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2. That portion of said levied taxes each year <br /> in excess of such amount shall be allocated <br /> to and when collected shall be paid into a <br /> special fund of the Agency to pay the prin- <br /> cipal of and interest on loans, monies <br /> advanced to or indebtedness (whether funded, <br /> refunded, assumed or otherwise) incurred by <br /> the Agency to finance or refinance, in whole <br /> or in part, this Project. Unless and until <br /> the total assessed valuation of the taxable <br /> property in the Project exceeds the total <br /> assessed value of the taxable property in <br /> the Project as shown by the last equalized <br /> assessment roll referred to in subdivision 1 <br /> hereof, all of the taxes levied and col- <br /> lected upon the taxable property in the <br /> Project shall be paid into the funds of the <br /> respective taxing agencies. When said <br /> loans, advances and indebtedness, if any, <br /> and interest thereon, have been paid, <br /> monies thereafter received from taxes upon <br /> the taxable property in the Project shall be <br /> paid into the funds of the respective taxing <br /> agencies as taxes on all other property are <br /> paid. <br /> <br /> The portion of taxes mentioned in subdivision 2 <br />above are hereby irrevocably pledged for the payment of the <br />principal of and interest on the advance of monies, or <br />making of loans or the incurring of any indebtedness <br />(whether funded, refunded, assumed or otherwise) by the <br />Agency to finance or refinance the Project, in whole or in <br />part. The Agency is authorized to make such pledges as to <br />specific advances, loans and indebtedness as appropriate in <br />carrying out the Project. <br /> <br /> The portion of taxes divided and allocated to the <br />Agency pursuant to subdivision 2 of this Section 502 shall <br />not exceed a cumulative total of $105,000,000 or, if bonds <br />are issued or reimbursement agreements are entered into with <br />other public agencies, a cumulative total of $286,000,000. <br /> <br /> The Agency is authorized to issue bonds from time <br />to time, if it deems appropriate to do so, in order to <br />finance all or any part of the Project. Neither the members <br />of the Agency nor any persons executing the bonds are liable <br />personally on the bonds by reason of their issuance. <br /> <br /> The bonds and other obligations of the Agency are <br />not a debt of the City or the state, nor are any of its <br />political subdivisions liable for them, nor in any event <br />shall the bonds or obligations be payable out of any funds <br /> <br /> -21- <br /> <br /> <br />