§ 2-354. Lacoochee/Trilby redevelopment fund.

There is hereby established a Lacoochee/Trilby redevelopment fund, a special revenue fund. Funds allocated to and deposited into this fund shall be used by the county to finance or refinance infrastructure improvements and infrastructure expenses. The annual funding of the Lacoochee/Trilby redevelopment fund shall be in an amount not less than the tax increment. The first fiscal year that a tax increment shall be calculated pursuant to this division shall be the fiscal year commencing October 1, 2014, based on an application of the millage rate in effect for the fiscal year commencing October 1, 2014 to 97 percent of the difference between the taxable valuation for the fiscal year commencing October 1, 2014, and the base taxable valuation. The priority of expenditures from the fund shall be: (1) repayment of any outstanding bonds, and (2) infrastructure expenses.

(1)

Repayment of bonds.

(a)

The county shall annually appropriate to the fund for sol long as any indebtedness pledging tax increment revenues is outstanding (but not to exceed 35 years) an amount equal to the tax increment accruing to the county.

(b)

Notwithstanding the provisions of subsection (a), the obligation of the county to fund the fund annually shall continue until all bonds, loans, advances, leases, and indebtedness, if any, and interest thereon, of the county incurred as a result of the infrastructure improvements have been paid.

(c)

The revenue bonds and notes of every issue under this section are payable out of revenues pledged to and received by the county and deposited to the fund. The lien created by such bonds, notes or other forms of indebtedness shall not attach until the revenues referred to herein are deposited in the fund at the times, and to the extent that, such tax increment revenues accrue. The holders of such bonds, notes or other forms of indebtedness 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, notes or other forms of indebtedness.

(d)

Revenue bonds issued under the provisions of this part shall not be deemed to constitute a debt, liability, or obligation of the county or state or any political subdivision thereof, or a pledge of the faith and credit of the county or the state or any political subdivision thereof, but shall be payable solely from the tax increment funds. All such revenue bonds shall contain on the face thereof a statement to the effect that the county shall not be obligated to pay the same or the interest thereon except from the revenues of the county held for that purpose and neither the faith and credit nor taxing power of the county 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)

In each fiscal year of the county, sufficient moneys from the Lacoochee/Trilby redevelopment fund shall be applied to make provision for required deposits in the current fiscal year with respect to principal, amortization, premium. If any, interest, and other costs for bonds, notes or other obligations having a lien upon the moneys in the fund, all as provided by resolution of the county prior to the application of moneys in the fund for other purposes hereunder.

(Ord. No. 13-22, § 4, 11-5-13)