§ 11. PERIOD OF APPORTIONMENT.

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From and after apportionment, the apportioned increments commencing in the year 2001 shall constitute funds of the Guymon Industrial Authority, a public trust. Prior to the year 2001, the apportioned increments shall constitute funds of the County Treasurer for distribution as a specific revenue source for the affected taxing entities as provided in Section 10 of the Ordinance as amended. Apportioned increments may be used for the payment of projects costs, provided, however, the pledge of apportioned increments toward repayment of debt incurred shall be limited to increments actually apportioned by the City and any debt instruments shall provide that the City has no legal obligation or promise to apportion increments in future years.

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

                    
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