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parties and entities entitled thereto as provided by the TIF Act. <br /> <br /> Section 2: The Special Allocation Fund of the Olive East Tax Increment <br />Financing District and Project is hereby dissolved. <br /> <br /> Section 3: The designation of the Olive East Tax Increment Financing District <br />as a redevelopment area under the TIF Act is hereby terminated. <br /> <br /> Section 4: The City Manager is hereby authorized and directed to take any <br />and all actions necessary or convenient to carry out the intent of this Ordinance <br />consistent with the provisions and requirements of the TIF Act. <br /> <br /> Section 5: The portions of this Ordinance shall be severable. In the event <br />that any word, phrase, paragraph, subsection, or section of this Ordinance is found <br />by a court of competent jurisdiction to be invalid, the remaining portions of this <br />Ordinance are valid, unless the court finds the valid portions of this Ordinance are so <br />essential and inseparably connected with and dependent upon the void portion that it <br />cannot be presumed that the City Council would have enacted the valid sections <br />without the invalid ones, or unless the court finds that the valid sections standing <br />alone are incomplete and are incapable of being executed in accordance with the <br />legislative intent. <br /> <br /> Section 6: This ordinance shall be in full force and effect from and after its <br />passage and approval as provided by law. <br /> <br /> Passed and approved this 16th day of December , 1996. <br /> <br />ATTEST: <br /> <br />CITY CLERK <br /> <br />$TL-528677 <br /> <br /> <br />