Title 9 — Counties
64 chapters · 566 sections in this title.
9 Del. C. § 5401. Title.
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§ 5401. Title. This chapter shall be known as the “Kent County Tax Increment Financing Act.”81 Del. Laws, c. 25, § 1;
9 Del. C. § 5402. Definitions.
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§ 5402. Definitions. As used in this chapter: (1) “Act” means the Kent County Tax Increment Financing Act. (2) “Adjusted assessed value” means: a. For real property that qualifies for an agricultural, horticultural, or forest use under § 8329 of this title, the assessed value of …
9 Del. C. § 5403. Bonds to finance development of industrial, commercial, or residential area authorized.
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§ 5403. Bonds to finance development of industrial, commercial, or residential area authorized. In addition to whatever other powers it may have, and notwithstanding any limitation of law, the County may borrow money by issuing and selling bonds, at any time and from time to time…
9 Del. C. § 5404. Payment of bonds.
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§ 5404. Payment of bonds. Bonds shall be payable from the special fund described in this chapter, and the Levy Court may also establish sinking funds, establish debt service reserve funds, or pledge other assets and revenues towards the payment of the principal, premium, if any, …
9 Del. C. § 5405. Application of bond proceeds.
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§ 5405. Application of bond proceeds. All proceeds received from any bonds issued and sold pursuant to this chapter shall be applied solely for: (1) The cost of purchasing, leasing, condemning, or otherwise acquiring land or other property, or an interest in them, including finan…
9 Del. C. § 5406. Conditions precedent to issuance of bonds.
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§ 5406. Conditions precedent to issuance of bonds. Before issuing any bonds, the Levy Court shall: (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 …
9 Del. C. § 5407. Resolution creating special fund.
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§ 5407. Resolution creating special fund. The Levy Court may adopt a resolution creating a special fund with respect to a TIF District, even though no bonds authorized by this chapter have been issued by the County with respect to that TIF District or are then outstanding. The ta…
9 Del. C. § 5408. Uses of special fund.
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§ 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 th…
9 Del. C. § 5409. Pledge of revenue from taxes on tax increment into other fund.
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§ 5409. Pledge of revenue from taxes on tax increment into other fund. The County may pledge, by written agreement, that some or all of its property taxes levied on the tax increment shall be paid into a special fund created by an issuing body for the payment or reimbursement of …
9 Del. C. § 5410. Agreements to pay revenue from taxes on tax increment into special fund.
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§ 5410. Agreements to pay revenue from taxes on tax increment into special fund. A municipality, school district, or other taxing body that taxes property within the County which is not an issuing body may pledge, by written agreement, that some or all of its property taxes levie…
9 Del. C. § 5411. Ordinance authorizing bonds.
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§ 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 complie…
9 Del. C. § 5412. Exemption of bonds from taxation.
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§ 5412. Exemption of bonds from taxation. The principal amount of the bonds, the interest payable thereon, their transfer, and any income derived therefrom, including any profit made in the sale or transfer thereof, shall be exempt from taxation by the State and by the several co…
9 Del. C. § 5413. Nature and incidents of bonds.
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§ 5413. Nature and incidents of bonds. (a) Form of bond; deemed “securities”. — All bonds shall be in fully registered form. Each of the bonds shall be deemed to be a “security” within the meaning of § 8-102 of Title 6, whether or not it is either 1 or a class or series or by its…
9 Del. C. § 5414. Taxation of leased property in TIF District.
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§ 5414. Taxation of leased property in TIF District. Whenever the County, as lessor, leases its property within the TIF District, the property shall be assessed and taxed in the same manner as privately owned property, and the lease or contract shall provide that the lessee shall…
9 Del. C. § 5415. TIF District consistency with certified comprehensive plan.
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§ 5415. TIF District consistency with certified comprehensive plan. The use of lands in a TIF District shall be consistent with the comprehensive plan for the area as certified pursuant to § 9103(f) of Title 29. 81 Del. Laws, c. 25, § 1;
9 Del. C. § 5416. Referendum.
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§ 5416. Referendum. Neither the ordinance authorizing the bonds referred to herein, nor any ordinance, resolution or order passed or adopted in furtherance thereof, nor the bonds themselves or the designation of a TIF District, shall be subject to any referendum by reason of any …
9 Del. C. § 5417. Construction of chapter.
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§ 5417. Construction of chapter. This chapter, being necessary for the welfare of the State and its residents, shall be liberally construed to effect the purpose of this chapter.81 Del. Laws, c. 25, § 1;