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Increment Fund established pursuant to Section 7 of this Ordinance, subject to the approval of the <br /> Finance Director, that may be reasonably necessary or convenient to assist the Board of Directors in <br /> the preparation of the project plan and reinvestment zone financing plan and in the issuance of tax <br /> increment obligations. <br /> Section 4. Duration of the Zone <br /> That the Zone shall take effect on January 1, 2000, for the deposit of tax increments into the <br /> Tax Increment Fund established pursuant to Section 6 of this Ordinance, and termination of the <br /> operation of the Zone shall occur on December 31, 2029, or at an earlier time designated by <br /> subsequent ordinance, or at such time, subsequent to the issuance of tax increment bonds, if any, that <br /> all project costs, tax increment bonds, notes and other obligations of the Zone, and the interest <br /> thereon, have been paid in full. <br /> Section 5. Tax Increment Base <br /> That the Tax Increment Base of the City or any other taxing unit participating in the Zone for <br /> the Zone is the total appraised value of all real property taxable by the City or other taxing unit <br /> participating in the Zone and located in the Zone, determined as of January 1, 1999, the year in which <br /> the Zone was designated as a reinvestment zone (the "Tax Increment Base"). <br /> Section 6. Tax Increment Fund <br /> That there is hereby created and established a Tax Increment Fund for the Zone which may <br /> be divided into subaccounts as authorized by subsequent ordinances. All Tax Increments, as defined <br /> hereafter, shall be deposited in the Tax Increment Fund. The Tax Increment Fund and any <br /> subaccount shall be maintained at the depository bank of the City and shall be secured in the manner <br /> C:\MY DOCUMENfS\TIRZ\PROPOSED TIRZ CREATION ORD(5-1 8-99).DOC <br /> -6- <br />