§ 10. AD VALOREM TAXES.

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The increment of ad valorem taxes, as defined by the Local Development Act, Title 62 O.S. Supp. 1992, § 851, et seq., from the Guymon Increment District No. One, in excess of ad valorem taxes generated by the base assessed value of the increment district, commencing in the year 2001, may be apportioned and used to pay project costs authorized pursuant to Section VIII of the Project Plan. The increment generated prior to the year 2001 may be apportioned to the County Treasurer for distribution to the affected taxing entities in the same proportions as provided in 62 O.S. § 861A1. The direction of apportionment of increments form time to time is authorized for increments generated in current and prior fiscal years only. It is the intention of the City of Guymon to carry out the Project Plan, but not to bind or limit future legislative action. The obligation of future increments of ad valorem taxes is prohibited.

(Ord. No. 526, 12/9/92; Ord. No. 654, 12/12/01; Ord. No. 667, 9/11/02)

                    
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