The Village Treasurer, Township Treasurer, and the County Treasurer shall, as ad valorem taxes are collected on the property in the Development Area, pay that portion of the taxes, except for penalties and collection fees, that the captured assessed value bears to the initial assessed value, to the Treasurer of the Authority for that deposit into the Project Fund. The payments shall be made on the date or dates on which the Village Treasurer, Township Treasurer, and the County Treasurer are required to remit taxes to each of the taxing jurisdictions.
(Prior Code, § 440.08)