All tax increments shall be transmitted by the City Treasurer into an account of the Downtown Development Authority at the earliest practicable date. All tax increments, so received by the Downtown Development Authority, shall be disbursed in accordance with the provisions of the Development Plan and Tax Increment Financing Plan and the requisitions of the Downtown Authority. Surplus funds shall revert proportionately to the respective taxing bodies. For the purpose of segregation and transfer of such funds, the City Treasurer shall maintain a separate fund which shall be kept in a depository bank account or accounts in a bank or banks approved by the City Council, to be designated Downtown Development Authority project fund. All amounts payable to the Downtown Development Authority shall, subject to the foregoing, be deposited directly in the Downtown Authority Project Fund.
(Ord. 187, passed 5-4-92; Am. Ord. 309, passed 3-1-10)