Delaware Code Title 9 Sec. 5410 – Agreements to pay revenue from taxes on tax increment into special …
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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 levied on the tax increment shall also be paid into a special fund created pursuant to § 5407 of this title. Such agreement shall be between the County and the taxing body and shall run to the benefit of and be enforceable on behalf of any holder of the bonds.
Terms Used In Delaware Code Title 9 Sec. 5410
- County: means Kent County. See Delaware Code Title 9 Sec. 5402
- 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. See Delaware Code Title 9 Sec. 5402
- 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. 5402