§46-105  Collection of tax increments. (a)  The county by ordinance shall provide for the allocation of real propertytaxes and tax increments in the manner required by this part.

(b)  If a county exercises the power allowedunder this part, then commencing with the first payment of real property taxeslevied by the county subsequent to the time a tax increment district takeseffect, receipts from real property taxes shall be allocated and paid over asfollows:

(1)  The amount of real property tax produced from theassessment base shall be paid to the county general fund; and

(2)  The tax increments produced from the assessmentincrement in the tax increment district shall be applied as follows:

(A)  First, an amount equal to the installmentof (i) principal and interest falling due of any tax increment bonds, or (ii)any project cost approved by the county, shall be deposited into the taxincrement fund established for the tax increment district.

(B)  Second, an amount equal to the adjustmentrate times the amount of real property tax produced from the assessment baseshall be computed and paid to the county general fund.

(C)  Third, the remaining amount of taxincrements, if any, shall be deposited into the tax increment fund establishedfor the tax increment district.

(c)  The allocation of real property taxespursuant to this part shall in no way limit the power of the county undersection 47-12 to levy ad valorem taxes without limitation as to rate or amounton all real property subject to taxation by the county for the payment of theprincipal and interest of its general obligation bonds. [L 1985, c 267, pt of§1; am L 1990, c 34, §5]