The project agreement shall contain a provision that all property taxes levied on the assessed valuation of the real property or personal property, or both, in the project area of the redevelopment project by or for the benefit of all taxing bodies shall be divided, for a period not to exceed fifteen years after the effective date of such project agreement, as follows:

(1) That portion of the property tax which is produced by the levy at the rate fixed each year by or for each such taxing body upon the redevelopment project valuation shall be paid into the funds of each such taxing body in the same proportion as are all other taxes collected by or for such taxing body; and

(2) That portion of the property tax on real property, personal property, or both, as provided in the project agreement in the redevelopment project in excess of such amount, if any, shall be allocated to and, when collected, paid into a special fund established by the contracting public body to pay the principal of, the interest on, and any premiums due in connection with the bonds, loans, notes, advances of money, or other indebtedness incurred by, whether funded, refunded, assumed, or otherwise, such contracting public body for financing or refinancing, in whole or in part, such redevelopment project. When such bonds, loans, notes, advances of money, or other indebtedness, including interest and premiums due, have been paid, the contracting public body shall so notify the county assessor and county treasurer and all property taxes upon taxable real property and personal property in such redevelopment project shall thereafter be paid into the funds of and applied as all other taxes of the respective taxing bodies.