12-5250.   Same; taxation within district; collectionand distribution.(a) All taxable tangible property located within a districtestablished in accordance with this act shall be assessed and taxed for advalorem tax purposes pursuant to law in the same manner that such propertywould be assessed and taxed if located outside such district, and all advalorem taxes levied on such property shall be paid to and collected by thecounty treasurer in the same manner as other taxes are paid and collected.Except as otherwise provided in this section, the county treasurer shalldistribute such taxes as may be collected in the same manner as if suchproperty were located outside the district. Each district established under theprovisions of this act shall constitute a separate taxing unit forthe purpose of the computation and levy of taxes.

      (b)   Beginning with the first payment of taxes which are levied following thedate of the approval of any district in accordance with this act, andamendments thereto, real property taxes received by the county treasurerresulting from taxes which are levied subject to the provisions of this act byand for the benefit of a taxing subdivision on property located within suchdistrict constituting a separate taxing unit under the provisions of thissection, shall be divided as follows:

      (1)   From the taxes levied each year subject to the provisions of this act byor for each taxing subdivisions upon property located within a districtconstituting a separate taxing unit under the provisions of this act, thecounty treasurer first shall allocate and pay to each suchtaxing subdivision all of the real property taxes collected which are producedfrom that portion of the current assessed valuation of such real propertylocated within such separate taxing unit which is equal to the total assessedvalue of such real property on the date of the establishment of the district.

      (2)   Any real property taxes produced from that portion of the currentassessed valuation of real property within a district and constituting aseparate taxing unit under the provisions of this section in excess of anamount equal to the total assessed value of such real property on the effectivedate of the establishment of the district shall be allocated and paid by thecounty treasurer to the treasurer as follows:

      (A)   In districts established by a city, the amount shall be paid to thetreasurer of the city and deposited in a special fund of the city to pay thecost of housing projects in the district including the payment of principal ofand interest on any special obligation bonds issued by such city to finance, inwhole or in part, such housing project.

      (B)   In districts established by a county, the amount shall be deposited bythe county treasurer in a special fund of the county to pay the cost of housingprojects in the district including the payment of principal of and interest onany special obligation bonds issued by such county to finance, in whole or inpart, such housing project.If such special obligation bonds and interest thereon have been paid before thecompletion of a project, the city or county may continue to use such moneys forany purpose authorized by this act until such time as the project is completed,but for not to exceed 15 years from the date of the establishment of thedistrict. When such special obligation bonds and interest thereon have beenpaid and the project is completed, all moneys thereafter received from realproperty taxes within such district shall be allocated and paid to therespective taxing subdivisions in the same manner as are other ad valoremtaxes.

      (c)   Notwithstanding any other provision of law, it is hereby stated that isan object of all ad valorem taxes levied by or for the benefit of any taxingsubdivision on taxable tangible real property located within any districtcreated pursuant to this act, that such taxes may be applied and allocated toand when collected paid into a special fund of a city or county pursuant to theprocedures and limitations of this act to pay the cost of a project includingprincipal of and interest on special obligation bonds issued by such city orcounty to finance, in whole or in part, such project.

      History:   L. 1998, ch. 66, § 10; July 1.