§8-38-8. Establishment of the Economic Opportunity Development District Fund
(a) General. — There is hereby created a special revenue account in the State Treasury designated the "Economic Opportunity Development District Fund" which is an interest-bearing account and shall be invested in the manner described in section nine-c, article six, chapter twelve of this code with the interest income a proper credit to the Fund. […]
§8-38-9. Authorization to Levy Special District Excise Tax
(a) General. — Municipalities have no inherent authority to levy taxes and have only that authority expressly granted to them by the Legislature. The Legislature is specifically extended, and intends by this article to exercise certain relevant powers expressed in section six-a, article X of the Constitution of this state as follows: (1) The Legislature […]
§8-38-10. Ordinance to Create District as Approved by Development Office and Authorized by the Legislature
(a) General. — If an economic opportunity development district project has been approved by the Executive Director of the Development Office and the levying of a special district excise tax for the district has been authorized by the Legislature, all in accordance with this article, the municipality may create the district by ordinance entered of […]
§8-38-11. District Board; Duties
(a) General. — The council of a municipality that has been authorized by the Development Office to establish an economic opportunity development district, in accordance with this article, shall provide, by ordinance, for the appointment of a district board to oversee the operations of the district: Provided, That the municipality may, in the ordinance, in […]
§8-38-12. Special District Excise Tax Authorized
(a) General. — The council of a municipality, authorized by the Legislature to levy a special district excise tax for the benefit of an economic opportunity development district, may, by ordinance, impose that tax on the privilege of selling tangible personal property and rendering select services in the district in accordance with this section. (b) […]
§8-38-13. Requisition of District Subaccount Funds
Sixty days after collection of a special district excise tax begins, the State Auditor shall, upon receipt of a monthly requisition from the district board, issue his or her warrant on the state Treasurer for the funds requested from the district's subaccount, which funds are applied for the purposes described in section five of this […]
§8-38-14. Modification of Included Area; Notice; Hearing
(a) General. — The ordinance creating an economic opportunity development district may not be amended to include additional contiguous property until after the amendment is approved by the Executive Director of the Development Office in the same manner as an application to approve the establishment of the district is acted upon under section seven of […]
§8-38-15. Abolishment and Dissolution of District; Notice; Hearing
(a) General. — Except upon the express written consent of the Executive Director of the Development Office and of all the holders or obligees of any indebtedness or other instruments the proceeds of which were applied to any development expenditures or any indebtedness, the payment of which is secured by revenues payable into the fund […]
§8-38-16. Bonds Issued to Finance Economic Opportunity Development District Projects
(a) General. -– The municipality that established the economic opportunity development district may issue bonds or notes for the purpose of financing development expenditures, as described in section five of this article, with respect to one or more projects within the economic opportunity development district. (b) Limited obligations. -– All bonds and notes issued by […]
§8-38-5. Development Expenditures
Any municipality that has established an economic opportunity development district under this article may make, or authorize to be made by a district board and other public or private parties, development expenditures as will promote the economic vitality of the district and the general welfare of the municipality, including, but not limited to, expenditures for […]