§8-38-1. Short Title
This article is known and may be cited as the “Municipal Economic Opportunity Development District Act”.
§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 […]
§8-38-17. Security for Bonds
(a) General. -– Unless the municipality otherwise determines in the ordinance authorizing the issuance of the bonds or notes under the authority of this article, there is hereby created a statutory lien upon the subaccount created pursuant to section eight of this article and all special district excise tax revenues collected for the benefit of […]
§8-38-18. Redemption of Bonds
The revenue bonds issued pursuant to this article may contain a provision therein to the effect that they, or any of them, may be called for redemption at any time prior to maturity by the municipality and at the redemption prices or premiums, which terms shall be stated in the bond.
§8-38-19. Refunding Bonds
(a) Any bonds issued under this article and at any time outstanding may at any time, and from time to time, be refunded by a municipality by the issuance of its refunding bonds in amount as the municipality considers necessary to refund the principal of the bonds to be refunded, together with any unpaid interest […]
§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 […]
§8-38-20. Use of Proceeds From Sale of Bonds
(a) General. -– The proceeds from the sale of any bonds issued under authority of this article shall be applied only for the purpose for which the bonds were issued: Provided, That any accrued interest received in any sale shall be applied to the payment of the interest on the bonds sold: Provided, however, That […]
§8-38-21. Bonds Made Legal Investments
Bonds issued under the provisions of this article are legal investments for banks, building and loan associations and insurance companies organized under the laws of this state and for a business development corporation organized pursuant to chapter thirty-one, article fourteen of this code.
§8-38-22. Exemption From Taxation
The revenue bonds and notes issued pursuant to this article and the income therefrom are exempt from taxation except inheritance, estate and transfer taxes; and the real and personal property which a municipality or district board acquires pursuant to the provisions of this article are exempt from taxation by the state, or any county, municipality […]
§8-38-23. Joint Economic Opportunity Development Districts
(a) The Legislature hereby finds and declares that the citizens of the state would benefit from coordinated road construction efforts by county commissions and municipalities. (b) Notwithstanding any other section of this code to the contrary, any two or more county commissions, any two or more municipalities, or any combination thereof, may: (1) Create a […]
§8-38-24. Application by Division of Highways
(a) The Commissioner of Highways may propose the creation by a county commission of an economic opportunity development district and project plans, or propose amendments to existing project plans. (b) Projects proposed by the Commissioner of Highways are limited to those related to the construction, reconstruction, improvement or modernization of state roads, as defined in […]
§8-38-3. Definitions
For purposes of this article, the term: (1) "Affordable housing" means housing that could be purchased with a cash down payment of at least ten percent and the proceeds of a mortgage loan, the monthly principal and interest payments on which do not exceed thirty percent of the gross monthly income of a household earning […]
§8-38-4. Authorization to Create Economic Opportunity Development Districts
A municipality may, in accordance with the procedures and subject to the limitations set forth in this article: (1) Create one or more economic opportunity development districts within its limits;
§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 […]