Delaware Code Title 22 Sec. 1716 – Special provision applicable to the City of Dover, Delaware
(a) Any ordinance, resolution, or other law enacted by the City of Dover, Delaware under the provisions of this chapter may not pledge the full faith and credit of the City of Dover towards the payment of any bonds authorized by this chapter.
Terms Used In Delaware Code Title 22 Sec. 1716
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) For the purpose of § 1702(c)(1) of this title of the definition of “adjusted assessed value” in the “adjusted assessed value” of any real property in a TIF District designated under this chapter by the City of Dover, Delaware, that qualifies for an agricultural, horticultural or forest use under § 8329 of Title 9 shall mean the fair market value of the property without regard to its agricultural, horticultural or forest use assessment as of January 1 of that year preceding the effective date of the resolution creating such TIF District or such later date as may be designated in such resolution by the City Council of the City of Dover.
(c) For the purpose of the definition of “original assessed value” in § 1702 of this title, the “original assessed value” of a TIF District designated by the City of Dover, Delaware under this chapter shall mean the assessed value as of January 1 of that year preceding the effective date of the resolution creating such TIF District or such later date as may be designated in such resolution by the City Council of the City of Dover.