The sum of three thousand nine hundred three dollars expended by the city on behalf of the agency for the downtown redevelopment project shall be considered as a loan to the agency and shall be repaid on the following terms and conditions:
A. 
Simple interest shall accrue until paid at the rate of eight percent per year.
B. 
The loan, together with accrued interest, shall be repaid by the agency from tax increments accruing to the agency for the downtown redevelopment project pursuant to Sections 33670—33674 of the California Health and Safety Code and Section 19, Article XIII of the California Constitution, or from any other funds which may be legally available to the agency for repayment to the city.
C. 
Repayment need not be made by the agency until all other debts which may be incurred by the agency for project improvements, including the future pledge of tax increments for bonds to finance project improvements, have been satisfied or adequate provisions made for the repayment of such other agency indebtedness.
D. 
If no funds become available for such purposes, then the money loaned and accrued interest need not be repaid.
(Ord. 931 § 1, 1975)
All moneys appropriated by the city council for such purposes shall be kept in the treasury of the city in a special fund to be known as the "redevelopment agency administrative fund" to meet the administrative expenses.
(Ord. 931 § 3, 1975)
Money shall be drawn from the redevelopment agency administrative fund to meet the administrative expenses of the agency in substantially the same manner as money is drawn by other agencies and departments of the city subject to budgetary control.
(Ord. 931 § 4, 1975)
All funds expended on behalf of the agency from the redevelopment agency administrative fund shall be a loan to the agency to be repaid on the following terms and conditions:
A. 
Simple interest shall accrue until paid at the rate of eight percent per year.
B. 
The loan, together with accrued interest, shall be repaid by the agency from tax increments accruing to the agency for the downtown redevelopment agency project pursuant to Sections 33670— 33674 of the California Health and Safety Code and Section 19, Article XIII of the California Constitution, or from any other funds which may be legally available to the agency for repayment to the city.
C. 
Repayment need not be made by the agency until all other debts which may be incurred by the agency for project improvements, including the future pledge of tax increments for bonds issued to finance project improvements, have been satisfied or adequate provisions made for the repayment of such other agency indebtedness.
D. 
If no funds become available for such purposes, then the money loaned and accrued interest need not be repaid.
(Ord. 931 § 5, 1975)
The agency shall annually submit to the city council a proposed budget of its proposed administrative expenses for the ensuing fiscal year. An annual budget will be adopted by city council for the administrative expenses of the agency with such conditions and restrictions upon the expenditure or encumbrance of the money appropriated pursuant to the budget as the city council deems appropriate.
(Ord. 931 § 6, 1975)