62-86 ORDINANCE NO. 62-86
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
DELRAY BEACH, FLORIDA, ESTABLISHING A REDEVELOPMENT
TRUST FUND PURSUANT TO SECTION 163.387, FLORIDA
STATUTES; ALLOCATING THE FUNDS APPROPRIATED THERETO
TO FINANCE THE COMMUNITY REDEVELOPMENT PLAN FOR
DOWNTOWN DELRAY BEACH; APPROPRIATING A "TAX INCRE-
MENT" TO SAID TRUST FUND; DELEGATING TO THE DELRAY
BEACH COMMUNITY REDEVELOPMENT AGENCY AUTHORITY TO
ESTABLISH AND ADMINISTER SAID FUNDS; PROVIDING FOR
SEVERABILITY; PROVIDING AN EFFECTIVE DATE AND FOR
NON-CODIFICATION.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF DELRAY BEACH, FLORIDA, AS FOLLOWS:
~. That there is hereby established and created in
accordance with the provisions of Section 163.387, Florida Statutes, a
redevelopment trust fund (hereinafter referred to as the "Trust").
~. That the funds allocated to, and deposited into
the Trust are hereby appropriated to the Delray 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.
~. That 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 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 the difference between:
(1) That amount of ad valorem taxes levied each year by all
taxing authorities except the School Board of Palm Beach County on
taxable real property contained with the geographic boundaries of the
community redevelopment project; and
(2) That 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 the school board upon the total of the
assessed value of the taxable property in the community redevelopment
prvj~ct as shown upon the most recent assessment roll used in connection
with the taxation of such property by each taxing authority, last
equalized prior to the effective date of the resolution approving the
community redevelopment plan.
~. That the City's 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 Section 3t°fhe this ordinance accrues. The
City shall make its appropriation to Trust at the beginning of the
City's fiscal year. The Trust shall receive the income above-described
prior to December 31 of each calendar year. The City shall fund the
Trust for the duration of each project undertaken by the Agency and
approved by the City. Further,
(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 de-
posited 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.
(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. Ail 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.
~.f~. That the Agency is hereby directed to establish
the Trust and to develop and promulgate rules, regulations, and criteria
whereby the Trust may be promptly and effectively administered, in-
cluding 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.
~. That if any section, subsection, paragraph or
other provision of this ordinance, or its application to any person or
circumstance, shall be held invalid or unconstitutional, such holding
shall not affect the validity of any other section, subsection, para-
graph or provision or its application to other persons or circumstances,
and towards that end this ordinance is declared severable.
~. That this ordinance shall take effect immediately
upon its passage on second and final reading, and shall not be codified
in the City's Code of Ordinances.
PASSED AND ADOPTED on second and final reading on this the
23rdday of September , 1986.
MAYOR
ATTEST=
First Reading September 9~ 1986
Second Reading September 23r 1986
ORD. NO. 62-86