§ 9-44. Plan for providing the facilities and services within the district.

(a)

The design and construction of the facilities described in section 9-43 shall be financed by revenue received from the following sources:

(1)

In addition to the real estate tax imposed on real estate and mobile homes in the county pursuant to the county's annual tax levy, there shall be a supplemental real estate tax of $0.05 per $100.00 of assessed value placed on all real estate located within the boundaries of the district, except for the real estate excluded from the district. Such supplemental real estate tax shall be recorded in the land books and real estate assessment records of the county in the same manner as other real estate taxes, and the exemptions set forth in division 3 of article II of chapter 9 of this Code, as amended, shall apply to such supplemental real estate tax in the same manner as they apply to other real estate taxes in the county; and

(2)

The incremental increase in real estate tax revenue generated from real estate located within the district as a result of any increase in the assessed value of real estate located in the district after the effective date of this division.

(b)

The county shall deposit all of the revenue received as a result of the supplemental real estate tax described in subsection 9-44(a)(1) into an interest-bearing account and shall segregate the revenue from other revenue maintained by the county. Additionally, the county shall deposit in the same segregated, interest bearing account, revenue from the incremental increase in the assessed value of real estate, as described in subsection 9-44(a)(2), as follows: 50 percent of the revenue generated by increases in assessed value from the date of the District's creation through December 31, 2018; and 100 percent of the revenue generated by such increases which occur on or after January 1, 2019. The revenue received from the sources described in this section shall be used exclusively for the design, right of way acquisition and construction of the facilities described in section 9-43.

(Ord. of 11-22-05(2), § 1; Ord. of 9-25-19(1), § 1)

(Ord. of 11-22-05(2), § 1; Ord. of 9-25-19(1), § 1)