Ord. 20644 - Laserfiche WebLink

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the text and/or exhibits of this Plan, if applicable to this Plan, shall be changed accordingly by duly recorded ordinance. Section1300DurationandValidityofApprovedPlan A. DURATIONOFTHEPLAN Taxes may be divided under this Plan only until the maximum indebtedness for the Plan Area has been issued and paid or defeased, or the Agency has determined that it will not issue the full amount of that maximum indebtedness, and all indebtedness that will be issued has been issued and paid or defeased. When that indebtedness has been paid or defeased the Agency will notify the assessor pursuant to ORS 457.450(2) to cease dividing taxes for the Plan Area, and shall return any unused tax increment funds to Lane County for redistribution to overlapping taxing districts. However, the Downtown District and this this Plan may remain in effect as long as legally required to exist and until the Agency transfers any remaining assets and liabilities of the Plan Area to the City of Eugene. As of the date of the 2016 Amendment, it is estimated that the last fiscal year for which taxes will be divided is FY27. B. VALIDITY Should a court of competent jurisdiction find any word, clause, sentence, section, or part of this Plan to be invalid, the remaining words, clauses, sentences, section, or parts shall be unaffected by any such finding and shall remain in full force and effect for the duration of the Plan. Section1400MaximumIndebtedness The sum of $33 million was established in 1998 as the spending limit (maximum amount of new indebtedness which could be issued or incurred from tax increment funds) under this Plan after June 1, 1998. That figure was developed using the estimated project costs, plus a 5% annual inflation factor. The 2010 Amendment increased the maximum indebtedness amount by $13.6 million, to a total of $46.6 million. The 2016 Amendment increased the maximum indebtedness amount by $19.4 million, to a total of $66 million. The maximum indebtedness limit established by this Section 1400 does not apply to or limit: 1. The obligation of the Agency to pay interest on indebtedness issued or incurred under this Plan; 2. Any indebtedness issued to refund indebtedness issued or incurred under this Plan, to the extent that the refunding indebtedness does not exceed the principal amount of the refunded indebtedness, plus the amount of the refunding indebtedness that is used to pay costs of the refunding; 3. Funds to repay indebtedness existing on the date of the 1998 Amendment; and 4. Expenditures made from funds other than tax increment funds, such as loans made from the Downtown Revitalization Loan Program. 12