A. The certificates shall be numbered and registered with the city.

B. Said certificates shall be in the minimum amount as is established by regulations of the city manager.

C. The total of said certificate or certificates shall not exceed the total increase in taxes collected by the city for a period of five years which can be demonstrated to be due directly to that portion of the establishment or expansion of a business within the city which has been financed by the business investment company and which would not otherwise have been financeable through banks or other traditional lending institutions utilizing their standard operating guidelines. The taxes which shall be considered in computing said increase shall be the city’s local sales tax, the city’s portion of the regular property tax levy, the city’s business and occupation tax and the city’s utility tax upon those utilities serving the new or expanded business.

D. All certificates shall be issued only upon the condition that the city shall have the right to cancel such certificate without liability to the holder for tax offset or otherwise if a court of competent jurisdiction should hold that the city is without authority to issue such certificates or grant such offset. (Ord. 833 §1 (part), 1988).