Before issuing any bonds, the governing body of the issuer shall:
(1) Designate by resolution an area within its jurisdiction as a “TIF District”.
(2) Receive from the appropriate assessor a certification as to the amount of the original assessed value.
(3) Pledge that until the bonds have been fully paid, or thereafter, the municipal property taxes on real property within the TIF District shall be divided as follows:
a. That portion of the taxes which would be produced by the rate at which taxes levied each year by or for a municipality upon the original assessed value shall be allocated to and when collected paid into the funds of the taxing body in the same manner as taxes by or for the taxing body on all other property are paid.
b. That portion of the taxes representing the levy on the tax increment that would normally be paid to the issuer shall be paid into a special fund to be applied in accordance with the provisions of § 1708 of this title.
c. That portion of the taxes representing the levy on the tax increment that would normally be paid to a taxing body other than the issuer shall be allocated to and, when collected, paid into the funds of such taxing body in the same manner as taxes by or for the taxing body on all property are paid, or any other manner that public agencies so determine (school districts, etc.); provided however, if such taxing body has agreed pursuant to § 1709 of this title that such taxes shall be paid into a special fund created in accordance with § 1707 of this title, then such taxes shall be paid into such special fund.