Delaware Code Title 9 Sec. 5409 – Pledge of revenue from taxes on tax increment into other fund
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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 the debt service on other obligations. Such agreement shall be between the County and such issuing body and shall run to the benefit of and be enforceable on behalf of any holder of such other obligations.
Terms Used In Delaware Code Title 9 Sec. 5409
- 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