The purpose of this subchapter is to provide for the division of taxes levied on the taxable property in the urban renewal areas of the city each year by and for the benefit of the state, city, county, school districts or other taxing districts after the effective dates of the ordinances codified in this subchapter in order to create a special fund to pay the principal of and interest on loans, advances or indebtedness, including bonds proposed to be issued by the city, to finance projects in those areas.
(1999 Code, § 9.01)