Laserfiche WebLink
SECTION III. SPECIAL FUND. There is hereby established a <br /> Special Fund for the purpose of making the contribution provided <br /> for in Section I. The Special Fund shall consist of one-half (1/2) <br /> of the City's share of sales and use tax revenues generated from <br /> retail sales occurring within the area of the Stoneridge Shopping <br /> Center, as that area is defined in that certain agreement among <br /> the City of Pleasanton, Stoneridge Properties, Stoneridge Peripheral <br /> and The Stoneson Development Corporation of California, dated <br /> <br /> April 25 , 197.8. <br /> <br /> SECTION IV. DISTRIBUTION FROM SPECIAL FUND. On June 1 of <br /> <br />each year City will distribute, to the respective bond redemption <br />funds for Assessment Districts No. 1974-2 and 1974-4, all <br />amounts received into the Special Fund during the preceding calendar <br />year. Each redemption fund shall receive a percentage of the total <br />annual distribution equaling the percentage of the total City contri- <br />bution attributable to that assessment district. <br /> <br /> SECTION V. TERMINATION. The Special Fund shall be terminated <br />twenty (20) years from the date the City receives the first sales <br />tax revenue from retail sales within the area of the Shopping Center, <br />or when the City shall have made transfers from the Special Fund to <br />the bond redemption funds of amounts equaling the contribution set <br />forth in Section I, whichever occurs earlier. As used in this section, <br />"contribution" includes any interest obligation incurred under the <br />agreement described in Section III. <br /> <br /> SECTION VI. AUTHORITY. This ordinance is adopted pursuant to <br />the provisions of Section 10205 of the Streets and Highways Code of <br />the State of California. <br /> <br /> -2- <br /> <br /> <br />