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approving this Amendment through the Redevelopment Plan shall be <br />divided as follows: <br /> <br /> 1. That portion of the taxes which would be produced by the <br /> rate upon which the tax is levied each year by or for each <br /> of said Taxing Agencies upon the total sum of the assessed <br /> value of the taxable property in the Redevelopment Project as <br /> shown upon the assessment roll used in connection with the <br /> taxation of such property by such Taxing Agency, last equalized <br /> prior to the effective date of such ordinance shall be allocated <br /> to and when collected shall be paid into ~,e funds of the <br /> respective Taxing Agencies as taxes by or for said Taxing <br /> Agencies on all other property are paid (for the purpose of <br /> allocating taxes levied by or for any Taxing Agency or Agencies <br /> which did not include the territory of the Project on the <br /> effective date of such ordinance but to which such territory <br /> is annexed or otherwise included after such effective date, <br /> the assessment roll of the County last equalized on the <br /> effective date of said ordinance shall be used in determining <br /> the assessed valuation of the taxable property in the Project <br /> on said effective date;) and <br /> <br /> 2. That portion of the levied taxes each year in excess of <br /> such amount shall be allocated to and when collected shall be <br /> paid into a special fund of the Agency to pay the principal <br /> of and interest on bonds, loans, moneys advanced to, or in- <br /> debtedness (whether funded, refunded, assumed, or otherwise) <br /> incurred by the Agency to finance or refinance, in whole or <br /> <br />-10- <br /> <br />APR 1 1975 <br /> <br /> <br />