§ 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 […]
§ 1318. Construction.
§ 1318. Construction. This chapter shall be interpreted liberally to effect the purposes set forth in this chapter. 61 Del. Laws, c. 496, § 1;
§ 1501. Findings and declaration of policy.
§ 1501. Findings and declaration of policy. The General Assembly hereby finds and declares that: (1) Preserving and enhancing commercial enterprise in the traditional business centers of the cities and towns of Delaware are critical to the long-term financial well-being of the State; (2) The availability of enhanced municipal services within Delaware’s urban commercial centers, […]
§ 1502. Definitions.
§ 1502. Definitions. (a) “Assessable property” means all property owned or used by a commercial enterprise which is located within a business improvement district (whether or not it is subject to a real property tax abatement) and which is not part of a class of property which is exempted from assessment pursuant to § 1503(a) […]
§ 1503. Establishment.
§ 1503. Establishment. (a) The Mayor and Council or other governing body of any municipality of this State may create 1 or more business improvement districts comprising all or any portions of any area within such municipality which is either zoned for commercial use or predominantly used for commercial purposes. Such ordinance shall include the […]
§ 1504. Creation and powers of the authority or management company.
§ 1504. Creation and powers of the authority or management company. (a) The authority or management company authorized by ordinance to govern a district shall be created by the filing of a certificate of authority or incorporation with the Secretary of State, which certificate shall include: (1) Citation to the ordinance authorizing its creation; (2) […]