Source: http://delcode.delaware.gov/title9/c054/index.shtml
Timestamp: 2018-02-22 11:02:52
Document Index: 585277003

Matched Legal Cases: ['§ 5401', '§ 5402', '§ 5403', '§ 5404', '§ 5405', '§ 5406', '§ 5407', '§ 5408', '§ 5409', '§ 5410', '§ 5411', '§ 5412', '§ 5413', '§ 5414', '§ 5415', '§ 5416', '§ 5417', '§ 5401', '§ 1', '§ 8329', '§ 5406', '§ 5406', '§ 5405', '§ 5406', '§ 1', '§ 1', '§ 1', '§ 5403', '§ 5404', '§ 5405', '§ 5501', '§ 5502', '§ 5502', '§ 5406', '§ 5408', '§ 5410', '§ 5407', '§ 5407', '§ 5408', '§ 5407', '§ 5405', '§ 5405', '§ 5407', '§ 5407', '§ 5409', '§ 5410', '§ 5411', '§ 5406', '§ 5407', '§ 5412', '§ 5413', '§ 5414', '§ 5415', '§ 5416', '§ 5417']

TITLE 9 - CHAPTER 54. KENT COUNTY TAX INCREMENT FINANCING ACT
§ 5401 § 5402 § 5403 § 5404 § 5405 § 5406 § 5407 § 5408 § 5409 § 5410 § 5411 § 5412 § 5413 § 5414 § 5415 § 5416 § 5417
CHAPTER 54. KENT COUNTY TAX INCREMENT FINANCING ACT
§ 5401 Title.
This chapter shall be known as the "Kent County Tax Increment Financing Act."
81 Del. Laws, c. 25, § 1.;
(1) "Act" means the Kent County Tax Increment Financing Act.
a. For real property that qualifies for an agricultural, horticultural, or forest use under § 8329 of this title, the assessed value of the property without regard to its agricultural, horticultural, or forest use assessment as of January 1 of the calendar year preceding the effective date of the resolution creating the TIF District under § 5406 of this title or such later date as may be designated in such resolution by the Levy Court; or
(4) "Assessor" shall mean the Kent County Assessment Office.
(5) "Bonds" or "bond" means any revenue or general obligation bonds or bond, notes or note, or other similar instruments or instrument issued by the County pursuant to and in accordance with this chapter.
(6) "Chief financial officer" means the Director of the Kent County Department of Finance or his or her designee designated by the Director of the Kent County Department of Finance.
(7) "County" means Kent County.
(8) "County Administrator" means the Kent County Administrator or his or her designee designated by the Kent County Administrator.
(9) "Development" means new development, redevelopment, revitalization, or renovation.
(10) "Issuer" means the County when it acts to issue bonds.
(11) "Issuing body" means a municipality or other political subdivision, department or agency of the State (other than the County) when it acts to issue a bond, a note, or other similar instrument.
(12) "Levy Court" means Kent County Levy Court.
(13) "Original assessed value" means the assessed value as of January 1 of the calendar year preceding the effective date of the resolution creating the TIF District under § 5406(1) of this title or such later date as may be designated in such resolution by the Levy Court.
(14) "Other obligations" or "other obligation" means a bond, a note, or other similar instrument issued by an issuing body for any of the purposes stated in § 5405 of this title.
(15) "Tax increment" means for any tax year the amount by which the assessed value as of January 1 preceding that tax year exceeds the original assessed value.
(16) "Tax year" means the fiscal year for the County.
(17) "TIF District" means an area designated by a resolution described in § 5406(1) of this title.
81 Del. Laws, c. 25, § 1; 70 Del. Laws, c. 186, § 1; 81 Del. Laws, c. 64, § 1.;
§ 5403 Bonds to finance development of industrial, commercial, or residential area authorized.
§ 5404 Payment of bonds.
§ 5405 Application of bond proceeds.
(1) The cost of purchasing, leasing, condemning, or otherwise acquiring land or other property, or an interest in them, including finance charges and interest, in the designated TIF District or as necessary for rights-of-way or other easements to or from the TIF District;
(2) Demolition, debris removal, and disposal costs;
(3) Plans, specifications, studies, surveys, forecasts, and estimates of cost and revenues;
(5) Installation of utilities, construction of parks, playgrounds, recreational areas, establishment of open areas, and other improvements, including streets, roads, signage, landscaping, and pathways to, from, or within the TIF District, parking, lighting, and other facilities;
(12) Payment of the principal of, premium, if any, and interest on loans, money advanced, or any indebtedness incurred by the County for any of the purposes set out in this section, including the refunding of bonds previously issued under this chapter; and
(13) Any costs permitted under § 5501(3) of this title, and for any purposes described in § 5502(b)(2) of this title; provided, however, that the purpose described in § 5502(b)(2) of this title shall be with reference to the designated TIF District.
§ 5406 Conditions precedent to issuance of bonds.
(1) Designate by resolution an area within the County as a "TIF District."
(2) Receive from the assessor a certification as to the amount of the original assessed value.
(3) Pledge that until the bonds have been fully paid, or thereafter, the property taxes on real property within the TIF District shall be divided and applied as follows:
b. That portion of the taxes representing the levy on the tax increment that would normally be paid to the County shall be paid into a special fund to be applied in accordance with the provisions of § 5408 of this title.
c. That portion of the taxes representing the levy on the tax increment that would normally be paid to a taxing body other than the County shall be allocated to and, when collected, paid into the funds of such taxing body in the same manner as taxes by or for the taxing body on all property are paid, or any other manner that public agencies so determine (school districts, etc.); provided, however, if such taxing body has agreed pursuant to § 5410 of this title that such taxes shall be paid into a special fund created in accordance with § 5407 of this title, then such taxes shall be paid into such special fund.
§ 5407 Resolution creating special fund.
§ 5408 Uses of special fund.
(a) Uses of special fund when no bonds outstanding. — When no bonds authorized by this chapter are outstanding with respect to a TIF District created pursuant to § 5407 of this title and the Levy Court so determines, moneys in the special fund for that TIF District may be:
(1) Used for any of the purposes described in § 5405 of this title for which bond proceeds could be used;
(3) Used to pay or to reimburse the County for debt service which the County is obligated to pay or has paid (whether such obligation is general or limited) on bonds issued by the County, or any agency, department or political subdivision thereof, the proceeds of which have been used for any of the purposes stated in § 5405 of this title, or used to pay or reimburse any developer loan;
(4) Used to pay or to reimburse an issuing body for debt service which the County is obligated to pay (whether such obligation is general or limited) on other obligations under an agreement described in subsection (b) of this section; or
(5) Paid to the County to provide funds to be used for any legal purpose as may be determined by the County.
(b) Pledge agreement. — The County may pledge, by written agreement, that amounts deposited to the special fund created for the TIF District pursuant to § 5407 of this title shall be paid over to secure the payment, or reimbursement of a payment, of debt service on other obligations. Such agreement shall be between the County and the issuing body, and shall run to the benefit of and be enforceable on behalf of any holder, of such other obligations.
(c) Restrictions on use of special funds. — When any bonds authorized by this chapter are outstanding with respect to a TIF District and the Levy Court so determines, moneys in the special fund for that TIF District created pursuant to § 5407 of this title may be used as provided in subsection (a) or (b) of this section in any fiscal year by the County, but only to the extent that:
§ 5409 Pledge of revenue from taxes on tax increment into other fund.
§ 5410 Agreements to pay revenue from taxes on tax increment into special fund.
§ 5411 Ordinance authorizing bonds.
(a) Mandatory provisions. — In order to implement the authority conferred upon it by this chapter to issue bonds, the Levy Court shall adopt an ordinance that:
(1) Specifies and describes the proposed undertaking and states that it has complied with § 5406 of this title;
(b) Additional provisions. — The resolution described in § 5407 of this title may itself specify and prescribe, or may authorize the chief financial officer or County Administrator to specify and prescribe, any of the following as it deems appropriate to effect the financing of the proposed undertaking:
(5) The time or times that the bonds may be executed, issued, and delivered;
§ 5412 Exemption of bonds from taxation.
§ 5413 Nature and incidents of bonds.
(b) Signing and sealing. — All bonds shall be signed manually or in facsimile by the County Administrator, and the seal of the County shall be affixed thereto and attested by the chief financial officer or other administrative officer of the County. If any officer whose signature or countersignature appears on the bonds ceases to be such officer before delivery of the bonds, that officer's signature or countersignature shall nevertheless be valid and sufficient for all purposes the same as if that officer had remained in office until delivery.
(d) Sale. — All bonds shall be sold in such manner, either at public or private sale, and upon such terms as the Levy Court deems best. Any contract for the acquisition of property may provide that payment shall be made in bonds.
(e) Bonds issued are securities. — Bonds issued under this chapter are securities in which all public officers and public bodies of the State and its political subdivisions, all insurance companies, state banks and trust companies, national banking associations, savings banks, savings and loan associations, investment companies, executors, administrators, trustees, and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them.
§ 5414 Taxation of leased property in TIF District.
§ 5415 TIF District consistency with certified comprehensive plan.
§ 5416 Referendum.
§ 5417 Construction of chapter.