(1) (a) On or before November 1 of each year, the authority shall prepare and file a report with the county auditor of each county in which a project area of the authority is located, the State Tax Commission, the State Board of Education, and each taxing entity that levies a tax on property from which the authority collects property tax allocation. (b) The requirement of Subsection (1)(a) to file a copy of the report with the state as a taxing entity is met if the authority files a copy with the State Tax Commission and the state auditor.

(a) On or before November 1 of each year, the authority shall prepare and file a report with the county auditor of each county in which a project area of the authority is located, the State Tax Commission, the State Board of Education, and each taxing entity that levies a tax on property from which the authority collects property tax allocation.

(b) The requirement of Subsection (1)(a) to file a copy of the report with the state as a taxing entity is met if the authority files a copy with the State Tax Commission and the state auditor.

(2) Each report under Subsection (1) shall contain: (a) an estimate of the property tax allocation to be paid to the authority for the calendar year ending December 31; and (b) an estimate of the property tax allocation to be paid to the authority for the calendar year beginning the next January 1.

(a) an estimate of the property tax allocation to be paid to the authority for the calendar year ending December 31; and

(b) an estimate of the property tax allocation to be paid to the authority for the calendar year beginning the next January 1.