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The City Treasurer is authorized, as ad valorem taxes are collected on the property in the development district, to pay to the Downtown Development Authority, that portion of the captured taxes (taxes on captured equalized valuation) provided for in the Downtown Development Authority annual budget as approved by City Council. Payment shall be made by the City Treasurer in the normal course of business. The remaining captured taxes not remitted to the Downtown Development Authority Account will be remitted to the applicable taxing jurisdictions on a pro-rata basis.
(Prior Code, § 1.290) (Ord. 426, passed 5-16-1983)