Section 3.12.040 Method of paying funds to taxing districts.

All taxes levied and collected upon the taxable property in said Eastland Urban Renewal Project Area shall be paid into the funds of the taxing districts as taxes by or for said taxing districts in the same manner as all other property taxes unless or until the total assessed valuation of the taxable property in said Urban Renewal Project Area shall exceed the total assessed value of the taxable property in said Urban Renewal Project Area on the date of adoption of the ordinance codified in this chapter. (Ord. 89/T-7999)