Chapter 3.20 TETON URBAN RENEWAL TAX INCREMENT DISTRICT
Section 3.20.040 Allocation of Funds - to Special Fund.
That portion of the taxes each year in excess of the base period taxes determined as provided in Section
3 of
this Ordinance, shall be allocated to and when collected be paid into a special tax increment fund of
the City
of Sioux City, Iowa hereby established, to pay the principal of and interest on loans, monies advanced
to,
indebtedness, whether funded, refunded, assumed or otherwise, including bonds issued under the authority
of Section 403.9 and 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 projects undertaken pursuant to the Teton Urban Renewal Project
program, except that taxes for the payment of bonds and interest of each taxing district levying taxes
on the
Teton Urban Renewal Project Area shall be collected against all taxable property within said Project
Area
without any limitation as hereinabove provided. (Ord. 91/T-10529)