The City Treasurer and the County Treasurer shall, as ad valorem taxes are collected on the property in the Downtown District, pay to the Treasurer of the Downtown Development Authority, for deposit into the Project Fund, that proportion of the taxes, except for penalties and collection fees, that the captured assessed value bears to the initial assessed value. The payments shall be made on the date or dates on which the City Treasurer and the County Treasurer are required to remit taxes to each of the taxing jurisdictions.
(Ord. 543. Passed 5-6-91.)