How money in the tax increment fund can be used

(a) Money shall be disbursed from the tax increment fund for a tax increment district only to: (1) Satisfy the claims of holders of tax increment bonds issued for the tax increment district; (2) Pay project costs for the district; (3) Make payments for project costs or debt service to a special assessment fund established upon the creation of an improvement district whose boundaries are identical to that of the tax increment district; (4) Make payments to the County as provided in subsection (c) of this section or section 33-29(d). (b) Subject to an agreement with the holders of tax increment bonds, money in a tax increment fund may be temporarily invested in the same manner as other funds in the County. (c) In any year in which the tax increment exceeds the amount necessary to pay all project costs, and all installments of principal and interest of tax increment bonds issued for a district falling due, and the amount paid to the general fund pursuant to section 33-17(a)(2)(B), and subject to any agreement with bondholders, any excess money in the tax increment fund at the option of the council shall be used to redeem or purchase any outstanding tax increment bonds issued for the district, discharge the pledge of tax increment therefor, be paid into an escrow account dedicated to the payment of such bonds, be paid over to the general fund, or any combination thereof. (1994, ord 94-76, sec 3.)33-18 Article 4. Tax Increment Bonds.