12-1778.   Object of taxes levied within redevelopment district.Notwithstanding any other provision of law, it is hereby stated that itis an object of all ad valorem taxes levied by or for the benefit of anycity, county or school district of the state on taxable tangible real propertylocated within any redevelopment districtcreated pursuant to this act,that such taxes may be applied and allocated to and when collectedpaid into a special fund of a city pursuant to the procedures and limitationsof this act to pay the cost of a project including principal of andinterest on special obligation bondsor full faith and credit tax increment bonds issued by such city tofinance, in whole or in part, such redevelopment project.

      History:   L. 1976, ch. 69, § 9; L. 1982, ch. 75, § 11; L. 1984,ch. 74, § 7;L. 1988, ch. 78, § 9; Jan. 1, 1989.