Xxxxxxxx to Neb Sample Clauses

Xxxxxxxx to Neb. Rev. Stat. §18-2147, et seq., the Redevelopment Plan contains a provision which provides that any ad valorem tax levied upon real property in the Instinct Redevelopment Project for the benefit of any public body shall be divided, for a period not to exceed fifteen (15) years after the effective date for the division of taxes (“Effective Date of the Ad Valorem Tax Provision”) as identified herein as follows: • That portion of the ad valorem tax which is produced by the levy at the rate fixed each year by or for each such public body upon the Instinct Redevelopment Project Area valuation as of January 1 of the year prior to the year that the ad valorem taxes are to be divided shall be paid into the funds of each such public body in the same proportion as are all other taxes collected by or for the body; and • That portion of the ad valorem tax on real property as provided in the redevelopment contract or bond resolution in the Instinct Redevelopment Project Area in excess of such amount, if any, shall be allocated to and, when collected, paid into a special fund of the authority to be used solely to pay the principle and the interest on, and any premiums due in connection with the bonds of, loans, notes, or advances of money to, or indebtedness incurred by, whether funded, refunded, assumed, or otherwise, such authority (“TIF Indebtedness”) for financing or refinancing in whole or in part, the Instinct Redevelopment Project. When such bonds, loans, notes, advances of money, or indebtedness, including interest and premiums due, have been paid, the authority shall so notify the County Assessor and County Treasurer and all ad valorem taxes upon taxable real property in the Redevelopment Project Area shall be paid into the funds of the respective public bodies. Said provision is hereinafter referred to as the “Ad Valorem Tax Provision” or the “Tax Increment Provision.”