Before issuing these bonds, the governing body of the issuer shall:

            (1)      Designate by resolution a contiguous area within its jurisdiction as a "development district". If the governing body of a county designates an area which is wholly or partly within the corporate limits of a municipality, a resolution of the governing body of the municipality, approving the district, is also required to establish the district.

            (2)      Receive from the supervisor of assessments a certification as to the amount of the original assessable base, or if applicable, the adjusted assessable base.

            (3)      Pledge that until the bonds have been fully paid or thereafter, the property taxes on real property within the development district shall be divided as follows:

                  (i)      That portion of the taxes which would be produced by the rate at which taxes levied each year by or for a municipality or county upon the original taxable value shall be allocated to and when collected paid into the funds of the respective taxing bodies in the same manner as taxes by or for the taxing bodies on all other property are paid.

                  (ii)      That portion of the taxes representing the levy on the tax increment that would normally be paid to the issuing body shall be paid into a special fund to be applied in accordance with the provisions of § 14-208. This yield shall not be considered as county or municipal taxes for the purposes of any constant yield tax limitation or State or local restriction, except for tax revenues received from residential properties in Prince George's County. No State real property taxes may be paid into the special fund.