Delaware Code Title 9 Sec. 3209 – Agreements to pay revenue from taxes on tax increment into special …
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A municipality, school district or other taxing body within the county which is not an issuer may pledge, by written agreement, that some or all of its property taxes levied on the tax increment shall also be paid into a special fund created pursuant to § 3207 of this title. Such agreement shall be between the county council and the taxing body and shall run to the benefit of and be enforceable on behalf of any bondholder.
Terms Used In Delaware Code Title 9 Sec. 3209
- county: means New Castle County. See Delaware Code Title 9 Sec. 3202
- County council: means New Castle County Council or designee. See Delaware Code Title 9 Sec. 3202
- issuer: means New Castle County when it acts to issue bonds or to any other taxing body when it issues bonds. See Delaware Code Title 9 Sec. 3202
- 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. See Delaware Code Title 9 Sec. 3202