§ 13-321. Creation and purpose.

There is hereby established and created, pursuant to Section 163.387, Florida Statutes, the Mt. Plymouth-Sorrento Community Redevelopment Area Trust Fund, (hereinafter referred to as the "Fund") to be used exclusively to finance or refinance community redevelopment projects in the Redevelopment Area pursuant to the Plan.

The funds allocated to and deposited into the fund as provided in this ordinance are hereby appropriated to the Mt. Plymouth-Sorrento Community Redevelopment Agency to finance community redevelopment projects within the redevelopment area identified above.

The Agency shall utilize the funds and revenues paid into and earned by the Fund for those community redevelopment purposes contained in the Plan and for any other purpose allowed by law.

The Fund shall exist for the duration of the redevelopment projects and for so long thereafter as any indebtedness shall continue to exist, but, not for more than thirty (30) years, unless extended in accordance with applicable law.

(Ord. No. 2014-17, § 2, 4-22-14)