§ 1903. Applications for district designation.
§ 1903. Applications for district designation. (a) At the request of the Governor, the Office shall solicit applications from municipalities and unincorporated areas to have an area designated as a Downtown Development District. Such application shall include a description of the area to be included; the need for district incentives; the district plan; local incentives […]
§ 1805. Special fund.
§ 1805. Special fund. (a) By resolution, the governing body of the municipality may: (1) Designate by resolution an area or areas within the municipality as a special development district even though no bonds authorized by this chapter have been issued by the municipality with respect to that special development district or are then outstanding; […]
§ 1904. Review and approval of applications.
§ 1904. Review and approval of applications. (a) Applications for district designation shall be evaluated by the Cabinet Committee on State Planning Issues, which shall recommend to the Governor those applications with the greatest potential for accomplishing the purposes of this chapter. (b) Upon receipt from the Committee of any recommended application, the Governor may: […]
§ 1806. When no bonds or other obligations outstanding.
§ 1806. When no bonds or other obligations outstanding. (a) When no bonds are outstanding, the municipality may use money in the special fund for payment or reimbursement of debt service on other obligation that the municipality is obligated to pay under an agreement described in § 1802(b)(3) of this title. (b) When no bonds […]
§ 1905. Designation, renewal, and amendment of districts.
§ 1905. Designation, renewal, and amendment of districts. (a) No more than 15 districts shall be designated at any 1 time. Designation of the first 3 districts shall include 1 district in each county. (b) Districts shall be designated for an initial 10-year period. Upon recommendation of the Committee, the Governor may renew districts for […]
§ 1807. Adoption of ordinance to implement authority.
§ 1807. Adoption of ordinance to implement authority. (a) In order to implement the authority conferred upon it by this chapter to issue bonds, the governing body of the municipality shall adopt an ordinance that: (1) Specifies and describes the proposed undertaking and states that it has complied with § 1805 of this title; (2) […]
§ 1906. Local incentives.
§ 1906. Local incentives. (a) Any municipality or unincorporated area submitting an application for district designation shall propose local incentives that address local economic and community conditions, and that will help achieve the purposes set forth in § 1901 of this title. Such local incentives may include but are not limited to a reduction in […]
§ 1808. Taxation of bonds.
§ 1808. Taxation of bonds. The principal amount of the bonds, the interest payable on the bonds, their transfer and any income derived from the transfer, including any profit made in the sale or transfer of the bonds, shall be exempt from taxation by the State and by the counties and municipalities of the State. […]
§ 1809. Bond form; signatures; maturity; manner of sale.
§ 1809. Bond form; signatures; maturity; manner of sale. (a) All bonds shall be in fully registered form. — Each of the bonds shall be deemed to be a security as defined in § 8-102 of Title 6, whether or not it is either 1 of a class or series or by its terms is […]
§ 1810. Bonds issued are securities.
§ 1810. Bonds issued are securities. Bonds issued under this chapter are securities in which all public officers and public bodies of the State and its political subdivisions, all insurance companies, state banks and trust companies, national banking associations, savings banks, savings and loan associations, investment companies, executors, administrators, trustees and other fiduciaries may properly […]