(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.
(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.