§ 5.06.050. Allocation of debt service taxes.

All TIF loans authorized by a tax increment agency after the effective date of this chapter shall include provisions stating that the debt service taxes shall be retained by the metropolitan government, or if received by a tax increment agency pursuant to tax increment statutes, shall be paid to the metropolitan government before any incremental tax revenues may be used to pay the principal and interest on TIF loans. The debt service taxes to be retained by or paid to the metropolitan government for each TIF loan shall be determined by multiplying the total taxes from all parcels generating incremental tax revenues pledged to secure the TIF loan by the debt service tax percentage applicable as of the date of the closing of the TIF loan.

(Ord. BL2016-157 § 1, 2016)