Local retail sales and use tax increment revenue, or any portion thereof, may be applied as follows: (1) To pay downtown or neighborhood commercial district community revitalization costs; (2) To pay into bond redemption funds established to pay the principal and interest on general obligation or revenue bonds issued to finance a downtown or neighborhood commercial district community revitalization project; (3) In combination with any other public or private funds available to the city or town for the purposes provided in this section; or (4) To pay any combination of costs under subsection (1), (2), or (3) of this section.
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