Maine Revised Statutes Title 30-A Sec. 5243 – Development program fund; state tax increment revenues
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If a municipality has designated captured assessed value under section 5227, subsection 1, the municipality shall annually set aside all state tax increment revenues payable to the municipality for public purposes and deposit all such revenues to the appropriate development program fund account in the following priority: [PL 2001, c. 669, §1 (NEW).]
1. Development sinking fund account. To the development sinking fund account established pursuant to section 5227, subsection 3, an amount sufficient, together with estimated future revenues to be deposited to the account and earnings on the amount, to satisfy all annual debt service on bonds and notes issued under section 5231 and the financial plan; and
[PL 2001, c. 669, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 30-A Sec. 5243
- Captured assessed value: means the amount, as a percentage or stated sum, of increased assessed value that is utilized from year to year to finance the project costs contained within the development program. See Maine Revised Statutes Title 30-A Sec. 5241
- Development program: means a statement of means and objectives designed to provide new employment opportunities, retain existing employment, improve or broaden the tax base and improve the physical facilities and structures or the quality of pedestrian and vehicular transportation, as described in section 5224. See Maine Revised Statutes Title 30-A Sec. 5241
- Financial plan: means a statement of the project costs and sources of revenue required to accomplish the development program. See Maine Revised Statutes Title 30-A Sec. 5241
- Municipality: means a city or town, except as provided in chapter 225. See Maine Revised Statutes Title 30-A Sec. 2001
- Project costs: means any expenditures or monetary obligations incurred or expected to be incurred that are authorized by section 5225, subsection 1 and included in a development program. See Maine Revised Statutes Title 30-A Sec. 5241
- Sinking fund: means a fund created for the purpose of paying a debt. See Maine Revised Statutes Title 30-A Sec. 2001
- State tax increment: means the net annual gain, if any, in sales tax paid as a result of taxable events occurring within a state tax increment financing district and the net annual gain, if any, in state income taxes withheld as a result of wages paid for labor performed within the district. See Maine Revised Statutes Title 30-A Sec. 5241
2. Project cost account. To the project cost account established pursuant to section 5227, subsection 3, an amount sufficient, together with estimated future revenues to be deposited to the account and earnings on the amount, to satisfy all annual project costs to be paid from the account.
[PL 2001, c. 669, §1 (NEW).]
SECTION HISTORY
PL 2001, c. 669, §1 (NEW).