How tax money from a district is split

(a) Commencing with the first payment of real property taxes levied by the County subsequent to the time a district takes effect, receipts from real property taxes collected for this district shall be allocated and paid as follows: (1) The amount of real property tax produced from the original assessment base shall be paid to the general fund; and (2) The tax increments produced from the assessment increment in the district shall be applied as follows: (A) First, an amount equal to (i) the installment of principal and interest falling due for any tax increment bonds, or (ii) any project cost approved by the council, shall be deposited into a tax increment fund established when the district was created. (B) Second, an amount equal to the amount of real property tax produced on the adjusted assessment base reduced by the amount already paid to the general fund in subsection (1) of this section shall be paid to the general fund. (C) Third, the remaining amount of tax increments, if any, shall be deposited into the tax increment fund. (b) The allocation of real property taxes pursuant to this section shall not limit the power of the County under section 47-12, Hawai‘i Revised Statutes, 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 principal and interest of its general obligation bonds. (1994, ord 94-76, sec 3.)33-17