Chapter 3.24 HIGHLAND PARK URBAN RENEWAL TAX INCREMENT DISTRICT

Section 3.24.040 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 Highland Park Urban Renewal Project program, except that taxes for the payment of bonds and interest of each taxing district levying taxes on the Highland Park Urban Renewal Project Area shall be collected against all taxable property within said Project Area without any limitation as hereinabove provided. (Ord. 92/U-705)