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O-359-M•= ~ ~ , • • CITY OF CLERMONT MISCELLANEOUS ORDINANCE N0.359-M AN ORDINANCE OF THE CITY OF CLERMONT, FLORIDA, ESTABLISHING A COMMUNITY REDEVELOPMENT TRUST FUND; PROVIDING FOR THE ADMINISTRATION OF THE COMMUNITY REDEVELOPMENT TRUST FUND; PROVIDING FOR ANNUAL APPROPRIATION OF THE TAX INCREMENT BY ALL TAXING AUTHORITIES IN THE COMMUNITY REDEVELOPMENT AREA; PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the adoption of Resolution No. 950 on May 27, 1997, by the City Council of the City of Clermont, Florida (the "City"), created a community redevelopment agency known as the "Downtown Clermont Redevelopment Agency" (the "Agency") to carry out redevelopment activities in the Downtown Redevelopment Area; and WHEREAS, on August 11, 1998, the City Council of the City of Clermont approved the Redevelopment Plan (the "Plan") for the Downtown Redevelopment Area as described in Resolution No. 950; and WHEREAS, in order to plan and implement community redevelopment within the Downtown Redevelopment Area it is necessary that a Redevelopment Trust Fund be established as provided for in Section 163.387, Florida Statutes (the "Act"). NOW THEREFORE, be it resolved and enacted by the City of Clermont, Florida that: Section 1. There is hereby established, in accordance with Section 163.387, F.S., a Community Redevelopment Trust Fund ("Fund") for the Downtown Redevelopment Area. Section 2. The monies to be allocated to and deposited into the Fund shall be used to finance "community redevelopment" within the Downtown Redevelopment Area, which shall be appropriated when authorized by the Agency. The Agency shall utilize the funds and ~ ,' • • CITY OF CLERMONT MISCELLANEOUS ORDINANCE NO. 359-M Page 2 revenues paid into and earned by the Fund for community redevelopment purposes as provided in the Redevelopment Plan and as permitted by law. The Fund shall exist for the duration of the "community redevelopment" undertaken by the Agency pursuant to the Plan and the extent permitted by the Act. Monies shall be held in the Fund and the Fund shall be administered by the City for and on behalf of the Agency, and disbursed from the Fund as provided by the Act, this Ordinance or when authorized by the Agency. Section 3. The money held in the Fund shall be continuously secured in the same manner as state and municipal deposits are authorized to be secured by the laws of the state of Florida. The Funds may be invested according to the Act and Florida Statutes. The cash required to be accounted for in the Trust Fund described in this Act may be deposited in a single bank account, provided that adequate accounting records are maintained to reflect and control the restricted allocation of cash on deposit therein for the various purposes of such funds and accounts as herein provided. Section 4. There shall be paid into the Fund each year by each of the "taxing authorities" (as that term is defined in Section 163.340, Florida Statutes) levying ad valorem taxes within the Downtown Redevelopment Area, an amount equal to 95 percent of the incremental increase in ad valorem taxes levied each year by that taxing authority, as calculated in accordance with Section 5 of this Ordinance and the Act (such annual amount being hereafter referred to as the "tax increment"). Section 5. The tax increment shall be determined annually by each taxing authority and shall be that amount equal to 95 percent of the difference between: • • CITY OF CLERMONT MISCELLANEOUS ORDINANCE NO. 359-M Page 3 The amount of ad valorem taxes levied each year by each taxing authority, exclusive of any amount from any debt service millage, on taxable real property contained within the geographic boundaries of the Downtown Redevelopment Area: and 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 each taxing authority, upon the total of the assessed value of the taxable real property in the Downtown Redevelopment Area as shown upon the assessment roll used in connection with the taxation of such properly by all taxing authorities for 1996. Section 6. All taxing authorities shall annually appropriate to and cause to be deposited in the Fund the tax increment determined pursuant to the Act and Section 5 of this Ordinance at the beginning of each fiscal year thereof as provided in the Act. The obligation of each taxing authority to annually appropriate the tax increment for deposit in the Fund shall commence immediately upon the effective date of this Ordinance and continue to the extent permitted by the Act until all loans, advances and indebtedness, if any, and interest thereon, incurred by the Agency as a result of community redevelopment in the Downtown Redevelopment Area have been paid. Section 7. The Fund shall be established and maintained as a separate trust fund by the City pursuant to the Act and this Ordinance, and other directives of the governing body of the Agency as may from time to time be adopted, whereby the Fund may be promptly and effectively administered and utilized by the Agency expeditiously and without undue delay for its statutory purpose pursuant to the Plan. • • CITY OF CLERMONT MISCELLANEOUS ORDINANCE NO. 359-M Page 4 Section 8. The chief financial officer of the City of Clermont, Florida, on behalf of the City and the Agency, shall be the trustee of the Fund and shall be responsible for the receipt, custody, disbursement, accountability, management, investment, and proper application of all monies paid into or expended from the Fund in accordance with Agency authorization and with state and local laws. Disbursement of monies shall be made upon presentation of adequate supporting documentation in the reasonable opinion of the Trustee. Section 9. Any and all ordinances or resolutions or parts of ordinances or resolutions in conflict herewith are hereby repealed. Section 10. If any part of this Ordinance is held to be invalid or unenforceable for any reason, such holding shall not affect the validity or enforceability of the remainder of this Ordinance, which shall remain in full force and effect. Section 11. This ordinance shall become effective immediately upon passage and upon publication as required by law. First Reading this 25th day of August 1998. Second Reading this 8th day of September 1998. • • CITY OF CLERMONT MISCELLANEOUS ORDINANCE NO. 359-M Page 5 PASSED AND ORDAINED BY THE CITY COUNCIL OF THE CITY OF CLERMONT, LAKE COUNTY, FLORIDA THIS 8th DAY OF SEPTEMBER 1998. Robert A. Pool, Mayor Attest: eph E. Van Z' ,City Clerk