How tax money from a tax increment district is split

(a) The county by ordinance shall provide for the allocation of real property taxes and tax increments in the manner required by this part. (b) If a county exercises the power allowed under this part, then commencing with the first payment of real property taxes levied by the county subsequent to the time a tax increment district takes effect, receipts from real property taxes shall be allocated and paid over as follows: (1) The amount of real property tax produced from the assessment base shall be paid to the county general fund; and (2) The tax increments produced from the assessment increment in the tax increment district shall be applied as follows: (A) First, an amount equal to the installment of (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 tax increment fund established for the tax increment district. (B) Second, an amount equal to the adjustment rate times the amount of real property tax produced from the assessment base shall be computed and paid to the county general fund. (C) Third, the remaining amount of tax increments, if any, shall be deposited into the tax increment fund established for the tax increment district. (c) The allocation of real property taxes pursuant to this part shall in no way limit the power of the county under section 47-12 to levy ad valorem taxes without limitation as to rate or amount on all real property subject to taxation by the county for the payment of the principal and interest of its general obligation bonds.