(1) Portion of taxes based on last assessment roll before acquisition of property by the commission. That portion of the taxes which would be produced by the rate upon which the tax is levied each year by or for each of said taxing agencies upon the total sum of the assessed value of the taxable property acquired by the commission as shown upon the assessment roll used in connection with the taxation of such property by such taxing agency, last equalized prior to the date of acquisition by the commission, shall be allocated to and when collected shall be paid into the funds of the respective taxing agencies as taxes by or for said taxing agencies on all other property are paid (for the purpose of allocating taxes levied by or for any taxing agency or agencies which did not include the property acquired by the commission on the effective date or otherwise acquired, the assessment roll of the county last equalized on the date of acquisition by the commission shall be used in determining the assessed valuation of the taxable property in the project on said effective date); and

(2) Portion of taxes in excess of amount. That portion of said levied taxes each year in excess of such amount shall be allocated to and when collected shall be paid into a special fund of the commission to pay the principal of and interest on any bonds or securities issued by the commission pursuant to its authority under this chapter. Unless and until the total assessed valuation of the taxable property acquired by the commission exceeds the total assessed value of the taxable property as shown by the last equalized assessment roll referred to in paragraph No. (1) hereof, all of the taxes levied and collected upon the taxable property shall be paid into the funds of the respective taxing agencies. When said bonds or securities issued by the commission pursuant to its authority under this chapter have been paid, all moneys thereafter received from taxes upon the taxable property acquired by the commission shall be paid into the funds of the respective taxing agencies as taxes on all other property are paid.