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ss and at regular Agency Board meetings, all of which are open to the public. Construction of the Plan projects are expected to be completed by FY25. Debt issued to fund the projects is estimated to be paid off by FY25, depending on future tax increment revenue levels. The Agency shall convene the Expenditure Review Panel at least once each year to (1) prepare a report on the activities of the Agency for the previous fiscal year, and (2) tax increment dollars was limited to the Projects and the associated administrative costs authorized by the Plan. Chapter7:EstimatedAmountofMoneyandAnticipated YearinWhichIndebtednesswillbeRetiredorOtherwise ProvidedForUnderORS457.420to457.460 The contribution from the Agency for Projects is estimated at about $23M, including interest, premium, and other costs. The Projects will be funded with a combination of urban renewal tax increment financing under ORS Chapter 457 and other sources. The Agency may apply for federal, state, and local grants in order to complete the projects. In addition, the public facilities included within the Plan may also be funded in part with other public funds, such as systems development charges and general obligation bonds, among other sources. Oregon Revised Statutes require that each urban renewal district that receives property ll property tax expenditures over a period of t a legal debt limit. It is more like a spending limit. AmaximumindebtednessfiguredoesnotauthorizeorobligatetheAgencytospend moneyorenterintodebt. Within the maximum indebtedness limitation, the Agency Board has the ability to fund projects over time, either with cash or by issuing debt. Certain expenditures are included in the maximum indebtedness calculation and certain expenditures are excluded. For instance, cash payments for projects and administrative expenses are included in the calculation, but expenditures made from sources other than tax increment revenues are not included in the spending limit, such as Downtown Loans program funds. In addition, interest on debt is not included in maximum indebtedness, nor is the refinancing of existing indebtedness. The City Council amended the Plan in 1998 to include a maximum indebtedness limit of $33 million. The $33 million figure represented the amount that the Agency was allowed to cumulatively spend in tax increment revenues starting in 1998. That figure was based on the estimated cost of building a new main library, plus continuation of the administrative costs in the district, preparing annual financial statements, disposing of the former Sears ReportontheProposed2020Amendment 16