75B - PH DEBT INCURRED IN THREE REDEVELOPMENT AREAS

Home Browse Search

Agency as well as to generate additional bonds proceeds for Agency activities (the "2009 Tax Allocation Bonds"). Elimination of the debt incurrence time limit for these redevelopment plans is necessary for the structuring of the 2009 Tax Allocation Bonds. SECTION 2: As used in this Ordinance, the following definitions shall apply: Agency shall mean the Community Redevelopment Agency of the City of Santa Ana. Community Redevelopment Law shall mean Part 1 (commencing with Section 33000) of Division 24 of the California Health & Safety Code, as amended from time to time. Central City Plan shall mean the City of Santa Ana Redevelopment Plan originally adopted by Ordinance No. NS-1173 on or about July 2, 1973, as amended. Inter City Plan shall mean the Inter City Commuter Station Redevelopment Plan originally adopted by Ordinance No. NS-1636 on or about July 6, 1982, as amended. Bristol Plan shall mean the Bristol Corridor Redevelopment Plan originally adopted by Ordinance No. NS-2039on or about December 4, 1989, as amended. Tax increment shall mean property tax revenues allocated to the Agency pursuant to Section 333670 of the Community Redevelopment Law. Time limit on incurring indebtedness, Time limit on plan effectiveness, Time limit on receipt of tax increment shall have those meanings as described in subdivisions (a), (b) and (c), respectively, of Section 33333.6 of the Community Redevelopment Law, subject to all exceptions specified in the Community Redevelopment Law. SECTION 3: The Central City, Inter City and Bristol Redevelopment Plans of the City of Santa Ana are hereby amended to repeal the existing debt incurrence time limit so that the Agency can incur debt for these respective project areas up to the redevelopment plan effectiveness dates, as set forth below. 2 75B-4