopment project it undertakes.

(3)

The trust fund shall be funded annually in an amount not less than that increment of the income, proceeds, revenues and funds of the county derived from or held in connection with its undertaking and carrying out of community redevelopment projects under this article. Such increment shall be determined annually and shall be that amount equal to the difference between:

(a)

The amount of ad valorem taxes levied each year by all taxing authorities except school districts on taxable real property contained within the geographic boundaries of a community redevelopment project; and

(b)

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 all taxing authorities except school districts upon the total of the assessed value of the taxable property in the community redevelopment project 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 approving the community redevelopment plan.

(4)

The obligation of the board of county commissioners to fund the redevelopment trust fund annually shall continue until all loans, advances and indebtedness, if any, and interest thereon, of a community redevelopment agency incurred as a result of a community redevelopment project have been paid, but only to the extent provided for in this subsection.

(Ord. No. 80-110, § 6, 11-19-80)