§ 3.24.040. Repayment to redevelopment revolving fund.

For purposes of this Chapter, the Redevelopment Agency of the City shall maintain accurate and current records of expenditures within or for the benefit of each of its redevelopment projects. All money expended from this fund as specified in this Chapter shall be returned to the fund as soon as money becomes available to the Redevelopment Agency for such purposes as determined by the Redevelopment Agency of the City from tax increment funds, from the sale of tax allocation bonds or other funds which become available to the Redevelopment Agency. All money received by the agency from the sale, lease or encumbering of property acquired with money from this fund in excess of the money required to repay the loans and interest thereon authorized by this Chapter shall be redeposited in the fund and may thereafter be expended without further Council action in accordance with this Chapter and subject to such other terms and conditions as the City Council may hereafter prescribe.

(Ord. C-5366 § 1 (part), 1977: prior code § 2614.3)