§5262. Declaration of necessity 1. Legislative finding. The Legislature finds that there is a need to provide assistance in the financing of substantial capital investments in environmental improvement projects that will be required by state and federal regulation of the State’s pulp and paper industry. These investments are necessary to improve the quality of the […]
§5263. Definitions As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1993, c. 671, §2 (NEW).] 1. Captured assessed value. “Captured assessed value” means the valuation amount by which the current assessed value of a pulp and paper tax increment financing district exceeds the original […]
§5264. Development districts; development programs and ordinances 1. Districts. The municipal legislative body may designate development districts within the boundaries of the municipality. Before designating a development district, the municipal legislative body or the municipal legislative body’s designee shall hold at least one public hearing. Notice of the hearing must be published at least 10 […]
§5265. Tax increment financing 1. Captured assessed value. The municipality may retain all or part of the tax increment of a tax increment financing district for the purpose of financing the development program. The amount of tax increment to be retained is determined by designating the amount of captured assessed value to be retained. When […]
§5266. Grants A municipality may receive grants or gifts for the purposes of this chapter. The tax increment within a development district may be used as the local match for certain grant programs. [PL 1993, c. 671, §2 (NEW).] SECTION HISTORY PL 1993, c. 671, §2 (NEW).
§5267. Financing The legislative body of a municipality may authorize, issue and sell bonds, including, but not limited to, general obligation or revenue bonds or notes, that mature within 20 years from the date of issue, or may enter into other types of financing transactions as it determines appropriate to finance all project costs needed […]
§5268. Administration The legislative body of a municipality may create a department, designate an existing department, office, agency, municipal housing or redevelopment authority or enter into a contractual arrangement with a private entity to administer activities authorized under this chapter. [PL 1993, c. 671, §2 (NEW).] SECTION HISTORY PL 1993, c. 671, §2 (NEW).
§5269. Advisory board The legislative body of a municipality may create an advisory board, a majority of whose members must be owners or occupants of real property located in or adjacent to the development district that they serve. The advisory board shall advise the legislative body and the designated administrative entity on the planning, construction […]
§5270. Pulp and paper environmental investment program (REPEALED) SECTION HISTORY PL 1993, c. 671, §2 (NEW).
