§ 98-123. Community redevelopment trust fund.

(a)

There is established and created in accordance with F.S. § 163.387 a community redevelopment trust fund, referred to in this section as the "fund."

(b)

The funds allocated to and deposited into the fund are appropriated to the city community redevelopment agency, referred to as the "agency," to finance projects within the community redevelopment area, referred to as the area," as authorized by resolution, such resolution being adopted and made a part of this section by reference. The agency shall utilize the funds and revenues paid into and earned by the fund for all and every community redevelopment purpose delegated to it in such resolution, and as contained in the community redevelopment plan as provided by law, such fund to exist for the duration of the plan.

(c)

There shall be paid into the fund each year by all taxing authorities, except the school district and the St. Johns River Water Management District, within the community redevelopment area, the incremental increase in ad valorem taxes levied each year by the taxing authorities on taxable property in the community redevelopment area, as shown upon the most recent assessment roll used in connection with the taxation of such property by each taxing authority prior to the effective date of the ordinance approving the community redevelopment plan.

(d)

The most recent tax roll used in connection with the taxation of such property shall be the tax roll of 1992 of the county, and all deposits into the fund shall begin with incremental increases in ad valorem tax revenues received subsequent to November 1, 1992.

(e)

The tax increment shall be determined and appropriated annually, and shall be an amount equal to 95 percent of the difference between:

(1)

The amount of ad valorem taxes levied each year by all taxing authorities except the school district and St. Johns River Water Management District and entities exempted by F.S. § 163.387(2)(c), exclusive of any amount from any debt service millage, on taxable real property contained within the geographic boundaries in the community redevelopment area; and

(2)

The amount of ad valorem taxes which would have been produced by the rate upon which the tax is levied each year by or for all taxing authorities, except the school district and the St. Johns River Water Management District and entities exempted by F.S. § 163.387(2)(c), exclusive of any debt service millage, upon the total of the assessed value of the taxable real property in the community redevelopment area as shown upon the most recent assessment roll used in connection with the taxation of such property by all taxing authorities, last equalized prior to the effective date of the ordinance approving the community redevelopment plan.

(f)

All taxing authorities, except the school district and the St. Johns River Water Management District, will annually appropriate to the fund the sum stated in this section at the beginning of their fiscal years. The fund shall receive the tax increment only as, if and when such taxes may be collected by the taxing authorities. The taxing authorities' obligation to annually appropriate to the fund shall continue until all projects, loans, advances and indebtedness, if any, and interest thereon, undertaken or incurred by the agency as a result of the plan, have been paid and only to the extent that such tax increment accrues.

(g)

The agency is directed to establish and set up the fund and to develop and promulgate rules, regulations, and criteria whereby the fund may be promptly and effectively administered, including the establishment and the maintenance of books and records and adoption of procedures whereby the agency may, expeditiously and without undue delay, utilize such funds for their allocated statutory purpose. In addition, the agency is directed to prepare and implement an interlocal agreement with the county whose purpose is to provide for the rebate to the county each year of a predetermined amount from funds deposited by the county in the community redevelopment trust fund under conditions and criteria established by the original delegation resolution adopted by the county. The agency is directed to establish and set up the fund and to develop and promulgate rules, regulations, and criteria whereby the fund may be promptly and effectively administered, including the establishment and the maintenance of books and records and adoption of procedures whereby the agency may, expeditiously and without undue delay, utilize such funds of their allocated statutory purpose.

(h)

The tax increment shall be computed by using the assessed value of taxable property in the community redevelopment area for the year 1991 as the base, and in subsequent years using the assessed value of property in the community redevelopment area for that year as the second factor in determining the amount of tax increment in that year.

(i)

The agency accepts full responsibility for the receipt, custody, disbursement, accountability, management and proper application of all monies paid into the fund, subject to subsection (b) of this section.

(j)

Pursuant to county resolution, the fund shall contain separate accounts segregating county and all other deposits.

(Code 1988, § 16-83)