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The City Treasurer and the County Treasurer shall, as ad valorem taxes are collected on the property in the Development Area, pay that proportion 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 Downtown Development Authority for deposit in the Project Fund. The payments shall be made on the date or dates on which the City and the County Treasurers are required to remit taxes to each of the taxing jurisdictions.
(Ord. 27A. Passed 12-15-86.)