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IV. <br /> <br />D. As the Assessed Market Value, and therefore, Assessed Value of property <br /> within a tax increment distr,,"--~-=' et increases abov'-~ l~-~ '~froze~" level, the <br /> increase is eared the Captured Assessed Value. <br /> <br />By October 10th of each year,, all taxing jurisdictions (county, school- <br />district, municipality and special taxing districts) submit their budgets to <br />the county auditor w. ho calculates a Mill Rate to be applied to Assessed <br />Value, which will-generate sufficient tax dollars to fund the budgets. <br /> <br />The County Auditor does not add the Captured Assessed Value to the <br />Assessed Value upon which he determines Mil] Rates, but he does apply <br />the Mill Rate to the total value, including the Captured Assessed Value. <br />Therefore, the Mill Rate for all taxing jurisdic~ic{ns times the Captured <br />Assessed Value is the tax increment. <br /> <br />G. The tax increment is remitted to the redeVelopment entity twice <br /> annually, usually in July and December. <br /> <br />BONDING <br /> <br />In order t<{ finance the public subsidies required to induce private devel- <br />opment within the tax increment district, bonds may be issued by the <br />municipality, housing and redevelopment authority, port authority or <br />county. <br /> <br />If bonds are to be retired by the tax increment generated by the private <br />development it is necessary to predict: <br /> <br />[l. The time required to complete the public activities. <br /> <br />2. The time required for private constructiom <br /> <br />3. The value to be assigned the private development by the assessor. <br /> <br />The statutory assessment classification 'or rate which will apply upon <br />construction completion. <br /> <br />5. The mill rate. <br /> <br />C. Types of bonds. <br /> <br />1. Municipal general obligation tax increment bonds <br /> <br />a. primarily payable from estimated or anticipated tax increment. <br /> <br />b. ultimately backed by full faith and credit and taxing power of <br /> the municipality. <br /> <br />issuance not subject' to referendum if municipality reasonably <br />estimates that at least 20% of the debt service on the bonds will <br />be paid from tax increment. This is the same as with a general <br />obligation special assessment bond. <br /> <br /> <br />