The purpose of this chapter is to provide for the division of taxes levied on the taxable property in the Urban Renewal Areas of the County each year by and for the benefit of the State, City, County, school districts, or other taxing districts after the effective date of the ordinances codified in this chapter in order to create a special fund to pay the principal of and interest on loans, moneys advanced to or indebtedness, including bonds proposed to be issued by the County, to finance projects in such areas.