§ 49-95. Creation of economic development trust fund for each zone.

There is hereby created an Economic Development Trust Fund for each Zone hereafter created by the Board in accordance with this Ordinance. The Tax Increment determined annually for each Zone shall be deposited in the Trust Fund prior to January 1 of each year as provided in Section 5 of this Ordinance and maintained for such Zone until paid or pledged for the implementation of the Economic Development Plan created for the Zone. By resolution of the Board, available funds maintained in one Economic Development Trust Fund can be paid or applied for a joint project or program with available funds maintained in a separate Economic Development Trust Fund or a percentage of future Tax Increment revenues can be pledged and applied for two or more Economic Development Trust Funds to jointly fund a program or project affecting multiple Zones.

(Ord. No. 2010-20, § 6)