§8-38-7. Application to Development Office for Approval of an Economic Opportunity Development District Project
(a) General. — The Development Office shall receive and act on applications filed with it by municipalities pursuant to section six of this article. Each application must include: (1) A true copy of the notice described in section six of this article;
§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 […]
§8-38-2. Legislative Findings and Declaration of Purpose
The Legislature finds that many significant business opportunities initiated within municipalities of this state face financial and other economic obstacles. The Legislature further finds that there are undeveloped, underdeveloped or seriously deteriorated development areas within certain municipalities of this state which are uniquely situated relative to large populations in other states or to other specific […]