§ 1706. Conditions precedent to issuance of bonds.
§ 1706. Conditions precedent to issuance of bonds. Before issuing any bonds, the governing body of the issuer shall: (1) Designate by resolution an area within its jurisdiction as a “TIF District”. (2) Receive from the appropriate assessor a certification as to the amount of the original assessed value. (3) Pledge that until the bonds […]
§ 1707. Resolution creating special fund.
§ 1707. Resolution creating special fund. The governing body of any municipality may adopt a resolution creating a special fund with respect to a TIF District, even though no bonds authorized by this chapter have been issued by such municipality with respect to that TIF District or are then outstanding. The taxes allocated to such […]
§ 1708. Uses of special fund; issuance of general obligation bond.
§ 1708. Uses of special fund; issuance of general obligation bond. (a) Uses of special fund when no bonds outstanding. — When no bonds authorized by this chapter are outstanding with respect to a TIF District and the governing body of the municipality so determines, moneys in the special fund for that TIF District created […]
§ 1708A. Pledge of revenue from taxes on tax increment into other fund.
§ 1708A. Pledge of revenue from taxes on tax increment into other fund. The municipality may pledge, by written agreement, that some or all of its property taxes levied on the tax increment shall be paid into a special fund created by an issuing body for the payment or reimbursement of the debt service on […]
§ 1709. Agreements to pay revenue from taxes on tax increment into special fund.
§ 1709. Agreements to pay revenue from taxes on tax increment into special fund. A county, which is not the issuing body, may pledge, by written agreement, that some or all of its property taxes levied on the tax increment shall also be paid into a special fund created pursuant to § 1707 of this […]
§ 1710. Ordinance authorizing bonds.
§ 1710. Ordinance authorizing bonds. (a) Required; mandatory provisions. — In order to implement the authority conferred upon it by this chapter to issue bonds, the governing body of any municipality shall adopt an ordinance which: (1) Specifies and describes the proposed undertaking and states that it has complied with § 1706 of this title; […]