§ 5701. Purpose The purpose of this chapter is to enable formation of special municipal districts to finance, own, and maintain infrastructure that provides economic development opportunities in rural and underresourced areas of the State, including areas within one or more municipalities. Specifically, this chapter provides mechanisms for public and private partnerships, including opportunities for […]
§ 5702. Establishment; general provisions (a) Establishment. Upon written application by 20 or more voters within a proposed district or upon its own motion, the legislative body of a municipality may establish a rural economic development infrastructure district. The application shall describe the infrastructure to be built or acquired; the plan for financing its acquisition; […]
§ 5703. Limitations; taxes; indebtedness; eminent domain Notwithstanding any grant of authority in this chapter to the contrary: (1) A district shall not accept funds generated by the taxing or assessment power of any municipality in which it is located. (2) A district shall not have the power to levy, assess, apportion, or collect any […]
§ 5704. Governing board; composition; meetings; report (a) Governing board. The legislative power and authority of a district and the administration and the general supervision of all fiscal, prudential, and governmental affairs of a district shall be vested in a governing board, except as otherwise specifically provided in this chapter. (b) Composition. The governing board […]
§ 5705. Officers (a) Generally. The board shall elect at its first meeting and at each annual meeting thereafter a chair, vice chair, clerk, and treasurer, who shall hold office until the next annual meeting and until others are elected. The board may fill a vacancy in any office. (b) Chair. The chair shall preside […]
§ 5706. Audit Once the district becomes operational, the board shall cause an audit of the financial condition of the district to be performed annually by an independent professional accounting firm. The results of the audit shall be provided to the governing board and to the legislative bodies of the municipalities in which the district […]
§ 5707. Committees The board has authority to establish one or more committees and grant and delegate to them such powers as it deems necessary. Members of an executive committee shall serve staggered terms and shall be board members. Membership on other committees established by the board is not restricted to board members. (Added 2017, […]
§ 5708. District powers A district created under this chapter has the power to: (1) exercise independently and in concert with other municipalities any other powers which are necessary or desirable for the installation, ownership, operation, maintenance, and disposition of infrastructure promoting economic development in rural areas and matters of mutual concern and that are […]
§ 5709. Dissolution (a) If the board by resolution approved by a two-thirds’ vote determines that it is in the best interests of the public, the district members, and the district that such district be dissolved, and if the district then has no outstanding obligations under pledges of district assets or revenue, long-term contracts, or […]
