Subject to section 31-25-807, all real and personal property located within the district shall continue to be subject to ad valorem taxes levied by the municipality to pay the principal and interest on all existing general obligation debts of the municipality and any future debts which may be authorized by law.
Source: L. 76: Entire part added, p. 711, § 1, effective April 26. L. 77: Entire section amended, p. 1478, § 12, effective June 19.