§ 1716. Special provision applicable to the City of Dover, Delaware.
§ 1716. Special provision applicable to the City of Dover, Delaware. (a) Any ordinance, resolution, or other law enacted by the City of Dover, Delaware under the provisions of this chapter may not pledge the full faith and credit of the City of Dover towards the payment of any bonds authorized by this chapter. (b) […]
§ 1701. Title.
§ 1701. Title. This chapter, consisting of §§ 1701-1713, shall be known as the “Municipal Tax Increment Financing Act.” 74 Del. Laws, c. 145, § 1;
§ 1802. Special taxes authorized; purpose; requirements and restrictions.
§ 1802. Special taxes authorized; purpose; requirements and restrictions. (a) (1) For any purpose stated in paragraph (b)(1) or (b)(2) of this section, any municipality may: a. Create a special development district; b. Levy ad valorem or special taxes; and c. Issue bonds and other obligations. (2) For any purpose stated in paragraph (b)(3) of […]
§ 1703. Bonds to finance development of industrial, commercial or residential area authorized.
§ 1703. Bonds to finance development of industrial, commercial or residential area authorized. In addition to whatever other powers it may have, and notwithstanding any limitation of law, any municipality may borrow money by issuing and selling bonds, at any time and from time to time, for the purpose of financing the development of an […]
§ 1803. Authority granted; section self-executing.
§ 1803. Authority granted; section self-executing. (a) In addition to other powers any municipality may have, and notwithstanding the provisions of any other public local law, or public general law, or the charter of any municipality, a municipality may borrow money by issuing and selling bonds, or impose ad valorem or special taxes under this […]
§ 1704. Payment of bonds.
§ 1704. Payment of bonds. Bonds shall be payable from the special fund described in § 1706(3)b. of this title, and the governing body of the issuer may also pledge its full faith and credit or establish sinking funds, establish debt service reserve funds or pledge other assets and revenues towards the payments of the […]
§ 1705. Application of bond proceeds.
§ 1705. Application of bond proceeds. All proceeds received from any bonds issued and sold pursuant to this chapter shall be applied solely for: (1) The cost of purchasing, leasing, condemning or otherwise acquiring land or other property, or an interest in them, in the designated TIF District or as necessary for a right-of-way or […]
§ 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 […]