Section 3.10.040 Allocation of Funds to Special Fund.

That portion of the taxes each year in excess of the base period taxes for the Combined Floyd River Urban Renewal Area, determined for each Sub-area thereof as provided in Section 3.10.030 of this Chapter, shall be allocated to and when collected be paid into the special tax increment fund previously established by the City of Sioux City to pay the principal of and interest on loans, monies advanced to, or indebtedness, whether funded, refunded, assumed or otherwise, including bonds issued under authority of Section 403.9 or Section 403.12 of the Code of Iowa, incurred by the City of Sioux City, Iowa to finance or refinance, in whole or in part, urban renewal projects undertaken within the Combined Floyd River Urban Renewal Area pursuant to the Urban Renewal Plan, as amended, for said area, except that taxes for the regular and voter-approved physical plant and equipment levy of a school district imposed pursuant to Section 298.2, but only to the extent authorized in Section 403.19(2), and taxes for payment of bonds and interest of each taxing district shall be collected against all taxable property within the Combined Floyd River Urban Renewal Area without any limitation as hereinabove provided. (Ord. 2003-0777; 90/T-6353)