§46-105  Collection of tax increments. 

(a)  The county by ordinance shall provide for the allocation of real property

taxes and tax increments in the manner required by this part.

     (b)  If a county exercises the power allowed

under this part, then commencing with the first payment of real property taxes

levied by the county subsequent to the time a tax increment district takes

effect, receipts from real property taxes shall be allocated and paid over as

follows:

     (1)  The amount of real property tax produced from the

assessment base shall be paid to the county general fund; and

     (2)  The tax increments produced from the assessment

increment in the tax increment district shall be applied as follows:

         (A)  First, an amount equal to the installment

of (i) principal and interest falling due of any tax increment bonds, or (ii)

any project cost approved by the county, shall be deposited into the tax

increment fund established for the tax increment district.

         (B)  Second, an amount equal to the adjustment

rate times the amount of real property tax produced from the assessment base

shall be computed and paid to the county general fund.

         (C)  Third, the remaining amount of tax

increments, if any, shall be deposited into the tax increment fund established

for the tax increment district.

     (c)  The allocation of real property taxes

pursuant to this part shall in no way limit the power of the county under

section 47-12 to levy ad valorem taxes without limitation as to rate or amount

on all real property subject to taxation by the county for the payment of the

principal and interest of its general obligation bonds. [L 1985, c 267, pt of

§1; am L 1990, c 34, §5]